Tom Morris (businessman)
Thomas Joseph Morris | |
|---|---|
| Born | February 10, 1954 Liverpool, England |
| Occupation | Entrepreneur |
| Known for | Founder of Home Bargains |
Thomas Joseph Morris (born 10 February 1954) is a British billionaire entrepreneur best known for founding the discount retail chain Home Bargains. As of December 2024, Forbes estimates his fortune to be approximately $5 billion.
Early life
Morris was born in Liverpool into a family of seven siblings. His father, a shopkeeper from Liverpool's Scotland Road, represented the third generation of the Morris family involved in retail. He earned a degree in engineering before embarking on his business career.
Career
At the age of 21 in 1976, Morris established the Liverpool-based discount retailer initially called "Home and Bargain," which later evolved into Home Bargains. The store specializes in a wide variety of products such as groceries, toys, and health and beauty items, frequently acquiring stock from brands disposing of surplus inventory at reduced prices.
In 1995, the brand was renamed Home Bargains and adopted a new blue and red logo created by Anton Morris, a family member. Beginning with only a bank overdraft, the company expanded to operate over 595 stores staffed by more than 34,000 employees. The majority of these outlets are located in the Merseyside area, where Home Bargains stands as the largest employer. Morris aims to grow the chain beyond 800 locations. Ownership is maintained through the parent firm TJ Morris, with Thomas Morris holding an 89% stake. His brother Joe Morris serves as operations director and holds a minority share, alongside three other brothers who are also actively engaged in the business.
According to the Sunday Times Rich List, Morris was worth £2.05 billion in 2014. By 2018, Forbes valued his net worth at $3.1 billion, rising further to an estimated £6.133 billion in 2023. This makes him not only the wealthiest individual from Liverpool but also ranks him fourth among the richest in North-West England. In 2018, he awarded himself a salary of £1 million.
Personal life
Morris is married and lives in Lytham St Annes, Lancashire.
In 2001, the Liverpool Echo reported that his son was employed within the company. Additionally, his daughter Lisa and her American spouse Brian manage Morris Textiles, a linen warehouse operation.