B&M
{{Short description|Variety retailers in the United Kingdom}}
{{Other uses}}
{{Use dmy dates|date=February 2024}}
{{Infobox company
| name = B & M Retail Limited
| image = B&M Chatham, 15 January 2018 (01).jpg
| image_caption = A B&M store in Chatham, Kent, England, UK
| trading_name = B&M
| logo = Official B&M Retail logo.jpg
| logo_size = 115
| former_name = {{Ubl
| Faelex Limited (March–December 1978)
| B. & M. Bargains (W & R) Limited (1978–1997)
}}
| type = Public
| traded_as = {{lse|BME}}
FTSE 250 component
| founder = Malcolm Billington
Brian Mayman
| area_served = United Kingdom
France
| key_people = Peter Bamford (chairman)
Tjeerd Jegen (CEO) (from 16 June 2025)
| industry = Retail
| revenue = {{increase}}£5,484 million (2024){{cite web|title=Annual Report 2024|publisher=B&M|url=https://www.bandmretail.com/~/media/Files/B/Bmstores-Corp/documents/investors/reports-and-presentations/2024/bmstores-annual-report-and-accounts-2024.pdf|access-date=9 February 2025}}
| operating_income = {{increase}}£607 million (2024)
| net_income = {{increase}}£367 million (2024)
| divisions = BMStores.co.uk
| subsid = Heron Foods
| owner = B&M European Value Retail S.A.
| num_employees = 41,115 (2024)
| homepage = {{Ubl
| {{URL|https://bmstores.co.uk|Retail}}
| {{URL|https://bandmretail.com|Corporate}}
}}
| foundation = {{Start date and age|1978|03|14|df=yes}}
| location = Speke, Liverpool, England, UK{{cite news|url=https://www.thetimes.com/business-money/companies/article/arora-brothers-clean-up-thanks-to-b-m-float-2wfdkwfqlrv|title=Arora brothers clean up thanks to B&M float|work=The Times|access-date=13 June 2015|last1=Hipwell|first1=Patrick Hosking}}
}}
B & M Retail Limited,{{Cite web |date=1978-03-14 |title=B & M Retail Limited overview - Find and update company information - Gov.uk |url=https://find-and-update.company-information.service.gov.uk/company/01357507 |access-date=2025-04-03 |website=Companies House |language=en}} 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 is part of the Luxembourg-based B&M European Value Retail S.A., which owns Heron Foods and operates the B&M (formerly Babou) stores in France.{{Cite web |title=B&M European Value Retail SA, BME:LSE profile - FT.com |url=https://markets.ft.com/data/equities/tearsheet/profile?s=BME:LSE |access-date=2024-06-27 |website=markets.ft.com}}
The company operates 741 stores in the UK and 124 in France.{{cite web|url=https://www.bandmretail.com/about-us/at-a-glance|title=At a glance|publisher=B&M|access-date=25 April 2025}}
History
The business was founded by Malcolm Billington and Brian Mayman: the first store opened in Cleveleys, England, in 1978.{{cite news|url=https://www.visitcleveleys.co.uk/about/town-centre/bm-bargains-started-in-cleveleys/|title=B&M Bargains – Started in Cleveleys!|publisher=Visit Cleveleys|access-date=26 May 2023}} It was originally named Billington & Mayman, based on the founders' names, but was soon shortened to "B&M".{{Cite web |last=Lockwood |first=Rebecca |date=13 May 2022 |title=The history of B&M from Blackpool store to bargain goods giant |url=https://www.lancs.live/whats-on/whats-on-news/history-bm-blackpool-store-bargain-23950023 |access-date=5 April 2023 |website=LancsLive |language=en}} The company was the subject of a management buyout, financed by Phildrew Investments, in October 1996.{{cite news|url=https://www.egi.co.uk/news/phildrew-takes-on-b-m-bargains-for-13m/|title=Phildrew takes on B&M Bargains for £13m|publisher=E. G. Radius|date=18 October 1996|access-date=25 June 2023}}
It was acquired by Simon and Bobby Arora from Phildrew Investments in December 2004.{{cite web|url=http://www.messengernewspapers.co.uk/news/14443669.Sunday_Times_Rich_List__Bargain_brother_billionaires_rank_fourth_in_North_West/|title=Sunday Times Rich List 2016: Sale bargain brother billionaires rank fourth in North West|newspaper=Messenger|date=22 April 2016 |access-date=16 November 2016}}
