Leahy, chairman of the Woolworths-style discount chain, which has floated for
The former Tesco chief executive this week helped the Government launch the International Festival for Business to promote
But the details contained in B&M's prospectus will raise eyebrows. It shows that the
Leahy is a senior advisor to US investor
The document goes on to say that CD&R Holdco, also known as
The prospectus reveals B&M paid just
According to the prospectus, 'the company is a fully taxable company resident for tax purposes in Luxembourg'.
The prospectus also says it benefits from certain tax advantages.
'As a fully taxable Luxembourg resident company, the company should, from a Luxembourg tax perspective, be able to benefit from double taxation treaties and European directives in direct and indirect tax matters,' the document adds.
The three Arora brothers who founded the
Last week they made a further paper fortune of
Conditional dealing started on Thursday with the shares priced at 270p. This was at the top end of the 230p to 290p range for the retailer.
Despite their wealth, the brothers will also benefit from paying no inheritance tax under Luxembourg tax laws.
'No estate or inheritance tax is levied on the transfer of the shares upon death of shareholder of the company in cases where the deceased was not a resident of Luxembourg for inheritance tax purposes,' the prospectus says.
The company saw pre-tax profit fall to
Much of the fall was due to financial restructuring which cost
In 1995 he and his brothers created Orient Sourcing Services and sold soft furnishings to Argos and BHS. They sold this business in 2004 and bought B&M, which had just 21 discount stores with a turnover of
Expanding the group out of cashflow, they grew to 300 stores in just seven years with a
The company declined to comment yesterday.
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