Home Bargains owner Tom Morris takes home £1.22bn as sales and profits surge

Home Bargains' billionaire owner, Tom Morris, has pocketed over £1bn as both sales and profit soared at the discount retail giant during its latest financial year.

Morris, who owns 98% of Liverpool-based TJ Morris, the company behind the brand, received the lion's share of the £1.22bn ordinary dividends and asset distributions paid out in the year to 30 June, 2024, as reported by City AM.

This significant payout follows a dividend of £36m for the previous financial year. The details were disclosed in recently filed accounts with Companies House, which also revealed that Home Bargains' turnover rose from £3.76bn to £4.20bn in the 12 months.

Its pre-tax profit also jumped from £336.5m to £454.8m over the same period. The increase in turnover was attributed to the opening of new stores, relocating some existing ones, and higher sales from its sites.

By the end of its financial year, Home Bargains had 617 stores open in the UK. The company plans to open more locations during its current year, with a long-term goal of having between 800 and 1,000 stores.

According to The Sunday Times Rich List in 2024, Tom Morris and his family were worth £5.17bn, up from the £4.84bn valuation they commanded in 2023’s list. Home Bargains' main competitor, fellow Liverpool-based B&M, reported a revenue of £5.48bn for its latest full year, a 10% rise.

Its pre-tax profit also increased by 14% to £498m.