Discount chain founder takes home a £1m bargain
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.