In September 2006, the business saw significant growth, by acquiring the GlynWebb chain of Do It Yourself (DIY) stores and converting them into the B&M Homestore format.{{cite web |author=Barry, Chris|url=http://www.manchestereveningnews.co.uk/news/business/s/222/222463_glynwebb_changes_hands_again.html |title=GlynWebb Changes Hands Again |work=Manchester Evening News |date=5 September 2006 |access-date=29 December 2010}} The company also acquired a number of former Kwik Save,{{cite web|last1=Sengun|first1=Tunc|title=B&M acquires Kwik-save stores|url=http://www.talkingretail.com/category-news/supermarket/b-and-m-bargains-buys-ex-kwik-save-stores/|website=talkingretail.com|access-date=22 June 2014|date=15 October 2007}}{{cite web |author=Staff writer |url=http://www.talkingretail.com/news/industry-news/7004-b-m-bargains-buys-ex-kwik-save-stores.html |title=B&M Bargains Buys Ex-Kwik Save Stores |work=Talking Retail |date=15 October 2007 |access-date=29 December 2010 |archive-url=https://web.archive.org/web/20100821225733/http://www.talkingretail.com/news/industry-news/7004-b-m-bargains-buys-ex-kwik-save-stores.html |archive-date=21 August 2010 |url-status=dead |author-link=Staff writer }} Woolworths,{{cite web|last1=Sengun|first1=Tunc|title=B&M acquires Woolworth stores|url=http://www.retail-week.com/property/woolies-watch-what-happened-to-your-local-woolworths/5005683.article|website=retail-week.com|access-date=22 June 2014}} and Au-Naturale stores.{{cite web|last1=Sengun|first1=Tunc|title=B&M Acquires Au Naturale stores|url=http://www.retail-week.com/sectors/general-merchandise/analysis-bm-bargains-at-a-glance/5042534.article|website=retatail-week.com|access-date=22 June 2014}}
The business moved into a new office and modern {{convert|620000|sqft|abbr=on}} distribution centre based in Speke, Liverpool in 2010.{{cite web|url=http://www.liverpoolecho.co.uk/news/liverpool-news/liverpool-discount-retailer-bm-bargains-3331957|title=Liverpool discount retailer B&M Bargains to create 200 jobs with new 500,000sq ft warehouse in Speke|date=10 October 2012|newspaper=Liverpool Echo|access-date=16 November 2016}} In May 2011, B&M also purchased a number of Focus DIY stores.{{cite web|last1=Sengun|first1=Tunc|title=B&M acquires Focus stores|url=http://www.retail-week.com/property/locations-of-focus-stores-acquired-by-wickes-and-bm-bargains-revealed/5025690.article|website=retail-week.com|access-date=22 June 2014}}
In December 2012, Clayton, Dubilier & Rice, one of the world's leading private equity funds, acquired a significant stake in B&M, and Sir Terry Leahy and Vindi Banga joined the Board of Directors.{{cite web|last1=Sengun|first1=Tunc|title=Clayton Dubilier & Rice To Acquire Significant Stake in Leading UK Variety Retailer, B&M Retail|url=http://www.cdr-inc.com/news/releases/2012-12-03_cdr_to_invest_in_bm_retail.php|access-date=20 June 2014}}
In March 2014, the business acquired a majority stake in German discount retailer Jawoll and then opened a new 500,000 sq ft distribution centre in Speke, Liverpool. In June 2014, the business was the subject of an initial public offering.{{cite news |url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10895099/BandM-Bargains-boosts-Londons-listing-market.html |title=B&M Bargains boosts London's listing market |newspaper=The Telegraph |date=12 June 2014 |access-date=12 January 2017|last1=Armstrong |first1=Ashley }} However, upon detailed analysis by the Columbia Business School, it was found the IPO of B&M was overhyped due to an already saturated market in the UK.{{cite book|last1=Wang|first1=Sisy|title=Graham and Doddsville|date=10 October 2014|publisher=Columbia Business School (GSB)|location=Washington|pages=22–23|edition=Fall of 2014|url=http://www8.gsb.columbia.edu/valueinvesting/sites/valueinvesting/files/Graham%20%26%20Doddsville_Issue%2022_Fall%202014.pdf|access-date=24 October 2016}}
