Sir Terry Leahy to chair bargain store
SIR TERRY LEAHY is making a comeback to the retail sector as chairman of B&M Bargains after US private equity firm Clayton, Dubilier and Rice yesterday revealed it has bought a stake in the chain for around £965m.
The former Tesco boss is an adviser to CD&R, which has fought off rivals such as Advent, Blackstone, and BC Partners for a “significant stake” in B&M.
The Liverpool-based retailer, which sells everything from toys to bikes at knock-down prices, was acquired by brothers Simon, Bobby and Robin Arora in 2005 when it had just 21 stores.
Since then it has grown to more than 300 branches across the UK and has more than £1bn sales, benefitting from cash-strapped consumers seeking bargain prices.
The sale could catapult the brothers to become one of the UK’s richest families. Rothschild advised B&M.