While most of the high street struggles, B&M Bargains has gone from strength to strength – with its owners pocketing a £44million payout as a result of its soaring sales
The billionaire brothers behind discount chain B&M Bargains are set to net another £44million windfall after profits more than doubled during the coronavirus crisis.
Simon and Bobby Arora are among those quids in after B&M’s parent company announced a dividend bonanza.
The £293milion payout to shareholders included a £250million special dividend because the firm has more cash than it knows what to do with. It also announced a 4.3p half-year dividend worth a total of £43million.
The company paid a separate £150m special dividend in April.
Yet the group has benefited from a business rates holiday put in place by the Government to help retailers hit by the coronavirus pandemic.
Sales B&M European Value Retail, which has more than 1,000 stores under the B&M, Heron and Babou brands, jumped by 25.3% to over £2.2billion in the six months to the end of September.
Profits soared 128% to £253milllion.
The Arora brothers own a near 15% stake in B&M European Value Retail through a Luxembourg-based entity called SSA Investments.
