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Rich List 2010
John Caudwell Caudwell Holdings
6 9 11 16 18 21 29 30 36 38 43 47 47 Rich in the South East Rich in the West Midlands Richest overseas Number residing in each region Rich in Yorkshire & the Humber Richest in Wales Rich by star sign Rich in Ireland Rich in the North West Rich by decade born Rich in the South West Rich in the North East Rich in the Channel Islands Five youngest Rich in Scotland Rich in the East Midlands Rich in the East of England Richest women
Lord Foster Foster Holdings
ALL IMAGeS: Rex feATuReS
Gerald Ronson & Family Heron
57 54 59 60 61
Property’s surviving super rich are marching in the right direction again: onwards and upwards. Two painful years wiped almost £30bn off their collective wealth, taking the top 250 property titans from a high of £98bn in 2007 to a low of £69bn last year. But, for most, the recovery is now feeding through. The 2010 Estates Gazette Rich List scrutinised empires worth a total of £72bn – still way below the peak of the boom but a not insignificant improvement. Leading the charge are inevitably those with low borrowings and solid assets – witnessed by the resilience of the big London estates such as Grosvenor, Cadogan and Howard de Walden, all of which have seen their fortunes rise. But these centuries-old piggy banks are not the only ones in credit. Assets acquired far more recently put consummate deal makers like David and Simon Reuben and Richard and Ian Livingstone among the top performers. Not everyone is seeing a recovery of fortune, however. The Irish feature heavily among those who fell several notches down the list. And they continue to be hammered. Many of the financial records and accounts that we use in the compilation of the list are historical, so events such as the restructuring of Ireland’s property debts by “bad bank” NAMA (the National Asset Management Agency) can overtake us. That said, the list provides an unmatched snapshot of how property’s elite stand in the wake of the downturn. We hope you find it useful. If you have any comments, please contact our number cruncher Dr Philip Beresford directly at firstname.lastname@example.org. Julia Cahill, deputy editor Estates Gazette
20 November 2010
Editor Julia Cahill Managing editor Alison Henry Authors Philip Beresford, Dominic Prince Sub-editor Alan Coventry Layout Chris Gardner Advertising Jonathan Lister
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rich list 2010
2009: £6,500m (+£300m)
sixth duke still comfortably number one
Grosvenor Group, the property giant controlled by the 58-year-old Duke of Westminster, is expected to make around £55m from its joint venture development of 197 flats just behind the Tate Modern on Bankside. Its success prompted Grosvenor to enter into a second joint venture to pay £100m for the two-acre Holland Park Comprehensive School site. Some 72 upmarket flats will be built when the pupils vacate it in three years’ time. Grosvenor, which owns swathes of Mayfair, Belgravia and Knightsbridge, reported pretax losses in 2009 of £236m. 4
This was down sharply from its £594m pretax losses the previous year, when it was still making provisions for the costly Liverpool One development. The group has also built up a war chest of nearly £1bn to return to global property markets such as Shanghai and other Chinese cities. It has, according to chief executive Mark Preston, “weathered the downturn well”. He said that the group had been around for more than 300 years, experiencing 20 recessions and more than 250 wars worldwide during that time. The Grosvenor Group shares are
20 November 2010
The Duke of Westminster Grosvenor Group
owned by various Grosvenor trusts set up for the benefit of the family, which is now headed by the sixth duke, who stood down as chairman of the board in 2007 after 33 years in the role, although he remains chairman of the trustees. The net asset value of the Grosvenor Group fell sharply in 2009 to under £2.4bn. However, with the private estates outside the group added, and with the top end of the London housing market now in recovery mode (as the Tate Modern sales show), we raise our overall valuation of Westminster slightly to £6.8bn this year.
David & Simon Reuben aldersgate
2009: £3,300m (+£2,132m)
the reubens make billions
Earl Cadogan & Family the cadogan Group
2009: £2,000m (+£500m)
David and Simon Reuben are hoping to implement longstanding plans to float their fastgrowing data-centre company, Global Switch, next year with a value of more than £2.75bn. The brothers are in talks with banks including Barclays, HSBC, Deutsche and Credit Suisse, about listing the business which has soared in value recently. The strong performance has been spurred by regulatory requirements that have increased the need for companies to retain more data and back-up IT facilities as part of their disaster recovery plans. Global Switch has centres in London, Amsterdam, Paris, Frankfurt, Madrid, Sydney and Singapore, covering almost 3m sq ft. It lets space to big blue-chip companies such as IBM, Microsoft, Shell and BP. The business, one of the brothers’ most successful investments, has less than £80m of debt and is on track to generate underlying earnings of £175m in
2010-11. That figure is expected to grow to £235m by the following year. The Reubens have been active in the British property market for the last decade after making their fortune in Russia in the 1990s, where they were dubbed the “metal tsars” for their role in restructuring the aluminium industry there. Their origins were anything but regal. Born in Bombay, they made their way to London, where Simon, now 69, went into property and David, 72, started trading in scrap metal. Their foray into Russia, which ended in 1999, earned them at least £1.3bn. Today, their vast interests include a 29.5% stake in racecourse owner Arena Leisure, and the joint venture Merchant Square development in Paddington. They have extracted hefty profits from property investments sold before the market crash. Their two main companies, Aldersgate and Reuben Brothers, are now valued at more than £5.5bn. Despite the recent failure of their Sapphire Retail Fund, other assets take the Reubens to £5.432bn.
