Home Bargains shed more than 2,000 jobs as the billionaire family behind the budget chain paid themselves £36m in dividends, it has been revealed.
The Liverpool-headquartered company reduced its headcount from 28,401 to 26,845 in the year to June 30, 2023, according to new accounts filed with Companies House.
Home Bargains was founded by Tom Morris in 1976. The Morris family was reported to be worth £6.133bn, according to the Sunday Times Rich List 2023.
The new accounts filed with Companies House also show that the business behind Home Bargains, TJ Morris, increased its turnover from £3.4bn to £3.7bn while its pre-tax profits also rose from £2931m to £332.3m.
Home Bargains said the rise in turnover was achieved by opening new stores, relocation shops and an increased contribution from existing sites.
At the end of the financial year the company had 594 stores – a rise from 572 from the prior year – and is planning to open more during its current 12 months. Home Bargains is aiming to eventually operate between 800 and 1,000 shops.
The results come after Quality Save’s sales held steady after raising its prices as it transferred a number of stores to new owner, Home Bargains.
On a like-for-like basis, Quality Save’s turnover “remained consistent” but without that measure they fell from £84.3m to £68.2m in the year to June 30, 2023.
Its pre-tax profits also declined from £3.3m to £1.7m over the same period, according to a filing with Companies House.
As a result of the store transfers, Quality Save’s headcount was cut from 599 to 531.