£25m reward for founding family of furniture chain

DISCOUNT retailer Dunelm reaped a further £25 million for its founding family yesterday, after the home-furnishing chain continued to attract shoppers in the recession.

Dunelm accompanied a 69 per cent rise in half-year profits to 46.2 million by revealing that it planned to return 43.2m of spare cash to shareholders.

Chief executive Will Adderley, who owns 35 per cent of the company, will net 15m and his parents, Bill and Jean, will earn a further 10m from their 24 per cent holding.

They will also receive an interim dividend of 3p a share, worth more than 3m for the family and 50 per cent higher than a year earlier. From a Leicester curtain stall in 1979, the business has grown into the third-largest firm in the 11 billion UK homewares market with 100 stores.

The company joined the London stock market in 2006 and reaped a major windfall for the Adderley family after they sold a 31 per cent stake during the 340m flotation.

Dunelm said yesterday's special payment to shareholders would not jeopardise future expansion plans, which include a target of up to 200 superstores across the country.

Recent openings – at Londonderry, Norwich, Broadstairs, Bridgend, St Helens and Cheltenham – helped total sales grow 26 per cent to 254.2m in the six months to 31 December, while like-for-like sales were ahead 15.4 per cent.