Earl Cadogan is confident that the property company which runs his 93 plush acres in Chelsea has the “fundamental resilience” to come through the deep property downturn. It recently began drawing up plans for a 100,000 sq ft office development above shops on Sloane Street. The 2009 accounts showed a rise in net assets from £2.1bn to £2.3bn, though profits fell slightly from £40.4m to £38m. The crowning glory is the new £150m redevelopment of the old barracks and sports ground at Duke of York Square on fashionable Kings Road. The foundation of the Cadogan Estate was laid in 1713 when the physician Sir Hans Sloane bought the Manor of Chelsea. In 1717, Sloane’s younger daughter, Elizabeth, married Charles Cadogan, later the
Second Baron Cadogan of Oakley. The present Earl Cadogan, 73, began his career at merchant bank Schroder Wagg and took on the management of the family’s property portfolio in 1974. Having inherited the title from his late father in 1997, Cadogan has presided over a hefty investment programme covering
The Earl and Countess Cadogan, at the launch of the 2009 Derby Festival
the Cadogan estate. Cautiously, with recovery in the air in the upmarket London acreage, we value the business on its net assets figure. Past dividends, quoted investments held by the separate Cadogan Settled Estates, personal property and estates should take Cadogan to £2.5bn.
desmond o'neill features
20 November 2010
rich list 2010
Eddie & Sol Zakay topland Group
2009: £1,500m (+£400m)
Topland Group swung from a £29m loss to a £5.3m profit in the year to May 2009. It should see further improvement this year after taking advantage of renewed investor appetite by concluding a number of UK property sales. The Zakays launched their business during the 1980s’ property boom before expanding into the American and Middle Eastern markets. They made much of their fortune in the UK in a series of multi-million pound deals with chains such as Marks & Spencer and Tesco. The Zakays have around 146 directorships and their total portfolio world-wide has been valued at around £4bn. In all, after stripping out borrowings, the Zakay family should still be worth £1.9bn in the current climate. Sol has quit Britain after the introduction of a 50% tax rate on high earners. He recently resigned as chairman and chief executive officer of Topland Group and the UK Topland companies to join the group’s offshore parent company as a consultant.
The Topland business, built with his brother Eddie, will remain in the UK. Eddie, 60, is to become chairman of the UK businesses and stay in England. Sol, 58, will concentrate on finding global opportunities. Topland has also spent £289m buying supermarkets in Spain, and has become involved in a £1bn housebuilding fund in India to target the country's burgeoning middle class and its demand for home ownership. It has £1.2bn in the bank.
operations in media, hotels, property and retailing have had mixed fortunes in the recession, we can see much higher net assets of more than £2bn in their four main but separate companies led by Ellerman Investments, which had £728m net assets in 2008. With economic recovery, we raise our valuation of the Barclays to £1,800m, which takes account of both personal assets and borrowings in their empire.
Sir David & Sir Frederick Barclay ellerman investments
2009: £1,000m (+£800m)
Ian & Richard Livingstone london & regional Group holdings
2009: £1,400m (+£250m)
Richest in the South East
No 1 2 3 4 6 7 8 9 12 13 14 16 17 20 23 23 25 25 29 31 Name Wealth (£m) The Duke of Westminster 6,800 David & Simon Reuben 5,432 Earl Cadogan & Family 2,500 Eddie & Sol Zakay 1,900 Ian & Richard Livingstone 1,650 Mark Pears & Family 1,600 Poju Zabludowicz 1,500 Baroness Howard de 1,400 Walden & Family Viscount Portman & Family 1,000 Bernard Lewis & Family 920 Gerald Hines 800 Benzion Freshwater & Family 732 Lord Sugar 730 Jon Hunt 660 Richard Caring 600 The Jatania Family 600 Sir Donald Gordon & Family 530 Sir Anwar Pervez & Family 580 Chris Lazari 522 Leo Noé & Family 500
The Barclay brothers are investing in a vineyard on the island of Sark with the hope of producing a vintage worthy of the wine list at their exclusive Ritz Hotel in London. Their mission is so serious that they have recruited a leading Bordeaux winemaker to take charge of the project. It is a sign of how much the brothers are determined to make their extensive assets “sweat.” At the same time, their Home Delivery Network bought the parcels division of DHL to create a £600m turnover operation which will be a strong competitor to Royal Mail. The oncelow-key Barclays have become much more prominent in British business since their £665m purchase of the Telegraph Group in 2004. The twins, 76, started on the road to wealth in the 1960s London property market. Their first coup came in 1983 when they bought the Ellerman Lines for £48m. They later sold the assets making over £250m. They made a £100m profit on the sale of a separate shipping line and another £100m from backing Sir Philip Green in the break up of Sears in 1999. By some adroit deals in retailing, they gained the valuable Littlewoods mail order business for a total outlay of around £340m. Although the Barclays’ main
Sir David Barclay
Sir Frederick Barclay
The Livingstone brothers have been stepping up their activity in the UK property market over the past 18 months. Their London & Regional business has recently teamed up with Chelsfield Partners to buy a stake in the £1bn redevelopment of Elizabeth House in Waterloo, and the brothers have added to their hotel empire with the £50m purchase of the Marriott Marble Arch hotel. They should be well cushioned against the worst effects of the recession and credit crunch, having taken £619m in dividends since 2007 from their Loopsign company. Ian, 48, who began life as an optician, purchased and built up the David Clulow chain which now owns more than 50 opticians and is overseen by the Optika Clulow Group, which he still chairs. Younger brother Richard, 45, was a chartered surveyor for Richard Ellis, now CB Richard Ellis, and the pair formed London & Regional in the early 1990s, buying distressed assets in the midst of the commercial property crash. The brothers shun publicity but their empire stretches from Russia in the east to the Turks and Caicos Islands in the west. They own more than 60 hotels with around 10,000 bedrooms, more than half of Cape Town’s V&A Waterfront shopping development, and a string of health clubs
20 November 2010
