UK high street bargain chain B&M is planning to move its official home from Luxembourg to Jersey in a behind-the-scenes shift it says will make it easier to return money to shareholders.
The move won’t affect B&M’s shops or its UK customers, and is not currently linked to any plans to open in Jersey, but is part of a wider restructuring of the company’s legal and financial setup.
The retailer had previously said in January it was considering moving its base to Jersey or Ireland.
However, the plan to go ahead with Jersey after more than 10 years in Luxembourg was confirmed in a statement to the London Stock Exchange at the end of last week.
B&M said the switch would help “simplify the company’s corporate and administrative structure” and offer “greater flexibility for returning capital to shareholders”.
One key change is that shareholders will be able to hold their shares more easily, through the UK’s standard system (CREST), rather than a more complex arrangement involving Luxembourg.
It could also make buying back shares or paying out dividends more straightforward for the company. After the move, dividends will no longer be subject to withholding tax, which can reduce the amount received by some investors.
B&M also noted that the switch would mean the company becomes fully subject to the UK’s takeover rules, potentially offering more certainty to shareholders in the event of any future buyout offer.
Despite the relocation, B&M confirmed that it will keep its listing on the London Stock Exchange, and remain eligible for inclusion in FTSE’s UK stock market indices.
It comes after it was reported that the discounter’s pre-tax profits had gone down from £498m to £431m for the year ending March 2025.
An Extraordinary General Meeting to approve the migration to Jersey is currently scheduled for Tuesday 22 July at 12:30pm in Luxembourg.