B&M chief pockets £1.4m after strong year
THE chief executive of UK discount retailing giant B&M is celebrating a bumper £1.4m payday after receiving a hefty bonus last year.
Simon Arora saw his total pay packet with the firm — which has 15 stores in Northern Ireland — more than double compared to 2016’s £601,638 as he pocketed a £678,692 bonus on top of a £589,375 salary and other benefits.
The bonus was awarded under an annual incentive plan linked to the group’s profit, which soared last year.
The group posted pre-tax profits of £182.9m in the year to March 25.
That was up 18%, while revenue rocketed 19% to £2.4bn.
Like-for-like sales in the UK increased 3.1% and it now plans to open 950 stores, up from its previous target of 850, as it prepares to cash in on a slowing economy and a squeeze in consumer spending.
It represents Mr Arora’s second big payout this month after he and his brothers Bobby and Robin cashed in £215m through a share sale just weeks ago.
The billionaire Arora brothers have built retailer B&M up to a 500-plus store high street giant since taking control of the firm in 2004.
Mr Arora said at the firm’s last trading update that with the UK economy faltering and soaring inflation eating into household budget, B&M is well positioned to grow further.