in 1952.500m New entry maGnate Plays his cards riGht.estatesgazette.000 to the Conservative Party last autumn to help swell the party’s election warchest. but there are at least 23 separate companies which showed around £835m net assets in 2008-09. He had assembled a Hampsteadbased property empire that now embraces thousands of London homes. Zabludowicz campaigns to improve the portrayal of Israel in the West and counts Bill Clinton and Shimon Perez among his friends.1m on £390..5bn. Mark is managing director of the main company. The value of their entire portfolio has been put at £6bn. built the family business around Soltam. Its net assets fell sharply to £690m. Zabludowicz has also moved into private equity with the launch of Synova Capital. The move comes after they pulled off a coup in January 2009 by buying the Trillium outsourcing business for £750m from Land Securities. has sold many of his Las Vegas assets but still holds some downtown real estate. we believe Zabludowicz is worth £1. William Pears Family Holdings. Clive Pears.com 7 . merging it with their own Telereal operation. A portfolio of more than 50 buildings let to Royal Bank of Scotland – including the Strand HQ of top private bank Coutts – was put on the market by the Pears family at the beginning of this year with a £475m price tag. He recently sold a property called the Princess Arcade on Piccadilly 20 November 2010 Poju Zabludowicz tamares real estate investments (uk) for around £120m. and office blocks.. The Pears are also not short of a bob or two. an Israeli defence contractor that was a major supplier to the Israeli military. 8 £1. With economic recovery. Though there is little evidence of asset wealth in his British companies. 7 Mark Pears & Family William Pears family holdings 2009: £1.6bn. Equity investments in areas such as card payment technology have also proved lucrative for Zabludowicz. Past dividends and other assets take the Livingstones to £1. an £80m fund which will invest in small UK companies. The family empire was started by the grandfather and father of the Pears brothers. a holocaust survivor. Zabludowicz holds a Finnish passport.3m sales. Property magnate Poju Zabludowicz gave two donations totalling £100. Most of the defence interests have now been off-loaded and the family has diversified into Las Vegas property and hotels. He has a number of companies including Tamares Real Estate Investments and Ivory Gate. 57. with dividends of £40m in the last four years and nearly £82m in 1996. Loopsign's 2009 profits came in at £12. The price was around £250m less than LandSec had hoped to achieve. but has lived and worked in London for most of his life.600m The Pears family is moving into banking. The low-key Londonbased brothers are backing a new Home and Savings Bank to the tune of £50m. His father Shlomo. www.including David Lloyd Leisure. We value it at £750m. Zabludowicz. died in his early 50s.500m (+£100m) £1. flats. we nudge the Pears up to £1. The family also owns fund management group Talisman. The three young Pears were propelled to run the family empire when their father and ace dealmaker.65bn. The deal reflects the strength of cash-rich groups like the Pears in a difficult market. who is a major modern art collector and on the board of several Jewish/Israeli charities.
it is Portman’s latest venture. including personal property and the quoted stakes. The business empire amassed by Whittaker. it is highly active in property development round the country from Guildford to South Wales and Manchester. selling a 65% stake to Vancouver Airport Services. 8 www. When he sold up.070m (+£330m) £1. has retained a financial interest in Phones4u. It paid the Crown Estate £34m for a block of 14 period buildings that had not been traded in more than 470 years. His other assets. Two years previously he had sold off his Singlepoint customer billing operation to Vodafone for £405m. His 85% stake in the business was worth around £1. Eventually he became a successful car dealer but his path to serious money came through an early move into the fledgling mobile phone industry in 1987.25bn and we add another £150m for past dividends and other property assets to the Howard de Walden family after tax. 20 November 2010 The £600m MediaCity scheme at Salford Quays in Greater Manchester is the latest jewel to be added to John Whittaker’s crown. should take him to £1. real estate companies and energy – including a 28% stake in UK Coal. Caudwell. But he could easily afford to take such a gamble. While waiting for his Michelin apprenticeship to start. when he spent £80m on properties in London and elsewhere. nearly became a Catholic priest but went into the quarrying business before moving into property. In 2008-09. a far higher price than had been expected for the Stokebased mobile phone operation. the family has clocked up more than £266m dividends. He’d quit school the year before after a term of A-Levels with a burning desire to get out. he fought a long and sometimes bitter battle to take over the Manchester Ship Canal Company. we reckon the business assets of the family are now worth £1. up and rich. . Home to an organic herd of 200 pedigree South Devon cattle. The family trusts also own Welbeck Land. which saw its profits rise sharply from £187. to name but a few of its developments.4m net assets. With £32.060m 2009: £1. 58. Whittaker.400m Marylebone landlord Howard de Walden Estates jumped at the opportunity to buy in more Harley Street property earlier this year.2bn of assets in 2008-09. 9 Baroness Howard de Walden & Family howard de Walden estates 2009: £1.estatesgazette. Peel Holdings (TCL) and Peel Holdings (Land and Property) showed £1. With an uptick in central London values.000m Viscount Portman’s Burtley Estate consists of 2. Whittaker’s share is worth £660m.6m to £13m in the year to March 2009.com In the past 15 years. It was in 1970 that Caudwell took his first job as an engineering apprentice.060bn. Howard de Walden Estates made a near £30m profit. which owns Liverpool John Lennon airport. it showed up-to-date values for its estate for the first time and the net asset figure was £1. In the 1980s. having sold his Caudwell Group in 2006 to Providence Equity Partners for £1. he swept pottery floors. saw its losses widen from £4. 12 Viscount Portman Viscount Portman & Family Portman estates 2009: £950m (+£50m) £1.24bn at the sale price. covers ports. who is famous for developing the Trafford Centre.400m New entry John Caudwell caudwell holdings John Caudwell’s buying spree in the last three months of 2008. looks to have been well timed.248bn.360m (-£300m) 9 £1. for example. worked at a steel factory and as a night club bouncer. on.estates gazette rich list 2010 uPWardly mobile tycoon 11 John Whittaker Peel holdings £1.000 acres of farmland and woodland in the Buckinghamshire countryside.4m in the same period.46bn. He has not been unscathed by the recent recession. Peel’s airport business. Whittaker’s two main companies. More significantly. However. 68. which has developed a new propulsion system for the recreational boating market. Caudwell was the biggest independent player in the European mobile phone industry. airports.000 to £15. The Peel Holdings development will become the northern home of the BBC next year. He has also paid an undisclosed sum to take a 51% shareholding in Caudwell Marine. the airport business has recently found a strategic partner to help it weather the drop in traffic.
