Perk a bit rich at The Range?
200% PROFIT BUT KEEPS COVID TAX CUT
THE firm behind discount chain The Range kept a Covid tax break despite annual profits rocketing 200%.
The Range, owned by billionaire Chris Dawson, 69, and his family, benefited like others from a business rates holiday. But unlike a number of other essential retailers allowed to remain open during the lockdowns, The Range has held on to the tax gain, thought to be worth £36million.
Justifying the decision, its parent company Norton Group Holdings said: “The holiday gave the group the confidence to invest in its stores and staff to ensure they were Covid secure and open for trading throughout the pandemic.”
Accounts at Companies House show profits jumped from £58.4million to £180m. Turnover soared from a little under £1bn to £1.3bn. It kept 180 stores open and hired nearly 1,750 extra staff during the pandemic. It added: “The Range is planning to use the majority of the profits generated this year to invest in future growth and create 2,700 new jobs in the UK during the next 12 months.” Dawson left school at 15 but made a fortune after founding The Range and is said to own a RollsRoyce with the number plate DE11 BOY. In 2017, he transferred his shares in Norton Group to wife Sarah, who lives in Jersey, making her its 100% owner. The move is thought to have saved him millions in tax. The couple’s wealth is estimated at £2bn.
Norton Group did not pay its owners a dividend last year. But loans were made to Norton Property Holdings Jersey and X Air Ltd, controlled by Sarah, 58, which were left owing a combined £15.5m.