Home Bargains, the family-owned retailers, has continued its remarkable growth from the start of 2014 to June, with profits increasing by 12% to a reported £124.8 million.

The Liverpool company, owned by Tom Morris and operated by he and his family, comprises more 300 shops nationwide with more than 10,000 staff, with increasingly ambitious expansion plans for its regional home.

Making more than £1 billion in 2013, turnover continued to increase by 21% to £1.28 billion. This increase was drive through new store openings and like-for-like growth, according to their latest filings with Companies House.

Home Bargains is one of the latest regional value retailer to report strong profits and sales, as well as their Liverpool rival B&M Bargains and Poundland, who both floated this year and have been reporting equally ambitious growth.

Home Bargains was launched by Tom Morris in 1976 and plans to expand to a total of 400 shops by the end of the current fiscal year.

The retailer reports that that the eventual goal is to grow to 700 shops with 20,000 staff over the next five years as it prepares to open a £70 million, one million square foot distribution centre in Amesbury, Salisbury, with the aim of “further service expansion of the geographic base into the southern part of the UK”.

Parent company TJ Morris stated in the directors’ report that accompanies their financial results that:

“The company aims to continue its current levels of growth to become the leading sector retailer in the UK.”

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Words: Peter Cribley