B&M Bargains reports 31% increase in turnover

TURNOVER at discount retail group B&M Bargains rocketed 31% last year to £935.2m as it confirmed its status as one of the north west's fastest growing companies.

2012 was a milestone year for the Speke-based business - last December it sold a minority stake to US private equity group Clayton Dubilier & Rice, which appointed former Tesco boss Sir Terry Leahy as chairman.

The deal, which netted B&M's Hale -based owners, brothers Simon, Bobby and Robin Arora multi-million pound fortunes, was said to value B&M at more than £960m. Although announced last December, it does not impact the 2012 accounts.

Operating profit surged in 2012 from £49.2m to £85m while pre-tax levels showed similar stellar growth, leaping from £47.5m to £83.9m. During the year more than 50 stores were opened as B&M expanded beyond its Northern heartland.

B&M Retail now has more than 300 stores across the UK and employs 11,400 staff.

In their directors' report in accounts filed at Companies House, the Aroras said: "Conditions in the UK retail market were challenging and are likely to remain so for the foreseeable future.

"Despite this background, the group has continued to deliver a strong financial performance and increased its turnover from the existing store estate and has seen continued growth in both customer footfall and the number of transactions."

Source : TheBusinessDesk.com
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