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PRIVACY
Retail & Consumer

Firm established by late South African billionaire businessman buys shares in B&M

The move makes it one of the largest shareholders in the discount retail giant

B&M is headquartered on Merseyside(Image: LIVERPOOL ECHO)

A firm established by a late South African billionaire businessman and an investment giant has bought a stake in B&M.

Orbis Allan Gray Limited has snapped up a 5% stake in the Merseyside-headquartered business.

The move makes it one of the largest shareholders in the discount retail giant.

READ MORE: Investment companies decide against making £2.07bn offer for THG

Allan Gray was a South African billionaire businessman and philanthropist who founded the privately-owned investment management company named after him.

Orbis Investment Management is an investment management firm headquartered in Bermuda.

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B&M's largest shareholder remains the Arora family's investment vehicle, SSA Investments SARL, despite the company completing the sale of shares worth £234m in January.

The company disposed of 40 million shares in B&M, bringing its holdings down from almost 11% to just under 7%.