The stunning growth of discounters on UK high streets is reflected in the latest Sunday Times Rich List rankings, with B&M Retail and TJ Morris ranked among the top 25 biggest risers.
Simon, Bobby and Robin Arora, the brothers behind B&M, increased their fortunes by 126% last year to £1.1bn and rose from 183rd to joint 73rd this year. They were the 16th-biggest riser in the rankings. In December last year, the brothers sold a “significant stake” in their chain to private equity firm Clayton, Dubilier & Rice.
The Morris family - owners of Home Bargains - increased their wealth by 97% to £1.2bn, ranking 62nd - up from 136th last year - after sales grew 27% to £914.8m last year and profits rose 42% to £84.2m.
Other discounters on the list included the Wilkinson family (joint 255th), Farmfoods owner Eric Herd (317th), Iceland boss Malcolm Walker (joint 368th), Poundstretcher’s Rashid and Aziz Tayub (375th) and the Edwards family, which owns Poundworld (522nd).
The other big winner was Booker CEO Charles Wilson, who rose from joint 780th last year to 569th in this year’s list after increasing his wealth by £48m to £144m.
The highest ranked food and drink people were Galen and George Weston and family, who own Associated British Foods (11th), valued at £6.65bn. The Grant and Gordon family, which own William Grant & Sons, Bestway Cash & owners Sir Anwar Pervez and family, and Sir Ken Morrison and family also made the top 100.