In November 2014, the business opened its 400th store (in Stockport){{cite news|url=https://www.telegraph.co.uk/finance/11238097/Why-BandM-could-be-the-next-big-thing-in-British-retailing.html|title=Why B&M could be the next big thing in British retailing|date=18 November 2014|newspaper=The Telegraph|access-date=10 September 2016|last1=Ruddick|first1=Graham}} and claimed to serve in excess of three million customers every week.{{cite web |url=http://www.bmstores.co.uk/about-bandm-stores |title=About B&M Stores |publisher=B&M Stores |access-date=25 August 2017}}
File:B & M in Wood Green shopping centre where Wilko used to be.jpg
During July 2017, the company completed the acquisition of the smaller frozen food store chain Heron Foods for £152 million.{{Cite news|url=https://www.telegraph.co.uk/business/2017/08/02/bm-bargains-moves-convenience-retailing-152m-swoop-heron-foods/|title=B&M Bargains moves into convenience retailing with £152m swoop on Heron Foods|last=Armstrong|first=Ashley|date=2 August 2017|work=The Telegraph|access-date=5 January 2018|language=en-GB|issn=0307-1235}}{{cite news|url=https://www.bbc.co.uk/news/uk-england-humber-40805474|title=Family-run Heron Foods taken over by B&M in £152m deal|date=2 August 2017|work=BBC News|publisher=BBC|access-date=3 August 2017}} In 2018 the company started a trial of converting Heron Food branches to B&M Express.{{cite news|url=https://www.thegrocer.co.uk/discounters/bandm-converts-heron-foods-branches-to-bandm-express-fascia/571146.article|title=B&M converts Heron Foods branches to 'B&M Express'|work=The Grocer|date=3 September 2018}}
As of 31 January 2018, B&M European Value Retail S.A. had issued 1,000,561,222 ordinary shares at the opening price of 10 pence.{{cite news |author1=B&M European Value Retail S.A. |title=Total Voting Rights |url=https://www.bandmretail.com/sites/bmstores/files/announcement-for-release-31-01-18.pdf |access-date=21 January 2021 |work=Announcement for Release |date=31 January 2018 |archive-url=https://web.archive.org/web/20210121134534/https://www.bandmretail.com/sites/bmstores/files/announcement-for-release-31-01-18.pdf |archive-date=21 January 2021 |language=en}}
In October 2018, the company acquired French discount retailer Babou for €91.2 million,{{Cite web|title=B&M enters France with Babou acquisition |url=https://www.retailgazette.co.uk/blog/2018/10/bm-expands-france-babou/|access-date=12 November 2021|website=Retail Gazette|date=23 October 2018 }} and by the end of 2021, the Babou brand was replaced by B&M.{{cite web|access-date=19 December 2021|date=19 December 2021|language=fr-FR|title=Discount : petits prix, offre élargie... B&M à la conquête du marché après le rachat des Babou|url=https://www.leparisien.fr/economie/consommation/discount-petits-prix-offre-elargie-bm-a-la-conquete-du-marche-apres-le-rachat-des-babou-19-12-2021-ENF7WT4FTRBVLOAFWHJQYBHOLU.php|website=leparisien.fr}}
On 4 February 2022, the company opened its 700th store at Border Retail Park in Wrexham.{{Cite web|url=https://www.leaderlive.co.uk/news/19898347.wrexhams-new-b-m-store-opens-tomorrow/|title=Take a SNEAK PEEK inside Wrexham's new B&M store before it opens tomorrow|website=The Leader|date=3 February 2022 }}
In September 2022, Simon Arora stepped down as chief executive after 17 years in the role and was replaced by Alex Russo.{{Cite web |last=Martin |first=Ben |date=2022-04-22 |title=B&M boss Simon Arora to step down |url=https://www.thetimes.com/article/b-m-boss-simon-arora-to-step-down-kwqxckwdx |access-date=2024-11-15 |website=www.thetimes.com |language=en}}{{Cite web |title=Our Board |url=https://www.bandmretail.com/about-us/our-board |access-date=2024-11-15 |website=www.bandmretail.com |language=en}}
