Home Bargains to open 350 new stores

Liverpool-based discount chain Home Bargains is planning to open 350 stores in the next ten years.

Owner Tom Morris has already opened 14 new stores in the past 12 months and now plans to increase the number of outlets in operation from 150 to 500.

Morris reported a £49.5m rise in turnover last year to £322.5m, with pre-tax profits soaring from £13.5m to £20m, lifting profit margins up from 7.4% to 9.3%.

Morris holds the entire share capital of the firm but runs it alongside his brothers and company directors, Ed and Joe.

Home Bargains has grown from a single shop in Old Swan back in 1980 to its current level of stores. The group operates from a £15m headquarters at Axis business park in Gillmoss on the East Lancashire Road.

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