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B&M Retail Limited, trading as B&M, is a British multinational variety store and garden centre chain founded in 1978 and based in Speke. It is listed on the London Stock Exchange , and is a constituent of the FTSE 250 Index .
B&M: 1978 B&M European Value Retail S.A. 741 [1] The business was founded by Malcolm Billington as Billington & Mayman and the first store opened in Cleveleys, England, in 1978 and was acquired by Simon and Bobby Arora from Phildrew Investments in December 2004 Bargain Buys: 2013 Fortress Investment Group: 61 [2]
In 1995, he went into business with his brother Simon Arora, and founded Orient Sourcing Services, importing homewares from Asia and supplying them to UK retail chains, before buying B&M in 2004, which was then a struggling grocery chain based in Blackpool. [5] [6] He has been trading director of B&M since 2005. [1]
The chief executive of B&M Bargains is to quit the retailer after 17 years. Simon Arora said he will step down in 12 months to allow time to find his replacement and enable a smooth transition.
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In 2017, Simon and Bobby Arora cashed in £215m of shares and reduced their stake in B&M by a quarter, three years after taking it public. [6] As of May 2019, the Arora brothers (Simon, Bobby and Robin) jointly have a net worth of £2.26 billion. [7] Arora stepped down as CEO of B&M in September 2022 following 17 years in the role.
It was turned into a Woolworths almost immediately in the same year. The retail unit was soon split up into a Matalan (Which closed in 2019) and a B&M Bargains. The former Matalan portion of the unit (and the adjacent USC unit) were merged to form an Evans Cycles store in 2021. Coventry 29 October 1999 [6] 5 February 2005
In 1995, Morris decided to rebrand the stores logo and name, from "Home and Bargain" to Home Bargains, with a new blue and red corporate logo which was designed by Morris's family member and graphic designer Anton Morris. [8] Morris reportedly founded the brand using a bank overdraft. [7]