Liverpool-headquarted national retailer Home Bargains sees annual profits rise above half a billion pounds, with owner and founder Tom Morris investing heavily in Liverpool city centre property projects. Tony McDonough reports
Value retailer Home Bargains has revealed another bumper year with an almost 8% rise in sales to £4.5bn and pre-tax profits up 11% to £505m.
Home Bargains owner, TJ Morris, revealed the figures in its annual accounts posted on Companies House on January 1. They also show an increase in net assets from just over £1.1bn to £1.5bn.
Its continuing rise in sales and profits is in contrast to its main value retail rival, B&M, another Liverpool-based business, which in October reported a 28% fall in pre-tax profits and announced a “back to basics” turnaround strategy.
These latest figures from Home Bargains are good news for TJ Morris founder and owner Tom Morris. He and his family have an estimated fortune of around £7bn. However, there is no dividends windfall for the family this time. Last year they received £1.2bn.
In recent times Tom has started putting that money to good use in Liverpool. He is funding multiple property projects, mainly residential, in and around the city centre. His most notable scheme, in partnership with Beetham, is the £1bn development planned for what is currently the King Edward Industrial Estate.
Located adjacent to Princes Dock / Liverpool Waters, this project will comprise a cluster of 10 residential skyscrapers, the tallest rising to more than 60 storeys.
It also includes a five-star hotel, 200,000 sq ft of office space, a new 25,000 sq ft events arena and 250,000 sq ft of commercial leisure, retail, and food and beverage space.
Home Bargains currently employs more than 29,000 people across its store and distribution network. At June 30 there were 632 stores with more openings planned and an eventual target of 800 to 1,000 outlets.
Writing in the annual report, Tom Morris said: “The company achieved an increase in turnover. This was achieved by the opening of additional retail outlets during the year, shop re-sites and an increased contribution from existing stores.
“The balance sheet shows that the company’s financial position has strengthened compared to the prior year in terms of net assets.”
On the number of stores, he added: “Further additions to retail outlets are planned during the year which should lead to further growth and turnover and profitability.”
In October 2024 TJ Morris also pledged £2.5m towards a £5m fundraising campaign to secure the future of Liverpool baby hospice Zoe’s Place.