In September 2023, it was announced B&M had acquired 51 former Wilko stores from the administrator for £13 million.{{Cite web |date=5 September 2023 |title=B&M acquires 51 stores from collapsed Wilko |url=https://dailybusinessgroup.co.uk/2023/09/bm-acquires-51-stores-from-collapsed-wilko/ |access-date=5 September 2023 |website=Daily Business |language=en-GB}}
In May 2024, the company announced the appointment of Tjeerd Jegen as its new chief executive following the retirement of Alex Russo in February 2025.{{Cite web |last=Fish |first=Isabella |date=2025-05-15 |title=Ex-Tesco executive Tjeerd Jegen to head B&M European Value Retail |url=https://www.thetimes.com/business-money/companies/article/ex-tesco-executive-tjeerd-jegen-to-head-b-and-m-european-value-retail-6hdn26c8k |access-date=2025-05-15 |website=www.thetimes.com |language=en}} Jegen will start from June 2025.
Controversy
=Fire safety=
In 2012, B&M pleaded guilty at Mansfield Magistrates Court to six fire safety offences under the Regulatory Reform (Fire Safety) Order 2005 following a visit from Fire Protection officers of the Nottinghamshire Fire and Rescue Service to their Mansfield store in October 2011. Officers had previously visited in June 2011 and found numerous breaches of the order, including blocked fire exits. However, the failings were found to have been repeated in the revisit and the firm was fined £32,984.17.{{cite web |last1=Hook |first1=Richard |title=Notts fire safety prosecution serves as warning to... |url=https://www.fire-magazine.com/notts-fire-safety-prosecution-serves-as-warning-to-firms |website=FIRE |publisher=Fire Knowledge Ltd |access-date=7 January 2021 |archive-url=https://web.archive.org/web/20210107200636/https://www.fire-magazine.com/notts-fire-safety-prosecution-serves-as-warning-to-firms |archive-date=7 January 2021 |location=Shoreham-by-Sea |language=en |date=31 May 2012}}
=Underage sale of knives=
In 2018, B&M was fined a record £480,000 by Barkingside Magistrates’ Court for selling knives to three children under the age of 18 in test purchases at stores in Redbridge and Barking. The fine was reduced from £720,000 as the business pleaded guilty.{{cite web |last1=Owoseje |first1=Toyin |title=B&M Bargains fined £480,000 for repeatedly selling knives to east London children |url=https://www.independent.co.uk/news/uk/home-news/bm-bargains-selling-knives-children-fine-knife-crime-east-london-a8550371.html |website=The Independent |publisher=Independent Digital News & Media Ltd |access-date=7 January 2021 |archive-url=https://web.archive.org/web/20210107185110/https://www.independent.co.uk/news/uk/home-news/bm-bargains-selling-knives-children-fine-knife-crime-east-london-a8550371.html |archive-date=7 January 2021 |location=Northcliffe House, London |language=en |date=26 September 2018}}{{cite web |title=B&M fined for illegal knife sales to east London teens |url=https://www.bbc.com/news/uk-england-london-45603915 |website=BBC News |publisher=British Broadcasting Corporation |access-date=7 January 2021 |archive-url=https://web.archive.org/web/20210107202210/https://www.bbc.com/news/uk-england-london-45603915 |archive-date=7 January 2021 |location=Broadcasting House, London |language=en |date=21 September 2018}}
=COVID-19 rates relief controversy=
In March 2020, as a result of the COVID-19 pandemic in the United Kingdom, Rishi Sunak, then Chancellor of the Exchequer, gave business rates relief and furlough payments to businesses in the hospitality and retail sectors.