we keep him at £800m. In the current climate. and half is on behalf of third parties. Hines started out in property and became one of the world’s bestknown property entrepreneurs. knows all about big projects. But in 1952. He was 22 years old. reflecting the highly competitive retail market. His first venture in 1946 was a corrugated iron and timber shack on a bomb site on north London’s Holloway Road. which owns the retailing to property and hotels group. He paid £5 a week on a weekly tenancy. The group manages more than 120m sq ft. Hines’s start in life was far from silver spoon as the son of a steelworker and a schoolteacher from Gary. we raise the estate valuation to £950m in the current climate. In 2000. With the improvements on the estate and the central London property market showing signs of revival. From London.5m though sales rose from £966m to £1. In 1987. He grew up in the Depression. with no security of tenure. 52. including 17. Early customers for the beef include Waitrose and the Hyatt Churchill Hotel. a Forbes analysis suggested that Hines was worth around £1bn.000 acres at Wagga Wagga. with the Kings Road in Chelsea seen as the centre of fashion.000 acre Herefordshire estate. His first proper job was selling fans and blowers for office buildings in Houston. The Lewis family and trusts own all the business. The numbers grew and the Lewis Separates chain was born. owns a clutch of rather obscure assets. which showed nearly £404m net assets in 2009. and possibly a lot more. around half of which is Hines-owned. 84. River Island profits fell 15% in 2009. The estate has been busy forming a joint venture to bring forward a mixed-use redevelopment of Marble Arch House. has been finding plenty to get his teeth into. 14 Gerald Hines hines £800m 2009: £800m (No change) Bernard Lewis Celebrated American developer Gerald Hines. We add another £50m for family assets including the Herefordshire estate and a holiday home in Antigua. 20 November 2010 www.estatesgazette. called The Wool Shop. Indiana. Portman. For the past 10 years he has been based in Mayfair and is now active in Britain. Australia.complementing his 3. is headed by chairman Bernard Lewis. Lewis started designing his own clothes.000 net assets between them. Gareth Clutton. Having rejected the opportunity to build the original Canary Wharf. after being demobbed from the RAF at the end of the second world war he tried his hand at the greengrocery trade.02bn. with £500. Years later. whose seven decades in retail began when his parents ran a fruit shop and aged ten when he was left in charge of the till. within four years. the first clothes shop was open. 84. Next came a knitting wool shop. all the Chelsea Girls had been rebranded as River Island. on another bomb site in Holloway. who took the helm of the property company two years ago. Other assets include a share in commercial properties in Manhattan and Palm Beach in Florida.com 9 . and his ambition to make money was present from an early age. As well as the London estate. Portman’s principal property holding – 110 acres of prime London estate – is undergoing a huge upgrade. The Lewis family. Hines spearheads expansion across Europe and the world. Dividends and other property assets should add perhaps £500m after tax. Forbes magazine reckons that Hines has put up more steel and concrete than any other American developer. By the mid-1960s. the chain was renamed Chelsea Girl. which sits at the gateway to the Portman Village shopping streets. In the mid-1950s. the first River Island store was opened and. running one of the largest property operations in the world. called Brickleton Group and Portman Settled Estates. In 1948. Hines is now completing a £400m office scheme over London’s Cannon Street rail station. bringing fine architecture to the commercial market.400 Tony Gallagher 425 Roy Richardson & Family 400 Bob Edmiston 320 Sir Euan Anstruther-Gough 160 -Calthorpe & Family Peter Horton & Family 135 Eric Grove 110 Simon Clarke & Family 100 The Marquess of Northampton 90 Con Folkes & Family 85 Bill Morris & Family 82 Woon Wing Yip & Family 67 Rupert Mucklow & Family 66 Jim Leavesley & Family 65 Paul Bassi 60 Fred Pritchard & Family 53 Andrew Ruhan & Family 53 The Lewis Trust group saw its profits fall sharply in 2009 from £108m to £60. 13 Bernard Lewis & Family lewis trust Group 2009: £920m (No change) £920m Rich in the West Midlands No 9 40 41 55 93 111 142 152 160 167 170 196 198 201 209 225 225 Name Wealth (£m) John Caudwell 1. in New South Wales. We value the company at £420m. There are few signs of family wealth in two companies. and soon textiles won out over soft fruits.
snapping up a £35m Spanish hotel in 2009 for just £2. In all.5m. Meadowhall was valued at £1. Europe’s largest shopping centre built on 196 acres of an old steelwork site on the Ruhr. Benzion Freshwater has 292 directorships in a complex web of companies. and his family have a 79% stake in trusts in the London-based property group. But Prince Charles. In 1957 he took over Daejan which had been created in 1935 to exploit Dutch East Indies plantations. A Hackney tailor’s son. To the £695m business wealth. we can see three other main companies. so British Land took a sizeable hit with the sale. The £1. That stake is now worth £325m. which became a leading consumer electronics group in the 1980s and 1990s. Some 20m people visit it every year and it is still entirely owned by the Healey family. it should easily be worth £300m on its own in the current difficult climate. 62. allowing for any double counting. But Mayfair is where Amshold has been a hefty investor in property. Highdorn. which is slightly up on last year.4bn in September 2008. 62. 62. arrived in London three days before the second world war as a penniless refugee. 72. knighted in 2000 for services to business. we add £37m for past dividends to the Freshwater family. that value reflects what a goldmine Eddie Healey and partner Paul Sykes created. Sugar certainly has not lost his eye for a bargain . outside Dorchester. started in 1968. Even so.5m. Freshwater’s s father. Amshold. Chairman and managing director. 18 16 Prince Charles duchy of cornwall £680m 2009: £520m (+£160m) Benzion Freshwater & Family daejan holdings 2009: £495m (+£237m) £732m Daejan Holdings is now valued at £376. With some of the Meadowhall proceeds reinvested. Metropolitan Properties and Centremanor.estatesgazette. But following the £125m sale of Amstrad in July 2007. We have ignored a host of minor companies to allow a 20 November 2010 safety margin on these figures. Sugar made headlines with his Amstrad operation. but allowing for double counting on our part and any charitable stakes cuts the net assets attributable to the Freshwaters to perhaps £370m. which was built on Duchy of Cornwall land . We value Sugar at £730m. But the jewel in Healey’s crown is CentrO. recently put two of his Mayfair properties on the market with a £130m price tag. His own taste is on view at Poundbury. Work started in 1996 and it has been granted permission for an extension. Aside from the stake in Daejan. When he died in 1976. 