Tom Morris: The Billionaire Behind Home Bargains’ Retail Empire and Ambitious Expansion Plans

Tom Morris, the founder of Home Bargains, has solidified his position as one of the United Kingdom’s most influential retail magnates. Born on February 10, 1954, in Liverpool, England, Morris is the son of Tom and Veronica Morris, who owned a shop on the city’s Scotland Road. Growing up in a family deeply rooted in retail, he was one of seven children, with his father naming the store “V” for value.

At the age of 21, Morris embarked on his entrepreneurial journey by founding Home Bargains in 1976 in the Old Swan neighborhood of Liverpool. Initially named “Home and Bargain,” the store specialized in health and beauty products. Over the years, it expanded its product range to include groceries, household items, and general merchandise. The collapse of Woolworths in 2008 allowed Home Bargains to acquire 14 of their stores, further expanding its network.

As of January 2025, Morris’s net worth is estimated at $7.14 billion, placing him among the world’s wealthiest individuals. His closely held company, TJ Morris, operates over 500 Home Bargains stores across the UK, employing approximately 22,000 people. The company’s revenue for the year ending June 30, 2023, was £3.8 billion ($4.5 billion).

Morris’s business philosophy emphasizes prudent expansion and financial stability. Unlike many of his competitors, Home Bargains owns a significant portion of its stores outright, with nearly £1.1 billion of property assets on its balance sheet as of June 30, 2023. This approach has allowed the company to avoid substantial debt and maintain a strong financial position.

In recent years, Home Bargains has experienced significant growth. In 2023, the company reported a 10% increase in turnover to nearly £3.8 billion and a 13% rise in pre-tax profits to £332.3 million. This growth is attributed to the opening of new stores, relocating existing shops, and an increased contribution from existing sites.

Morris’s personal lifestyle reflects his substantial wealth. He owns a $50 million Bombardier Global 5000 private jet, a $45 million superyacht named Moskito with annual running costs estimated at $4 million, and a VIP Bell 429 helicopter. These assets enable him to oversee his business operations more efficiently.

Despite his success, Morris maintains a low public profile. He rarely grants interviews and prefers to keep his personal life private. His brother, Joe Morris, who served as operations director, left the company in 2022 to pursue other ventures.

Looking ahead, Home Bargains plans to expand its footprint further. The company aims to increase the number of outlets to between 800 and 1,000, with new stores planned for southern counties, including Watford, Colchester, Norwich, and Gillingham in Kent, as well as parts of south Wales. This expansion strategy is part of Morris’s vision to become a dominant force in the UK retail sector.

Morris’s journey from a small shopkeeper’s son to a billionaire entrepreneur underscores his business acumen and commitment to growth. His focus on value, both for consumers and the company, has been instrumental in Home Bargains’ success. As the company continues to expand and innovate, Morris’s influence in the retail industry is expected to grow, solidifying his legacy as a key figure in British retail history.

In summary, Tom Morris’s strategic vision and prudent financial management have propelled Home Bargains to the forefront of the UK’s retail landscape. His commitment to providing value to customers and maintaining financial stability has been key to his success. As the company continues to expand, Morris’s impact on the retail industry is poised to increase, further cementing his status as a leading entrepreneur.