Founders net £460m from B&M share sale

THE billionaire owners of bargain brand B&M are selling more than £460m of shares in the chain.

Brothers Simon, 47, and Bobby Arora, 45 – who own about 21pc of the business – are selling a 5pc stake.

Private equity firm Clayton Dubilier & Rice, which owns 11.4pc, is also selling a chunk of its holding.

After the sale, CD&R will hold about 4.9pc, while SSA Investments – the Arora family investment vehicle – will keep 15pc.

It is not known what the Arora brothers want to spend the cash on, but the company said that it was to diversify their investment portfolio.

They bought B&M 13 years ago and have grown it into an empire which welcomes three million shoppers through its doors each week.

It has won over cashstrapped families with its mix of low-cost essentials and cheaper versions of middle-class items such as wood-fired pizza ovens and DIY tools.

But B&M has raised eyebrows with its decision to be domiciled in the tax haven of Luxembourg. The chain listed on the London Stock Market in 2014, and is now worth £3.7bn.