Tom Morris is well-known in Liverpool for his chain of shops, Home and Bargain—or, more accurately, Home Bargains. The name was changed to the latter long ago, but Scousers stubbornly stick to the old version. The famous Merseyside entrepreneur’s financial success didn’t happen overnight. Let’s explore his story at liverpoolski.com.
Tom Morris and Liverpool
First, let’s briefly discuss what Morris has done for Liverpool and how he acquired his wealth. It all began in 1976 when Tom opened his first Home and Bargain shop, offering household goods at the lowest possible prices.
One of our hero’s first customers was the late Sir Ken Dodd. Morris’s business grew rapidly and generated substantial profits. In 1979, he had to open his first warehouse to cope with the increased demand for his products. In 1995, the shop owner decided to make the name shorter and more logical – Home Bargains. However, in a classic local quirk, Liverpudlians have never abandoned the habit of calling it by its old name.
Fast forward to 2024, and the chain has grown to nearly 600 stores with a staff of over 34,000. Surprisingly, despite a family fortune worth billions according to the Sunday Times Rich List, Tom and his family are famously publicity-shy. Everyone has a right to a private life and their secrets, of course. But with his status, Morris simply cannot remain unnoticed or unknown, so there is plenty to tell about him.
How Tom Morris Achieved Success
Thomas Joseph Morris, a world-renowned billionaire entrepreneur, was born in Liverpool in February 1954. He is the son of a shopkeeper and one of seven children. Morris received a standard school education, after which he trained as an engineer. It is thought that this qualification laid the groundwork for Tom’s future entrepreneurial ventures.
The Morris family is very close-knit. They also work together in the business – Tom represents the third generation of the family to be involved in retail. His younger brother, Joe, is a minority shareholder and the Chief Operating Officer of Home Bargains. Tom’s three other brothers also hold positions within the company, contributing to its success.
In the retail chain he founded in the mid-1970s, Morris sold a diverse range of products: health and beauty items, sweets, toys, and more. After rebranding the shops to Home Bargains and developing a new logo, Morris worked even more diligently, driving the business to grow exponentially. As the brand expanded to over 4,000 product lines, it became synonymous with quality and affordability.
It all started with a bank overdraft, a short-term loan within an agreed limit. Morris used it to secure the initial capital to open his first shop. This was a risky move that could have led to financial difficulties if it had failed. But Tom had a clear vision for his business and was confident in its potential. He was able to buy stock for his first shop and made the right call, as the business eventually grew into one of the largest discount retail chains in the UK.
Home Bargains has its largest presence in the Merseyside region and is the largest employer in our area. Tom has no plans to stop, aiming to increase the number of stores to over 800 or even 1,000. He owns about 90% of the company, while his younger brother Joe Morris is a minority shareholder and the Chief Operating Officer.
Of course, this retail chain is not Morris’s only business, but his entire empire is built around it. Its success is largely based on low prices. Tom often buys discounted goods from manufacturers looking to offload surplus stock from their warehouses. This allows him to offer savings to his customers and gain a competitive edge.
Morris’s Key Achievements
Morris’s entrepreneurial success has earned him recognition and respect. He has played a significant role in creating thousands of jobs, making his contribution to the local economy invaluable. Tom’s business acumen has enabled him to transform the company into one of the UK’s largest retailers.
Morris’s recognition as an entrepreneur has also brought him numerous awards. Among them are:
- Ernst & Young Entrepreneur of the Year in 2005;
- The Liverpool Echo Lifetime Achievement Award in 2018.
Personal Life and Fortune
Tom Morris does not publicise his private life, but it is known that he lives with his wife, Kristina O’Hara, in Lytham St Annes, Lancashire. His son is also involved in the family business and works at Home Bargains. Morris’s daughter, Lisa, and her husband, an American named Brian, run the linen warehouse Morris Textiles.
Morris’s approximate net worth is estimated at £6.133 billion. This makes him the richest resident of Liverpool and fourth on the list of the richest residents in the North West of England.
The Secrets to His Success
For the younger generation of entrepreneurs, Morris’s success story is a source of inspiration. Despite having limited resources at the start of his career, Tom was able to grow a business that has never stopped thriving. He always had ideas that helped bring his vision to life, such as making everyday essentials more affordable.
In one interview, Tom’s brother, Joe, shared some of the secrets to his relative’s success. He has a real instinct for retail, understanding what makes a good buy. If you buy right, you can make money even if your shops aren’t perfect. Conversely, you can have perfect shops, but without the right products that people want, you will fail. Furthermore, the Morris brand has never accumulated large debts.
Another Liverpool entrepreneur worthy of attention is Stephen John Young. He is also an inventor.