Simon Arora will step down as chief executive of B&M next year after 17 years of leading the business.

Arora said he plans to retire in 12 months in order to support a smooth transition for his successor. A search for his replacement will be led by chair Peter Bamford and will consider both internal and external candidates.

B&M was acquired by Simon and Bobby Arora in 2004. Since then, the retailer has expanded from 21 stores to more than 1,000 across the UK and France. 

Bobby Arora will remain with the business as group trading director.

Bamford said: “On behalf of the board and all stakeholders of the group, I would like to thank Simon for his leadership over the past 17 years. The remarkable growth of the business from its humble beginnings to where it is today reflects his exceptional passion, determination and ability.

“Moreover, he has established a firm foundation from which the group will continue to deliver its successful growth strategy and great value for its customers. We are all very grateful for his tireless efforts and he will leave us next year with our best wishes for the future.”

Arora added: “It has been a privilege to lead B&M for 17 years and I am immensely proud of the incredible journey that we have been on. 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, both now and as we continue our expansion.”

Separately, Poundland owner Pepco has appointed Trevor Masters as chief executive of the business after Andy Bond stepped down in January.

Masters, who has held the role of interim chief executive since Bond’s departure, joined Pepco in 2019 and has 40 years’ experience within the retail sector. He also served as chief executive of Tesco International for seven years.