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Household retail chain The Range has seen pre-tax profits leap by more than £20million – enabling company boss Chris Dawson to pay his wife a £25million dividend.

The Plymouth-headquartered company – officially named Norton Group Holdings Ltd – saw pre-tax profit rise 37.1% to £74.4million for the year to February 2019.

It came on the back of a £942,679million in sales, up form £869,277million.

The firm’s annual report revealed a dividend of £25million was paid, during the year, to Range founder Mr Dawson’s wife Sarah, who now holds 100% of the company’s share capital.

Mrs Dawson is based in Jersey, allowing the couple to potentially save on what would be a hefty tax bill.

The couple, who benefited from a £39million dividend in 2018, are now worth an astonishing £1.99billion, making them the third most wealthy in the South West according to the annual Sunday Times Rich List 2019.

The Range employs about 10,000 people around the º£½ÇÊÓƵ and has opened 13 branches this year including a stunning £25million superstore at Derriford, in Plymouth, which created 80 jobs.

The company is also moving head office staff into a new block, called Elsie Margaret House after his late mother, adjoining the store in Derriford.