10 www.9m to £4. we can see around £410m of net assets in the 2008 accounts of four Healey family companies including Stadium Holdings. The value of its net assets also fell from £272m to £203m. Benzion Freshwater.estates gazette rich list 2010 15 Eddie Healey & Family stadium (holdings) 2009: £750m (No change) £750m British Land sold a 50% stake in its Meadowhall shopping centre near Sheffield for £587. taking it to £732m.000 tenants. which had £720m net assets between them in 2008-09. has never been shy about his preference for more traditional architecture. Osias. was created a life peer by Gordon Brown in 2009. He has at least £400m worth of property held either via Amshold or overseas. said that it had “long-term faith in the property market”. Florida and Spain.17bn sale of Meadowhall in 1999 netted Eddie. suGar sWeet on mayfair ProPerties 17 Lord Sugar amshold Group £730m 2009: £730m (No change) BBC’s Apprentice TV show host Lord Sugar saw profits at his Amshold Group slashed in 200809 from £78. he was London’s biggest private landlord with 20. Germany. and personal assets including property in London. Sugar should have received around £36m for his Amstrad stake. Sugar. around £420m for his 60% stake (taking account of £470m debt in the sale price). his business activity is largely concentrated on property. Eddie Healey should be worth perhaps £750m. With its success and scarcity value.com The heir to the throne’s intervention in plans to build a modernist scheme on the prime Chelsea Barracks site was described as “unwelcome” by a high court judge earlier this year.7m to investment company London & Stamford and an unidentified partner in February 2009. which holds Sugar’s property interests. Showing his confidence Sugar. reflecting a return to 2006 prices.7m. although overall the figures are down from £650m net assets in 2007. In addition he has £150m of cash.
at the £10m family mansion. PE Jones (Properties). In 2009-10. including one job as a car washer in California.com 20 November 2010 rex features empics 11 . He worked there for eight years before striking out on his own in property. Canada. these are worth £335m. mainly due to exceptional losses on foreign exchange borrowings of over £24m. but didn’t see it as a long-term career.7m. Its prime properties performed particularly well and the overall value of its commercial portfolio rose 9% to £141m. In May 2009 he spent £16m on a Kensington High Street building. but his talent for business came through when he joined an independent estate agency in Woking. Hunt. delivers its annual income to Price Charles in his capacity as Duke of Cornwall but he cannot profit from the sale of capital assets. 75. and add £16m for other assets and property.000 acres of prime arable land ) which he hopes will show significant growth in the future. having sold the London-based Foxtons estate agency at the height of the boom in early 2007 for £375m. has another company. putting pressure on the loan. Mary-Jean was diagnosed with breast cancer www. was part of a consortium led by Derek Quinlan which bought the trophy asset for £532m in 2005. Hunt has clearly come a long way since his days at Millfield. Foxtons has had a torrid time in the property downturn but Hunt showed no inclination to buy it back even for a fraction of the original sale price. There he met Mary-Jean Mitchell. and then tragically.estatesgazette. Last year. Portugal. while her father groomed her to take over the business. He had a stint of part-time employment. including his London home and Suffolk estate. the Alderley Edge-based company was started by Jones. Brazil. Hunt is now worth around £660m. Guatemala. it produced a surplus of £14. 57. Honduras and Switzerland. Hunt has also been built up his own residential and commercial property portfolio. But Green’s life was to change completely in 1975 when he went on a cultural trip to China. He never looked back and has taken his development work overseas to Portugal and Florida. to Saudi Arabian investor Olayan Group. so the price achieved this year will have come as a relief. He left after O-levels and tried his hand in the army. with around £50m of net assets in 2008-09. Jon Hunt has invested more than £150m in distressed commercial. With economic recovery starting. Group turnover fell from £180m to £130m and net assets from £694m to £605m. Since the collapse of Lehman Brothers.7m profit to a £6.and tested his ideas about architecture. Green had a 20% stake through a Cypriot company. Misland. 75. the private school in Somerset to which he won a sports scholarship for tennis and rugby. he bought properties for his serviced office business Ocubis. 20 Jon Hunt ex-foxtons £660m Richest Overseas/ Isle of Man/Monaco No 21 28 62 79 152 Name Peter Green Jim Mellon Alan Lewis Alan Murphy Andrew Rosenfeld Wealth (£m) 650 530 250 190 100 2009: £660m (No change) 19 Peter Jones & Family emerson developments (holdings) 2009: £556m (+£117m) £673m Emerson Developments. following that with a £20m Victoria Street building.1m loss. But Sir Harold died in 1983. With personal assets added. who moved into housebuilding in Cheshire way back in 1959. We value the Duchy on its net asset figure. Green’s father was a Manchester draper who later developed a chain of grocery shops which were sold in 1965 to Tesco. Jones. created by royal charter in 1337 by Edward III. Green. A formidable estate agent. Green settled with his bride in Bermuda. is an expert at timing. buying up tracts of land cheaply. Jones and family trusts own all the shares in both. reckoned then to be one of the top 20 richest Britons. even though he cannot personally benefit from realising any assets. a former joiner. In July 2009 Savills valued the estate at £480m. Adding in his Foxtons proceeds. 21 Peter Green luscar £650m 2009: £500m (+£150m) Prince Charles Jon Hunt Peter Jones Peter Green will have been pleased with the sale in June of the Knightsbridge Estate for £580m. residential and agricultural opportunities (the assets at his Suffolk Estate now include over 4. a yield of around 4%. He was one of the first developers to spot the development potential of south Manchester. and Prince Charles in his capacity as steward at £680m with personal wealth added. He concentrated on the family’s separate mining interests in Canada and established homes or vast ranches round the globe in Jamaica. The Duchy also saw a sharp rise in its 2009-10 net assets to nearly £664m after the dip in 2008-09. the environment and town planning. Mitchell had left Scotland for Bermuda in 1947 disgusted with the way his mining and railway assets had been nationalised by the Labour government. The Duchy. Hunt also took Foxtons into America but the business folded as the American housing market collapsed. daughter of Sir Harold Mitchell. Surrey. we value the businesses on their £657m net assets. But Emerson was not immune and in 2008-09 went from a £34. Green was effectively shut out at that period.
