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It was announced last November 14 that Sir Terry Leahy, a retail legend, is retiring from his position as chairman of B&M Group, a bargain retailer.
Leahy will be replaced by Peter Bamford, the current Chairman of SuperGroup, the owner of SuperDry.
Leahy has served in the post at B&M for five years, during a period of accelerated growth for the company. In 2017, with its acquisition of Heron Foods, it entered the convenience retail market.
“It has been a great privilege to have been part of one of the most exciting emerging retail growth stories of the past decade in an industry undergoing profound structural change,” Leahy said. “In particular, it has been a real pleasure to work with such a talented, innovative management team. The business is very well-positioned for continued growth and success in the future.”
The said announcement correlate with another strong set of results for B&M, as like-for-like sales grew by 7.7 percent in the second quarter.
According to analysts at Peel Hunt, the unexpected increase was considered as “a function of better store standards, improved offer, and trading down from customers in general.”
The only reason for investor concern was a reduction in the profitability of Jawoll, the German business. However, analysts were impressed by the immediate action of B&M, bringing forward a succession plan for the company’s CEO, who is to be replaced by Christian Müller, who was until recently, the country manager for Germany of Action.