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What is the history of the Home Bargains discount chain?

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Quick Answer

Home Bargains is a UK-based discount chain of stores, which began operating in 1976. Its founder Tom Morris, who was only 21 at the time, opened the first store in Liverpool, England, used a bank overdraft to finance the store, according to the Management Today website.

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Full Answer

Tom Morris had early training in retail sales as he was one of seven children of a shopkeeper in Scotland Road in Liverpool. Early on, Morris' first store earned about 85 British pounds a week. The company has since become one of UK's fastest growing discount store chains, making Morris one of the richest men in the UK with an estimated net worth of 2 billion GBP, as of 2014, according to Management Today.

Home Bargains offers some 4,000 retail product lines such as food, household goods, health and beauty products, toys and other top-quality, high street products, according to its website. As of 2015, it is the second largest independent grocer in England with about 370 stores and 10,000 employees.

The company's five-year turnover rate is 120 percent, and its five-year rise in employment rate is 131 percent. The company completed the construction of a warehouse facility worth 35 billion pounds in 2010 at the headquarters in Gillmoss, England. The facility is part of the company's plans of expanding to 700 stores and 20,000 employees in five years.

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