Home Bargains’ billionaire owner has paid himself more than £1bn as the discount chain’s sales topped £4.2bn.
Tom Morris, who owns 98% of TJ Morris, the firm behind the retailer, received the majority of the £1.22bn in dividends and asset distributions last year, CityAM reported.
The payout came as pre-tax profits for Home Bargains surged 35% to £454.8m in the year to 30 June, up from £336.5m.
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Sales jumped 11% from £3.76bn to £4.2bn, which it attributed to opening new shops, relocating some existing locations and higher sales across the portfolio.
Home Bargains, which has 617 stores, is set to continue its expansion this year as it targets 800 and 1,000 locations across the UK.
It joins discount rival The Range, which is also on a store rollout programme. The retailer is aiming to open 10 new superstores each month as it converts up to 70 of the former Homebase units it acquired in November.
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