Household retail chain The Range has seen pre-tax profits leap by more than £20million – enabling company boss Chris Dawson to pay his wife a £25million dividend.
The Plymouth-headquartered company – officially named Norton Group Holdings Ltd – saw pre-tax profit rise 37.1% to £74.4million for the year to February 2019.
It came on the back of a £942,679million in sales, up form £869,277million.
The firm’s annual report revealed a dividend of £25million was paid, during the year, to Range founder Mr Dawson’s wife Sarah, who now holds 100% of the company’s share capital.
Mrs Dawson is based in Jersey, allowing the couple to potentially save on what would be a hefty tax bill.
The couple, who benefited from a £39million dividend in 2018, are now worth an astonishing £1.99billion, making them the third most wealthy in the South West according to the annual Sunday Times Rich List 2019.
The Range employs about 10,000 people around the UK and has opened 13 branches this year including a stunning £25million superstore at Derriford, in Plymouth, which created 80 jobs.
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The company is also moving head office staff into a new block, called Elsie Margaret House after his late mother, adjoining the store in Derriford.
The Range was founded by Mr Dawson after he started life as a market trader,. He opened his first store in 1989 under the name CDS (Chris Dawson Superstores) before later changing it to The Range.
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Since then, the company has grown at an impressive rate and now has more than 160 stores across the UK and Ireland.
In 2017 The Range opened its £100 million “mega shed” distribution centre at Avonmouth, near Bristol, creating 1,050 jobs.
Mr Dawson, now among Britain’s most recognisable business faces, is continuing to grow his retail empire – in 2018 he said another 100 stores are set to open by 2021. And 67-year-old Mr Dawson is also looking to expand into Europe.
