Simon Arora Explained

Simon Arora
Nationality:British
Education:Cambridge University
Occupation:Businessman
Spouse:Shalni Arora
Children:2 daughters
Relatives:Bobby Arora (brother)
Robin Arora (brother)

Simon Arora (born November 1969) is a British billionaire businessman, and former CEO of the retail chain B&M.[1]

Early life

Simon Arora was born in November 1969 to Indian parents.[2] [3] His businessman father had immigrated to the UK from Delhi in the 1960s.[4] He studied law at Cambridge University and worked at his father's cash and carry.[5]

Career

Arora worked as an analyst for McKinsey, 3i and Barclays.[5]

In 1995, he went into business with his younger brother Bobby Arora, importing homewares from Asia and supplying them to UK retail chains, before buying B&M in 2004, which was then a struggling grocery chain based in Blackpool.[5]

In 2017, Simon and Bobby Arora cashed in £215m of shares and reduced their stake in B&M by a quarter, three years after taking it public.[6]

As of May 2019, the Arora brothers (Simon, Bobby and Robin) jointly have a net worth of £2.26 billion.[7]

Arora stepped down as CEO of B&M in September 2022 following 17 years in the role. He remains an executive director at the company.[8]

Covid-19 rates relief

In March 2020, as a result of the COVID-19 pandemic in the United Kingdom, Rishi Sunak, then Chancellor of the Exchequer, gave business rates relief and furlough payments to businesses in the hospitality and retail sectors.[9] [10] B&M was among several businesses classified as 'essential retailers' and as a result was allowed to remain open when other 'non-essential businesses had to close.[11] In November 2020, B&M and other retailers were subject to a public outcry for having not handed back payments totalling £1.8 billion intended for propping up retailers prevented from trading due to restrictions, despite making record profits.[12] The retailer declared £296m in profit and as a result issued a £250m special dividend despite having received £38m in business rates relief and £3.7m in furlough payments.[13] The Arora brothers received a combined total of £37m of the special dividend due to their 15% shareholding which is said to worth at least £750m.[14] The firm agreed to pay £80m in business rate relief it had saved, a move mirrored by major supermarkets including Tesco, Sainsbury's and Morrisons.

Personal life

He is married to Shalni Arora, who has a Natural Sciences degree from Cambridge University, and was a co-founder of bio-tech business DxS.[15] They have two daughters.[16]

Arora lives in Hale Barns near Altrincham, next door to his brother Bobby.[17] Arora owns three of the flats at 3–10 Grosvenor Crescent, a Grade II* listed terrace in London's Belgravia district, where he unsuccessfully opposed a legal dispute about concierge services in 2017.[18]

Arora donated £50,000 to the Conservative Party in early 2020.[19]

Notes and References

  1. Web site: New B&M CEO takes over seven months early . LBN Daily . 15 September 2022 . 23 January 2023.
  2. Book: Bloodworth, J. . Hired: Six Months Undercover in Low-Wage Britain . . 2018 . 978-1-78649-015-5 . 24 September 2023 . 113.
  3. Web site: B & M Retail Limited. Companies House. 10 August 2015.
  4. Web site: Winchester . Levi . 28 June 2021 . Billionaire B&M brothers worth £2.5bn after dad moved to UK with '£10 in pocket' . 24 September 2023 . mirror . en.
  5. Web site: Simon and Bobby Arora - B&M . Managementtoday.co.uk . 3 June 2017.
  6. News: Billionaire brothers sell stake in UK discounter B&M. Financial Times. 2 June 2017 . 14 January 2019.
  7. News: Britton . Paul . The Sunday Times Rich List 2019: The 15 richest people in Greater Manchester, Cheshire and the north west . 8 October 2020 . Manchester Evening News . 10 May 2019.
  8. Web site: New B&M CEO takes over seven months early . LBN Daily . 15 September 2022 . 23 January 2023.
  9. Web site: Chapman . Ben . What support is the government offering to get through the coronavirus pandemic? . . Independent Digital News & Media Ltd . 7 January 2021 . https://web.archive.org/web/20210107165919/https://www.independent.co.uk/news/business/analysis-and-features/coronavirus-financial-support-government-money-help-rent-bills-a9407776.html . 7 January 2021 . . en . 24 March 2020.
  10. Web site: Jahshan . Elias . Chancellor extends one-year business rates holiday for all retailers - Retail Gazette . Retail Gazette . 7 January 2021 . https://web.archive.org/web/20210107171347/https://www.retailgazette.co.uk/blog/2020/03/chancellor-extends-one-year-business-rates-holiday-for-all-retailers/ . 7 January 2021 . . en . 18 March 2020.
  11. Web site: Chapman . Ben . B&M Bargains boss pays himself £30m after bumper sales during lockdown . . Independent Digital News & Media Ltd . 7 January 2021 . https://web.archive.org/web/20210107185005/https://www.independent.co.uk/news/business/bm-bargains-simon-arora-dividend-results-b1783823.html . 7 January 2021 . . en . 7 January 2021.
  12. Web site: Wood . Zoe . Kollewe . Julia . £1.8bn-plus in Covid rates relief to be handed back as B&M joins list . . 7 January 2021 . https://web.archive.org/web/20210107171620/https://www.theguardian.com/business/2020/dec/03/sainsburys-hands-back-440m-in-covid-business-rates-relief . 7 January 2021 . . en . 3 December 2020.
  13. Web site: Pratley . Nils . Treasury messed up over B&M's Covid rates freebie . . 7 January 2021 . https://web.archive.org/web/20210107182628/https://www.theguardian.com/business/nils-pratley-on-finance/2020/nov/12/treasury-b-and-m-covid-rates-freebie-shops-business-rates-relief . 7 January 2021 . . en . 12 November 2020.
  14. Web site: Partridge . Joanna . Lockdown sales boost at B&M prompts £250m special dividend . The Guardian . 7 January 2021 . https://web.archive.org/web/20210107183019/https://www.theguardian.com/business/2020/nov/12/lockdown-sales-boost-at-bm-prompts-250m-special-dividend . 7 January 2021 . . en . 12 November 2020.
  15. Web site: Simon & Shalni Arora - Asian Power CouplesAsian Power Couples . Asianpowercouples.com . 30 June 2015 . 3 June 2017.
  16. Web site: James Ferguson . Brothers on their way to creating the new Woolies . Manchester Evening News . 2 July 2010. 3 June 2017.
  17. News: Sunak takes RAF chopper to Dover, just over an hour away by train. https://web.archive.org/web/20230605115516/https://www.theguardian.com/politics/2023/jun/05/sunak-takes-raf-chopper-to-dover-just-over-an-hour-away-by-train. 5 June 2023. The Guardian. 5 June 2023. 5 June 2023.
  18. Web site: Owner of £18m flat wins court fight over lack of concierge staff. 21 November 2017. 23 December 2017.
  19. Web site: The Electoral Commission - Conservative and Unionist Party (Great Britain), Cash (C0501106). https://web.archive.org/web/20230526142324/https://search.electoralcommission.org.uk/English/Donations/C0501106. Electoral Commission (United Kingdom). 5 June 2023. 26 May 2023.

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