The retailer has opened 26 new stores in a bid to rapidly expand its presence.

Home Bargains has revealed that sales have smashed £2.5b for the first time, in a year that has seen the discounter open 26 new stores.

Parent company TJ Morris said its revenue has risen by 15% to £2.5b in the year to June 2019, which means sales have more than doubled since 2013.

Profit after tax reached £184m against £164m the previous year.

In addition to net cash of £219m at the year-end, Home Bargains has over £500m of freehold property on its balance sheet. It currently operates from 506 stores in the UK, despite financing its expansion entirely from cash flow.

The Liverpool-based retailer has expanded rapidly via out-of-town retail parks in the north and the Midlands, capitalising from a weak lettings market. It aims to launch up to 1,000 outlets.