{{cite web |last1=Chapman |first1=Ben |title=What support is the government offering to get through the coronavirus pandemic? |url=https://www.independent.co.uk/news/business/analysis-and-features/coronavirus-financial-support-government-money-help-rent-bills-a9407776.html |website=The Independent |publisher=Independent Digital News & Media Ltd |access-date=7 January 2021 |archive-url=https://web.archive.org/web/20210107165919/https://www.independent.co.uk/news/business/analysis-and-features/coronavirus-financial-support-government-money-help-rent-bills-a9407776.html |archive-date=7 January 2021 |location=Northcliffe House, London |language=en |date=24 March 2020}}{{cite web |last1=Jahshan |first1=Elias |title=Chancellor extends one-year business rates holiday for all retailers |url=https://www.retailgazette.co.uk/blog/2020/03/chancellor-extends-one-year-business-rates-holiday-for-all-retailers/ |website=Retail Gazette |access-date=7 January 2021 |archive-url=https://web.archive.org/web/20210107171347/https://www.retailgazette.co.uk/blog/2020/03/chancellor-extends-one-year-business-rates-holiday-for-all-retailers/ |archive-date=7 January 2021 |location=Marylebone |language=en |date=18 March 2020}}
B&M was among several businesses classified as 'essential retailers' and as a result was allowed to remain open when other 'non-essential businesses had to close.{{cite web |last1=Chapman |first1=Ben |title=B&M Bargains boss pays himself £30m after bumper sales during lockdown |url=https://www.independent.co.uk/news/business/bm-bargains-simon-arora-dividend-results-b1783823.html |website=The Independent |publisher=Independent Digital News & Media Ltd |access-date=7 January 2021 |archive-url=https://web.archive.org/web/20210107185005/https://www.independent.co.uk/news/business/bm-bargains-simon-arora-dividend-results-b1783823.html |archive-date=7 January 2021 |location=Northcliffe House, London |language=en |date=7 January 2021}} In November 2020, B&M and other retailers were subject to a public outcry for having not handed back payments totalling £1.8 billion intended for propping up retailers prevented from trading due to restrictions, despite making record profits.{{cite web |last1=Wood |first1=Zoe |last2=Kollewe |first2=Julia |title=£1.8bn-plus in Covid rates relief to be handed back as B&M joins list |url=https://www.theguardian.com/business/2020/dec/03/sainsburys-hands-back-440m-in-covid-business-rates-relief |website=The Guardian |access-date=7 January 2021 |archive-url=https://web.archive.org/web/20210107171620/https://www.theguardian.com/business/2020/dec/03/sainsburys-hands-back-440m-in-covid-business-rates-relief |archive-date=7 January 2021 |location=Kings Place, London |language=en |date=3 December 2020}} The retailer declared £296 million in profit and as a result issued a £250 million special dividend despite having received £38 million in business rates relief and £3.7 million in furlough payments.{{cite web |last1=Pratley |first1=Nils |title=Treasury messed up over B&M's Covid rates freebie |url=https://www.theguardian.com/business/nils-pratley-on-finance/2020/nov/12/treasury-b-and-m-covid-rates-freebie-shops-business-rates-relief |website=The Guardian |access-date=7 January 2021 |archive-url=https://web.archive.org/web/20210107182628/https://www.theguardian.com/business/nils-pratley-on-finance/2020/nov/12/treasury-b-and-m-covid-rates-freebie-shops-business-rates-relief |archive-date=7 January 2021 |location=Kings Place, London |language=en |date=12 November 2020}} Brothers Simon and Bobby Arora, the CEO and trading director respectively, received a combined total of £37 million of the special dividend due to their 15% shareholding which is said to be worth at least £750 million.{{cite web |last1=Partridge |first1=Joanna |title=Lockdown sales boost at B&M prompts £250m special dividend |url=https://www.theguardian.com/business/2020/nov/12/lockdown-sales-boost-at-bm-prompts-250m-special-dividend |website=The Guardian |access-date=7 January 2021 |archive-url=https://web.archive.org/web/20210107183019/https://www.theguardian.com/business/2020/nov/12/lockdown-sales-boost-at-bm-prompts-250m-special-dividend |archive-date=7 January 2021 |location=Kings Place, London |language=en |date=12 November 2020}} The firm agreed to pay £80 million in business rate relief it had saved, a move mirrored by major supermarkets including Tesco, Sainsbury's and Morrisons.