and the nearest figure Caring admits to is Richard Caring Mike Jatania “nine figures”.2bn. Family properties in Bermuda and London. Lornamead buys unwanted toiletry or beauty care brands from multinationals and. snapped up the famous Yardley brand for a reported £60m. I have to continually prove something to myself all the time. netting the Green family perhaps £50m. He spent £6m on a high profile campaign to preserve the pound and against loss of sovereignty to Europe. With a large property portfolio in the Paddington and Elephant & Castle areas of London. which Caring bagged as part of a consortium for £250m in 2007. But this is but a fraction of the total.5m redesign. so the business is smaller than it was. plus assets in Canada and the profits from his recent London deals put Green at £650m. led by chief executive Mike. Mayfair. 55. which runs London favourites The Ivy. 60. Caring. he’d bought the Belgo. he has completed a ninemonth. www. owns International Clothing Designs (Holdings). The family. J Sheekey and Le Caprice in the West End.500 derelict acres next to the M1 into the Meadowhall Centre. profits at the company fell to £227. Caprice Holdings. with George. The notoriously driven Richard Caring has had another busy year. His Highstone Foundation charity is supporting rainforest conservation and the preservation of wildlife habitats.in 1988 and died two years later at 38. Clearly. So disillusioned is Sykes with the state of Britain that he may even follow his forestry investments to live in New Zealand. occasionally. In 1996. started making his fortune by breaking up old buses and selling parts to the Far East. much of the family’s Canadian huge mining operations. and Danny. At Wentworth. Caring also made a fortune in property deals in Hong Kong in the 1980s and 1990s. were sold in a £300m deal. He told a newspaper earlier this year: “I think I suffer from insecurity. He has also moved into forestry investment in New Zealand. But the business had a record 2009-10. 62.4m sales. Future projects will include the redevelopment of the former US Navy offices on Grosvenor Square. turned 1. He inherited the business from his father and built it up after spending many years in the Far East himself. he moved into property and. A fashion tycoon originally. which itself was taken over in 2001 in a £600m deal. the Jatanias should easily be worth £600m. The Green family invested around 10% of their proceeds in a new Luscar. Retailers now increasingly deal with suppliers direct. working with Eddie Healey. There has been a stream of new restaurant openings. 20 November 2010 desmond o'neill features 23 The Jatania Family lornamead 2009: £380m (+£220m) £600m Lornamead. the Green family also made a £60m profit from selling its stake in a small energy company. his £15m North London home and proceeds from the sale of his stake in fashion designer. Bierodrome and Strada restaurant chains for £57m in September 2005. Last year. In 2008-09. 45.estatesgazette. We raise him to £600m this year. Lornamead is run and co-owned by four brothers. They sold Meadowhall in 1999 for £1.000 on £65.2m sales. The globe-trotting Caring also opened a Los Angeles version of private members club Soho House. the Surrey golf club he bought for £130m in 2005. made a profit of £8. in which he owns an 80% stake. and remaining stakes in other businesses such as the upmarket Whistles and a £10m stake in the quoted Carluccios restaurant chain – currently the subject of a City takeover bid – Caring is hugely asset rich. 23 Richard Caring international clothing designs (holdings)/caprice holdings 2009: £450m (+£150m) £600m desmond o'neill features 21 Paul Sykes highstone Group £650m 2009: £550m (+£100m) Paul Sykes has left property development behind. In addition in 1996. Caring gazumped Wolsey owners Chris Corbin and Jeremy King to sign for a new restaurant on Capital & Counties’ Covent Garden estate. He does sell. His portfolio of restaurants defied the credit crunch by sharply increasing profits in the year to June 2009. which once dominated the supply of fashion garments from the Far East to UK retailers. the personal care operation. 51. The 67-year-old Yorkshire-based entrepreneur is now busy investing in forestry. in 2005. Green moved the management of his substantial business affairs from Bermuda to Dublin in 2000. had a tough time in the American market in 2008-09. £6. Vin. In 2009 there were £260m net assets in Sykes’ Highstone Group and we reckon he should be worth around £650m.com 13 . came to Britain in 1969 by way of Uganda. Indeed. Later. and has branched into hotels with a project in Shanghai. Sykes. originally from India. Previously. money is no object then to Caring. held via Luscar Ltd. Amanda Wakeley. Green was effectively left in charge of the family business with their two sons. Two years later he sold them for £140m.4m on £39.” Caring has surely done that time and again. and many more are on the cards: last spring. Daphne’s in South Kensington and Scott’s in Mayfair. with his trophy assets. making around £50m profit on its world-wide operations. it sold off part of Yardley for nearly £30m. who left his Barnsley school at 15.
