Former Costcutter owner Bibby Line shells out £1.2m divi after slimming down empire
Maritime tycoon Sir Michael Bibby’s conglomerate has paid out a £1.2million dividend after slimming down its empire.
Bibby Line, one of Britain’s oldest family-owned firms tracing its roots back to 1807, suffered as the pandemic weighed on its business.
Over the past year, Bibby Line has sold off its Costcutter convenience stores, as well as its distribution and North American financial services arms.
Divestment: Over the past year, Bibby Line has sold off its Costcutter convenience stores
This meant shareholders in the group, 90 per cent owned by family, received their first dividend since January 2019. The family’s stake was estimated to be worth £188million last year.
Sir Michael called 2020 ‘pivotal’ as the firm ‘weathered the storm of the pandemic.’ The Liverpool-based group was set to move back into the black after two years of losses, he said
Pre-tax losses narrowed to £26.6million from £29.7million in 2019.