The Home Bargains owner paid out more than £20m in dividends last year despite the retailer’s profits falling 26%
The billionaire owner of Home Bargains received more than £20m in dividends last year despite the retailer’s profits falling 26%.
TJ Morris, who runs the discount chain, posted profits of £290million for 2022 on revenue of £3.42billion, according to its latest filings. This led to a £30m dividend to shareholders, with the lion’s share going to chief executive Tom Morris.
The Morris family, who have a reported fortune of more than £5billion, sparked controversy last year when they refused to repay taxpayer pandemic support.
Cash out: Home Bargains, which has 570 UK outlets selling a wide range of discounted goods, launched in Liverpool in 1976
This is despite pre-tax profits which have reached nearly £400million.
Home Bargains, which has 570 UK outlets selling a wide range of discounted goods, was launched in Liverpool in 1976. It now employs 28,000 people and is Britain’s largest independent grocer .
The company’s most recent filings stated an ambition to have “eventually between 800 and 1,000 outlets.”
Home Bargains has been contacted for comment.
