Profits at B&M Bargains surge 43%
Discount retailer B&M Bargains saw its profits jump by 43% to Â£90.6 million last year as it continued to expand across the UK.
In the year to 31 December 2012, sales increased by 31.5% to £937.2 million according to figures filed at Companies House.
Simon Arora, co-managing director, said: "The company's growth is testament to the fact that everyone loves a bargain. Our colleagues have delivered another successful year through hard work and great teamwork."
B&M Bargains was acquired by Simon, Bobby and Robin Arora in 2005 after which time the brothers grew the business to 300 stores with 10,000 employees. In December 2012, US private equity firm Clayton, Dubilier & Rice bought a “significant stake” in the company in a deal which saw former Tesco chief executive Sir Terry Leahy appointed as chairman.
The new funding is expected to be used to fund expansion into Europe as well as to increase the number of UK stores to 400. Last year, B&M Bargains opened 53 stores and now operates a total of 324 outlets across the UK.
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