The boss of B&M Bargains has poured cold water on speculation that the discount chain could launch a reverse takeover of Asda following the collapse of its merger with rival supermarket Sainsbury’s.
Chief executive Simon Arora said B&M “was not talking about mergers and acquisitions, we are focused on the potential for organic store growth. We have 620 stores and we are looking at growing the business to 950 so there is plenty of road left on our own.”
He acknowledged the company had sealed a takeover of cut-price food chain Heron Foods two years ago, but the £152m deal was significantly smaller than the £7bn price-tag attached to Asda.
