'Sharpen our pricing' - Retailer B&M, which was founded in Cleveleys in 1978, announces huge fall in profits
The business was founded by Malcolm Billington and Brian Mayman who opened their first store in Cleveleys in 1978.
A bargain shop chain which started life in Cleveleys has announced a huge fall in profits.
Discount retailer B&M blamed a "challenging market" for the drop and pledged to continue to invest during the current financial year.
In the year up to March 28, the firm - which has its HQ in Liverpool - generated more than £5.7bn - up from £5.5bn the previous year.
However, the group's profit before tax fell from £455m to £284m.
Chief executive Tjeerd Jegen said this financial year was "difficult".
He said: "The past six months has seen us sharpen our pricing, improve on-shelf availability in best selling brands and revamp our in-store promotions.
"We are confident we can offset rising energy costs in the year ahead through cost mitigation, the benefits of which will flow through our bottom line once we have returned B&M UK like-for-like sales to growth."
Meanwhile, B&M's French wing has made a good start to the year with higher footfall and better than expected sales.
B&M is part of the jersey-based B&M European Value Retail SA, which also owns Heron Foods.
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The business was founded by Malcolm Billington and Brian Mayman who opened their first store in Cleveleys in 1978.
It was originally named Billington & Mayman but the title was soon shortened to B&M.
The original owners were the subject of a management buyout in 1996.
In September 2023, it was announced B&M had acquired 51 former Wilko stores from the administrator for £13m.