B&M chief takes home £670,000 bonus as discount retailer's profits soar
The chief executive of discount retailer B&M is celebrating a bumper £1.4 million payday after receiving a hefty bonus last year.
Simon Arora saw his total pay packet more than double compared to 2016's £601,638 as he pocketed a £678,692 bonus on top of a £589,375 salary and other benefits.
The bonus was awarded under an annual incentive plan linked to the group's profit, which soared last year.
The group posted pre-tax profits of £182.9 million in the year to March 25, up 18%, while revenue rocketed 19% to £2.4 billion.
Like-for-like sales in the UK increased 3.1% and it now plans to open 950 stores, up from its previous target of 850, as it prepares to cash in on a slowing economy and a squeeze in consumer spending.
It represents Mr Arora's second big payout this month after he and his brothers Bobby and Robin cashed in £215 million through a share sale just weeks ago.
The billionaire Arora brothers have built B&M up to a 500-plus store retail giant since taking control of the firm in 2004.
Mr Arora said at the firm's last trading update that with Britain's economy faltering and soaring inflation eating into household budget, B&M is well-positioned to grow further.
He said in May: "For many commentators, the current economic uncertainty is generating concern about UK consumers and the impact on the retail sector.
"At B&M, we know we are at our best when household budgets are under pressure and consumers are looking even harder at making savings.
"In an environment of rising prices, we think that consumers become even more receptive to discount propositions such as ours."