Retail veteran to leave B&M

Retail veteran Sir Terry Leahy is stepping down as chairman of discount chain B&M next year after five years in the role.

The former Tesco boss will be replaced on March 1 by Peter Bamford, chairman of Superdry fashion firm Supergroup.

The move came as the group posted a 17.8% rise in pre-tax profits to £86.8 million for the six months to September 23 after like-for-like sales rose 7.5%, including a 7.7% increase in the second quarter.

Under Sir Terry’s stewardship, B&M has seen its revenues surge from around £993m to £2.7 billion as it has expanded from 331 stores to nearly 900, while profits have more than doubled from £83m to £204m.

He also steered B&M through its 2014 stock market flotation.