| The BBC's Money Programme had to cut short a recent interview with supermarket supremo Morrison, conducted in one of his eponymous stores. First, he broke off proceedings to tidy some shelves; then he disappeared, only to be discovered some time later rummaging in bins, trying to discover what the store was wasting. The episode sums up why 72-year-old Morrison has seen his empire go from strength to strength, most recently acquiring Safeway. He is Britain's king of cut-price retailing, a homegrown version of America's legendary Sam Walton, founder of the Wal-Mart chain. Morrison wasted no time slashing prices on 300 Safeway products last month after he assumed control of the chain following a tortuous takeover battle. Known for his northern bluntness, down-to-earth manner and penny-pinching business philosophy, he was recently asked why trading at his company was so strong. "Because we're very good," was his gruff reply. The firm was started in 1899 by Morrison's father, William, an egg and butter merchant in Bradford. From there the business branched into market stalls and on to counter service. In 1958, its first small town-centre shop was opened. In 2001, on the back of more than 30 years of continuous profit growth as a quoted company, Wm Morrison Supermarkets joined the FTSE 100. Morrison still riles some in the City, though, by refusing to surrender one of his dual roles as chairman and chief executive. "Our corporate governance is probably the best in the corporate world," he says. "It works - what more do you want?" At our valuation date, just before the Safeway takeover, the family stake in Wm Morrison was worth £1.2 billion. We allow £50m for past dividends and other wealth.
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2003: £850m
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