23bn. Bestway’s founder. then opera in this country should be set for a golden age. Pervez. rice milling and cash and carry wholesaling in the UK. that stake is now worth £220m. Magnier is perhaps best known to the British public for the £227m stake they held in premiership football club Manchester United until May 2005. His family stakes in the two new Capital operations are worth over £450m. When they sold to new United owner. “I’m hoping that I can now switch the focus I’ve put on business into opera. 75. the pair made a hefty £90m profit on their original investment. I want it to be the focus of my life.6%. The duo have been steadily buying shares through their Elpida vehicle since late 2007 and more recently doubled their stake to 17. As a result. 62.com property through Liberty International. we cut the Gordon family wealth back by that £20m to £580m. and he also made a tidy £23m from the sale of a 13% stake in Devro. A separate property operation. selling an . Malcolm Glazier. a farmer’s son from Rawalpindi. tHe CaSH and Carry king Profits at West London-based Bestway rose in 2008-09 to £80. 80.estatesgazette. we value parent company Bestway (Holdings) at around £750m while Pervez. Pervez would be much richer if he did not give large amounts to charity every year.05bn. 25 Sir Donald Gordon & Family Capital Shopping Centres/ Capital & Counties 2009: £465m (+£115m) £580m The demerger of quoted property group Liberty International into two separate groups leaves Sir Donald Gordon and his family with big stakes in the two new companies. and his business partner JP McManus have been quietly building a stake in the troubled pub group Mitchells & Butlers. a profitable nursing home operation (revalued at £1bn in 2006) the Sandy Lane Hotel in Barbados and Global media. South African share sales and other assets add around £150m.” says Gordon of his retirement. started a South African life insurance operation in the 1950s. With McManus.estates gazette rich list 2010 25 Sir Anwar Pervez & Family Bestway (Holdings)/Palmbest 2009: £500m (+£80m) £580m 27 John Magnier Coolmore/Sloane Capital 2009: £560m (-£20m) £540m Pervez. Capital & Counties Properties and Capital Shopping Centres. plus property. his family and trusts have a £360m stake. It was tough going at first but he turned it into a business empire with interests in banking in Pakistan. Bestway now has over 50 depots round the country. With the £100m acquisition of Batleys. There have been redundancies at the global operation and. With McManus and fellow Irish tycoon Dermot Desmond he has a stake in Barchester. 20 November 2010 Irish racing tycoon John Magnier has had a rough time of it lately. the UK’s oldest cash and carry operation in early 2005. The Coolmore Stud cash cow that he has relied on for so long hit the buffers when Ireland went into economic meltdown. But Magnier. built Bestway into a chain of 11 shops and then in 1976 he turned to cash and carry with his first depot in West London. It is a triumph for Sir Anwar Pervez. With the company worth £1. finally selling out of the South African group in 1999. Pubs are just the latest investment area for the lowkey Magnier. He recently promised £10m to the Royal Opera House and a further £10m to the Wales Millennium Centre. more significantly. His horses on the track have been disappointing this year. These stakes are worth £339m after borrowings. too. Gordon. Magnier was also part of a consortium that bought the radio assets of Chrysalis Group for £170m. as well as a major cement business there. prices charged for the services of his stallions crashed in Ireland and the US.6m on sales of £2. the Scottish sausage skin maker. He shared in a £40m windfall in February 2006. In the current climate. If that is the case. He also focused on British 14 www. Palmbest and other assets should add another £220m. which must have had a detrimental effect on Magnier’s fortune.
profits at Lazari Investments rose in 2009-10 from £26. In late 2007. one of the largest employers on the island. with 450 staff. made his money from a range of investments including a £55m return on a firm called Charlemagne Capital in 2006. As a result. He has two homes there. he has made substantial profits selling the euro against the dollar and recently went short again on the banks. is a director and leading shareholder in the business. in 1978. is based in the Isle of Man. he can afford his own private jet. 53.5m in the early 1970s to the late Sir Fred Pontin. We value the business on the net assets figure. Lazari’s portfolio was valued at £1. Hemmings became his right hand man in the Pontins leisure operation. Mellon. for £107m. His Hong Kong. CBRE will be replacing outgoing tenant Diageo. he diversified into the property field and has never looked back.2m to £33. Aidan Brooks. Freddie Linnett. four other homes round Europe and several properties in Ibiza. following a recent refurbishment. Other assets and nearly £88m of dividends from 1995 to 2009 take Linnett and the Leicester-based Murphy family to £510m after tax. Barbados and Switzerland where he lives for tax purposes.listed company Regent Pacific is cash rich with its main investments in China and commodities. Hemmings. Hemmings has been buying too.7m to £41. adding a 175. came to Britain in the early 1970s to work in the fashion business. 64. He later took over the business and sold it in 1989 for a hefty profit. taking Lazari to £522m. the Greek Cypriot-born property mogul. Lazari grew the business with the acquisition of Greater London House in Camden for £165m and the Met building in Percy Street. including one called Emerging Markets. net assets at the family-owned property group rose £27m to nearly £476m.000 sq ft Henrietta House. Lazari can look forward to healthy rent rises in the future as demand outstrips supply for Grade A space.5m acquiring properties in the year. Ireland. we value the Lazari real estate interests on the net assets. will shortly have a major new tenant within his London-based portfolio. 60. where he is one of the biggest property owners and. the drinks firm.estatesgazette. which cost $8m. The council hopes to revive the seaside resort. And we add another £70m to his portfolio for personal property and cash in the bank. Magnier also has homes in Spain.000 sq ft former BP/ Castrol facility to his portfolio. 29 Chris Lazari Lazari investments 2009: £425m (+£97m) £522m 30 28 Jim Mellon regent Pacific Corporate Finance 2009: £500m (+£30m) £530m Millionaire investor Jim Mellon is investing heavily in German property and around 70% of his wealth is tied up in some 40. The deal is characteristic of Lazari’s skill in upgrading buildings and getting good tenants across its base in the diverse West End. who started out as a fund manager in Hong Kong in the late 1970s.option on a London office site.3m in early 2010. Linnett inherited their stakes. Mellon. he built his own housebuilding firm and sold it for £1. But he is not immune to the downturn and. The company spent £15. She married a top accountant in 1995. started out as a brickie’s apprentice locally in Leyland. However. Lazari. Mellon is now easily worth £530m. Northern Trust intends to let the commercial buildings and review regeneration options for the rest of the site. He has also invested heavily in solar power and says it will be “bigger than the internet within five years. 31 Trevor Hemmings northern trust group 2009: £300m (+£200m) £500m John Magnier Sir Donald Gordon Trevor Hemmings’ Leisure Parcs group sold the famous Blackpool Tower to the local council for around £40m earlier this year. With little new build in the West End. Chris Lazari. he also sold the Next Generation fitness chain for around £132m.com 20 November 2010 15 . W1. have a large property portfolio held in Sloane Capital. Despite the severe downturn. in the current climate for property. In 2000.000 apartments there. which invests in metals used in solar power technology. With annual earnings of between $5m and $10m. 75. in all. Cautiously though. Hemmings bought Littlewoods’ pools operation from www. This 55% increase was achieved on the back of much lower interest rates and a focus on cutting the group’s borrowings sharply by £53m over the year. Global agent CB Richard Ellis will move into Lazari’s 100. which hit £452. Later. With McManus and Desmond. his assets add up to around £540m. which was started by her uncles who came to Britain from Ireland after the second world war.6m in the year to November 2009. More recently.33bn in accounts to March 2010. When the uncles died. Freddie Linnett & The Murphy Family Charles Street Buildings (Leicester) 2009: £445m (+£65m) £510m Profits at Charles Street Buildings (Leicester) fell from £35. W1. particularly uranium.4m. Lazari’s 130 buildings are also filled with 424 blue-chip tenants drawn from the top ranks of British business.” He has stakes of around £20m in a number of quoted companies. He and MacManus plus another partner.
