Re­tail vet­eran to leave B&M

The Courier & Advertiser (Fife Edition) - - BUSINESS -

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.

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