market

Home Bargains pays its billionaire owner £16m dividend


Discount retailer Home Bargains pays its billionaire owner £16m dividend

  • Home Bargains paid majority shareholder Tom Morris a £15.8million dividend
  • Firm declined to say whether it has accepted a business rates holiday
  • Home Bargains annual business rates obligations are estimated to be £36m

Fiercely private discount retailer Home Bargains paid its billionaire owner a £15.8million dividend – but declined to say yesterday whether it has accepted a business rates holiday worth twice that amount.

Home Bargains annual business rates obligations are estimated by a property adviser to be £36million on sales of £2.8billion.

But, unless it repaid the cash, it would have benefited from a 12-month holiday for all retailers as part of Government efforts to help store chains in need.

Home Bargains has declined to say yesterday whether it has accepted a business rates holiday

Home Bargains has declined to say yesterday whether it has accepted a business rates holiday 

However, stores including Tesco, Burberry and Home Bargains’ rival discounter B&M Bargains have all paid after deciding they could afford to do so.

A spokesman for Home Bargains majority shareholder Tom Morris said yesterday he was not available to comment.

The company filed documents yesterday revealing profit in the year to June 30 rose almost £30million to £262.7million.

It said ‘exceptional costs’ related to Covid-19 were £14.4million in the period.

Read More   Asia stocks firmer as Huawei-driven sell-off eases





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.