Strong festive sales will see a retailer reward staff with an extra week’s pay – while the owner pockets a £30 million dividend.
The founder and chief executive of B&M Bargains has handed himself another massive payout.
Simon Arora said a new special dividend of 20p-a-share would be handed out to shareholders.
The boss and his family are the biggest shareholders in the business. This means he will pay himself £30m, in addition to a £44m dividend payout revealed two months ago.
B&M will also share some of the profits with staff by paying its 30,000 workers an extra week’s wages.
Thanks for considerable efforts
The discounter operates in Dundee, Forfar, Leven, Glentothes, Kirkcaldy, Cowdenbeath and Dunfermline.
Sales in UK stores in the 13 weeks to December 26 soared 26.6% on a like-for-like basis to £1.4 billion.
Mr Arora said: “Our trading performance is testament to the hard work and commitment of all our colleagues, to whom I express my sincere thanks.
“The safety and wellbeing of our customers and colleagues has remained our priority during these unprecedented times, whilst we have worked hard to provide customers with the everyday essentials they need.
“We are awarding some 30,000 store and distribution colleagues an extra week’s wages in recognition of their considerable efforts.”
New stores planned for Tayside and Fife
The company opened 18 new stores and closed two during the period, creating 500 new jobs, meaning B&M now has 673 stores in the UK.
B&M is currently constructing a new store in Crieff. It has also been announced as the anchor tenant for an £8m retail park development in Cupar.
It plans a return to Perth after its previous store was destroyed by a fire in 2019.
The company is also investigating a move to Arbroath.
Construction begins on £4.5 million B&M retail development in Crieff
In November Mr Arora was forced to defend the first special dividend payout as it came at a time when B&M was benefitting from the business rates holiday announced by the Chancellor.
Since then, B&M – following moves from major supermarkets – agreed to hand over the £80 million saved from the rates relief.