Discount Variety Retail Chain B&M, Britain’s largest variety discounter with 799 UK stores, has long been a masterclass in discount retailing. Built from a small northern chain into a national powerhouse by Simon Arora and his brothers, the retailer delivered consistent profitability, until recently. In the year to March 2026, B&M’s sales climbed from £5.57bn to £5.78bn, yet pre-tax profit halved, dropping from £431m to £227m. The same £204m gap, moving in opposite directions