=Electrical Safety=
In July 2022, B&M was fined £1 million by the Health and Safety Executive after it was found to have failed in the appointment of a "suitably competent person" to plan and execute work connecting temporary generators at its warehouse in Liverpool. The failing resulted in an electrical explosion causing electrocution and bodily burns of an electrician working on the project.{{cite web |last1=Warburton |first1=Nick |title=Budget retailer B&M hit with £1m fine over electrocution |url=https://www.ioshmagazine.com/2022/07/26/budget-retailer-bm-hit-ps1m-fine-over-electrocution |website=IOSH Magazine |publisher=Redactive Media Group |access-date=13 April 2024 |archive-url=https://web.archive.org/web/20240413221239/https://www.ioshmagazine.com/2022/07/26/budget-retailer-bm-hit-ps1m-fine-over-electrocution |archive-date=13 April 2024 |location=Wigston |language=en |date=26 July 2022}}
Domestic operations
As of 2021, the company currently has 686 stores in the UK and a further 275 Heron Foods stores.{{Cite news|first=Ashley|last= Armstrong|title=Early festive buying puts B&M ahead of the game|newspaper=The Times|language=en|url=https://www.thetimes.com/business-money/markets/article/eary-festive-buying-puts-b-amp-m-ahead-of-the-game-8kfkfsnrv|access-date=12 November 2021|issn=0140-0460}}
Over the period 2016 to 2018, the company opened another 100 stores as it reached 600 stores in November 2018.{{cite web|url=https://www.standard.co.uk/business/bm-eyeing-sainsburys-and-asda-stores-a3988641.html|title=B&M eyeing Sainsbury's and Asda stores|date=13 November 2018|publisher=Evening Standard|access-date=14 January 2019}}
In September 2020, the company announced that it planned to open about 45 stores, offering everything from tinned and frozen meals to wallpaper and bedding plants, which had become a lockdown phenomenon.{{Cite web|date=29 September 2020|title=B&M steps up expansion after lockdown sales boom|url=https://www.theguardian.com/business/2020/sep/29/bm-steps-up-expansion-after-lockdown-sales-boom|access-date=10 October 2020|website=The Guardian}}
Since September 2012, some stores have also been selling National Lottery goods.{{cite web|last1=Sengun |first1=Tunc |title=B&M sells National Lottery goods |url=http://www.halfdiscount.co.uk/merchant-B-M-Stores-vouchers-deals-13142.html |website=halfdiscount.co.uk |access-date=22 June 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140707201224/http://www.halfdiscount.co.uk/merchant-B-M-Stores-vouchers-deals-13142.html |archive-date=7 July 2014 }}
Financial performance
The financial performance has been as follows:
References
{{Reflist|30em}}
External links
- [http://www.bmstores.co.uk B&M retail website]
- [http://www.bandmretail.com B&M corporate website]
{{UK supermarkets}}
{{varietyStores}}
{{Supermarkets in France}}
{{FTSE 250 Index constituents}}
{{Authority control}}
{{DEFAULTSORT:B And M}}
Category:1978 establishments in the United Kingdom
Category:Companies based in Liverpool
Category:Discount shops of the United Kingdom
Category:Privately held companies of the United Kingdom
Category:Retail companies established in 1978
Category:Retail companies of the United Kingdom
Category:Companies listed on the London Stock Exchange