Dis­count chain founder takes home a £1m bar­gain

The Sunday Telegraph - Money & Business - - Business - By Jack Tor­rance

THE founder of dis­count re­tailer Home Bar­gains paid him­self more than £1m last year as the rapidly ex­pand­ing com­pany re­vealed an­other surge in prof­its.

Liver­pool-based Tom Mor­ris, who started the busi­ness on a mar­ket stall and funded its early ex­pan­sion us­ing a per­sonal overdraft, has grown Home Bar­gains into a na­tional chain with al­most 500 shops.

Sales soared 14pc to £2.1bn while prof­its grew 20pc to £203m, ac­cord­ing to ac­counts filed with Com­pa­nies House this week, and the com­pany said it was plan­ning to grow to as many as 1,000 shops in the long term.

Mr Mor­ris still owns more than three quar­ters of Home Bar­gains’ par­ent com­pany T.J. Mor­ris and runs it with his younger brother, Joe. His fam­ily’s wealth was es­ti­mated to be £3.5bn in a re­cent rich list.

The ac­counts show Home Bar­gains gave its high­est-paid di­rec­tor, thought to be Tom, £1m. It also paid ad­vances to Mr Mor­ris worth £6m, £3.6m of which was re­paid. Home Bar­gains, whose prod­uct range spans ev­ery­thing from board games to DVDS, Hal­loween cos­tumes and pet food, is now the largest em­ployer in Mersey­side.

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