FTSE100-listed B&M has announced that its chief executive Simon Arora intends to retire.

He has led the business for over 17 years and plans to leave the firm in 12 months' time. He will also resign his directorship of the company.

B&M was a regional chain of only 21 stores when it was acquired by Simon and Bobby Arora in December 2004. It now has over 1,100 stores across the UK and France.

Bobby Arora, group trading director at B&M, intends to remain with the business in his current role.

A CEO succession process, led by chairman Peter Bamford, will consider both internal and external candidates, said the company.

“The remarkable growth of the business from its humble beginnings to where it is today, reflects Simon’s exceptional passion, determination and ability,” said Bamford. “He has established a firm foundation from which the group will continue to deliver its successful growth strategy and great value for its customers.”

Arora added: “B&M's value for money proposition remains as relevant and compelling to shoppers today as it has ever been. I would like to thank all 38,000 members of the B&M family for their hard work and commitment as we continue our expansion.”

As a FTSE100 company, B&M is incorporated in Luxembourg.

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