A company controlled by billionaire Home Bargains owner Tom Morris reportedly acquires 28-acre former distillery just outside Liverpool. Tony McDonough reports
A former 24-acre Merseyside distillery that changed hands for £16.1m in 2021 has reportedly been sold to a company controlled by billionaire Home Bargains owner Tom Morris.
A report in Place North West says NSD Huyton, a vehicle created by property developer Network Space, is now controlled by Mr Morris and head of property at Home Bargains, David Little.
Network Space acquired the site in Huyton, which totals 446,151 sq ft, in March 2021 from Lambrini maker Halewood Artisanal Spirits for £16.1m. In June 2022 it announced it would transform the Wilson Road property into a logistics complex.
The developer also said it had secured a £15.5m loan from the Liverpool City Region Combined Authority to complete the purchase. This loan has now been repaid according to a filing on Companies House.
It included a £6.75m loan from the Liverpool City Region Urban Development Fund and £8.7m from the Chrysalis Fund.
Renaming the site Sovereign Industrial Park, Network Space said it would build two industrial units of 29,600 sq ft and 22,300 sq ft.
It added it would also demolish and refurbish existing buildings to create an 87,400 sq ft single unit. These plans were approved by Knowsley Council early in 2023.
According to Place North West, both Mr Morris and Mr Little are directors of Davos Property Developments. This entity took out a loan from parent company TJ Morris to buy the site.
Home Bargains, which enjoys sales of more than £3bn a year, is one of the UK’s biggest budget retailers. It has more than 570 stores across the UK, employing 28,000 people, and its headquarters and main distribution centre are located in Gillmoss in North Liverpool.
READ MORE: Home Bargains invests £5m in new Liverpool store
Another Liverpool-based retailer, B&M, is Home Bargains’ main rival in the budget retail market. Based in Speke, it has 1,135 stores, branded at B&M and Heron, in the UK and France. Its latest annual sales came in at more than £5bn.
However, Home Bargains has plans to make ground on its rival and is looking to eventually operate between 800 and 1,000 stores. The Huyton site could house a new distribution centre to support this expansion.
LBN has contacted both Network Space and Home Bargains for comment.