Skip to content 
Search

Latest Stories

Simon Arora announces retirement from B&M

BRITAIN'S billionaire businessman Simon Arora will step down as the CEO and director of B&M after steering the discount retailer for 17 years.

In a filing to the London Stock Exchange, the company announced that Arora will retire in 2023, meaning that it has a year’s time to find a successor.

B&M was a regional chain with only 21 stores when it was acquired by Arora and his brother Bobby in December 2004.

It has grown into a group since then, with more than 1,100 stores across the UK and France and is now a constituent of the FTSE100 index.

“Over the coming year, Simon will remain fully committed to the business in his role as the chief executive officer, in particular, to assist in a smooth transition to his successor”, the company said.

Both internal and external candidates are considered to succeed Arora, 52, who is credited for having established a “strong, entrepreneurial culture” and building a talented senior management team.

"It has been a privilege to lead B&M for 17 years and I am immensely proud of the incredible journey that we have been on. B&M's value for money proposition remains as relevant and compelling to shoppers today as it has ever been. I would like to thank all 38,000 members of the B&M family for their hard work and commitment both now and as we continue our expansion," he said.

Bobby, 50, the group’s trading director, will continue in his current role.

Chairman Peter Bamford praised Arora’s contribution to the “remarkable growth of the business from its humble beginnings to where it is today that reflects “his exceptional passion, determination and ability”.

Investors reacted negatively after the announcement of Arora’s retirement plans as the company stock tanked more than six per cent on the bourse on Friday (22) to close at 516.6p.

The discount retailer had emerged as a winner of the pandemic and in January this year, it reported its “best ever” Christmas season sale.

The Aroras - Simon and Bobby together with their other sibling Robin - were ranked sixth in the 2021 edition of the Asia Rich List with a total wealth of £2.4 billion.

More For You

Bangladesh seeks US deal to shield garment industry from tariffs

Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)

Bangladesh seeks US deal to shield garment industry from tariffs

BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Indian exporters watch closely as Trump says trade deal with India likely

THE US could reach a trade deal with India that would help American companies compete more easily in the Indian market and reduce tariff rates, President Donald Trump said on Tuesday. However, he cast doubt on a similar deal with Japan.

Speaking to reporters on Air Force One, Trump said he believed India was ready to lower trade barriers, potentially paving the way for an agreement that would avoid the 26 per cent tariff rate he had announced on April 2 and paused until July 9.

Keep ReadingShow less
Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less