B&M hits sales milestone
Annual sales have topped the half-billion pound mark at Liverpool discount retail chain B&M Retail for the first time in the company's history.
The 29 per cent rise in revenues came during a year when the business added more than 2,500 staff to its ranks and opened 80 new stores in the UK.
In its accounts for the year to 31 December 2010, B&M's parent company Firesource reported a turnover of £549.1m, up from £426.7m a year earlier. Pre-tax profits increased by 11 per cent to £35.8m for the same reporting periods.
At the year end, the group had a cash balance of £28m leading auditors from Grant Thornton to assert that it was "well placed" to withstand the current economic conditions.
B&M has been one of the North West's strongest retail performers in recent years and has grown substantially despite the pressures facing the sector. Earlier this week, Insider revealed it has broken into the top ten of the region's 100 fastest-growing companies.
Although the business was founded in 1976, it is only since it was bought by Manchester-based Simon and Bobby Arora almost 30 years later that growth has accelerated.
The retailer owned 21 stores and had a turnover of £65m at the time of acquisition in December 2004. Last year its portfolio grew to 229 stores and the company now has a presence in England, Scotland, Wales and Northern Ireland, employing more than 7,400 people.
In May, the business expanded further with the acquisition of 11 stores formerly owned by collapsed Crewe-headquartered retailer Focus DIY. The deal added another 200 people to B&M's ranks.
Such a willingness to seize opportunities has characterised the business under the ownership of the Arora brothers. After capitalising on the demise of Kwik Save, it also snapped up premises previously occupied by Woolworths.
Last year the company also completed the relocation of its head office from Blackpool to The Vault on Speke's Estuary Commerce Park.
Annual sales have topped the half-billion pound mark at Liverpool discount retail chain B&M Retail for the first time in the company's history.
The 29 per cent rise in revenues came during a year when the business added more than 2,500 staff to its ranks and opened 80 new stores in the UK.In its accounts for the year to 31 December 2010, B&M's parent company Firesource reported a turnover of £549.1m, up from £426.7m a year earlier. Pre-tax profits increased by 11 per cent to £35.8m for the same reporting periods.At the year end, the group had a cash balance of £28m leading auditors from Grant Thornton to assert that it was "well placed" to withstand the current economic conditions.
B&M has been one of the North West's strongest retail performers in recent years and has grown substantially despite the pressures facing the sector. Earlier this week, Insider revealed it has broken into the top ten of the region's 100 fastest-growing companies.
Although the business was founded in 1976, it is only since it was bought by Manchester-based Simon and Bobby Arora almost 30 years later that growth has accelerated.The retailer owned 21 stores and had a turnover of £65m at the time of acquisition in December 2004. Last year its portfolio grew to 229 stores and the company now has a presence in England, Scotland, Wales and Northern Ireland, employing more than 7,400 people.
In May, the business expanded further with the acquisition of 11 stores formerly owned by collapsed Crewe-headquartered retailer Focus DIY. The deal added another 200 people to B&M's ranks.Such a willingness to seize opportunities has characterised the business under the ownership of the Arora brothers. After capitalising on the demise of Kwik Save, it also snapped up premises previously occupied by Woolworths.
Last year the company also completed the relocation of its head office from Blackpool to The Vault on Speke's Estuary Commerce Park.
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