Liverpool-based TJ Morris, the family firm behind discount chain Home Bargains, reported an increase in turnover from £3.4 billion to £3.7 billion in the year to June 30, 2023, according to accounts filed with Companies House.

Home Bargains’ parent company said profit before tax rose from £293 million to £332 million. TJ Morris said £36 million of “ordinary dividends” were paid.

TJ Morris said it shed more than 1,500 jobs last year as its staff numbers fell from 28,401 to 26,845.

However, the company added that it aims to “continue its current levels of growth” and plans to eventually have between 800 and 1,000 shops in the UK.

At the end of last year TJ Morris had 594 Home Bargains stores.