Big dividend at retailer that kept pandemic cash
By Sarah Wood | 3rd May 2022
The owners of a discount retailer paid themselves a £25 million dividend last year, but didn't pay back Covid support cash.
The family which owns Home Bargains, which has stores in Gloucester, Cirencester, Stroud and Cheltenham, had refused to pay back millions of pounds in taxpayer support during the pandemic, as reported by The Times.
Home Bargains was classed as an essential retailer and allowed to stay open during lockdowns - enjoying a 19.7 per cent rise in sales to £3.34 bn for the year ending June 2021. Pre-tax profits were up by 51 per cent.
The retailer has kept around £45 million in rates relief since the start of the pandemic and paid its majority shareholder a £15 million dividend in 2020.
The Government has been criticised for not making it a condition that companies return taxpayers' money before they pay dividends.
Related Articles
Copyright 2024 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.