For the Bedford Estate is probably the quietest and most conservative of the inherited London Estates. With earlier proceeds and past profits. we can see more than £37m of stakes he still holds in quoted companies. But this is the first deal to make a splash for years. Petchey has also helped more than 40 schools achieve specialist school status.5m. However.5bn of real estate under management from the UK to Israel to India. REIT. In 2006 and 2007. He plans to give the bulk of his fortune to charity through the Jack Petchey Foundation. His main holding company. bought in 2002-03 for £294m. Noé. is expected to start investing before Christmas after reaching its first close. Noé sold its Fosse Retail Park for £360m. three shopping centres in the north. He later expanded into used cars. Noé and business partner Ivor Smith collected £60m in cash and loan notes in the deal.com Jack Petchey reckons the recent recession was the worst he has seen in his 85 years. 16 www. But Petchey has plenty to play to make up for such losses. he built a fleet of taxis. Early in 2006. Number residing per region Where the money is South East Ireland North West West Midlands Yorkshire & the Humber Scotland East Midlands South West Overseas Wales East of England Channel Isles North East 116 33 17 17 14 11 10 10 5 5 4 4 4 desmond o'neill features The Duke of Bedford 20 November 2010 . Today. which has given away £65m to supporting youth projects in London and the Home Counties. he said that he was considering an £80m sale of his leisure business to raise cash to reinvest in property while values were low. the Duke of Bedford surprised the property community in April 2009 by purchasing the suitably scruffy offices of Time Out magazine in Tottenham Court Road from Land Securities for £14. at £500m. 57. and elsewhere the business is thriving. And the separate Devonshire UK Opportunities Fund. including Woburn Enterprises. and property companies Warner Estates and Rugby Estates. A canny East End investor and property man. had £130m net assets in 2009. Last year. a mall owner. Based in Chigwell. we value Noé. His expertise was highlighted in July 2008 when his company. In all. Hemmings is now easily worth £500m.estates gazette rich list 2010 the Moores family for £161m. In 2004. merged with F&C Asset Management. The 340-year-old Bedford Estate in London owns around 180 buildings in Bloomsbury. It will be a sizeable fortune he gives away. In 2004. Using his £39 army gratuity. were sold for £378. it launched its first open-ended property fund for private and institutional investors in July. one of the more low key property men in Britain. 31 Leo Noé & Family F&C reit asset Management 2009: £530m (-£30m) £500m 31 Jack Petchey trefick £500m 2009: £450m (+£50m) F&C Reit Asset Management managed to hold on to the lucrative management contract for the F&C Commercial Property Trust this year. Petchey commutes to his office in Ilford daily. In all. At Rugby he took a 25% hit on selling his stake. We can see around £64m of net assets in a number of companies owned by the Noé family such as Agra and Landmaster Properties. Petchey sold around £225m of stakes in six companies including a pub chain. the Northern Trust Group. He once bought Watford football club from Sir Elton John. and the extent of their deals and investments indicate more substantial wealth. property and timeshare.1m. which created a business with £8. his quoted investments have yielded around £400m of wealth. a string of individual sales now seems more likely. 34 The Duke of Bedford Woburn abbey 2009: £490m (No change) £490m Though we can see just £11m net assets in the 2009 accounts of three family companies. He first earned money running errands before working after the war as a taxi driver. the Duke said he was “very bullish” about Bloomsbury and said £50m had been reserved to buy some modern office blocks to the west of Bedford Square. just a year after buying it for £307m. which is in £300m takeover talks. is known for his shrewd reading of the market. breached its loan-to-value banking covenant this year and negotiations are ongoing with debt servicer Capita. Timeshare and property interests take Petchey to £500m in the current improving climate. Noé has a 55.estatesgazette. He was the sole shareholder in two Isle of Man companies which were sold to the quoted Saville Gordon property group in 1998. Petchey received £72m in cash and £15m in shares for his stakes. a major development opportunity owned jointly with AREA Property Partners. launched in May 2009 to take advantage of the downturn. he has taken hits on several high profile investments such as car dealer Pendragon. centred on the square of the same name. but long ago sold that stake. But the downturn has caused some problems for Noé – St Katharine Docks. the car dealer. Aston Villa football club and Reg Vardy. On chairman Leo Noé’s watch. for example. office provider Workspace.8% stake in British-Israel Investments. Petchey has no formal education to pull off his deals. earning himself an OBE.
He is at least trying to continue the entrepreneurial activities of his grandfather and father.500 jobs in rural Bedfordshire. Harrow and Harvardeducated Bedford. they divested themselves of further firms. 59. National Parking Corporation.5m. have been quietly building a stake in the troubled pub group Mitchells & Butlers. JP McManus and his business partner. Hobson. in partnership with Magnier and Aidan Brooks. His late father left £39. With a share of the Sandy Lane Hotel in Barbados and an adjacent £21m villa. plus the recent property company sales. Recently. who died in 2003.com 36 Ronald Hobson Consolidated Property investments 2009: £470m (No change) £470m Ronald Hobson originally teamed up with Sir Donald Gosling after the second world war to build car parks on old bomb sites in London and the rest of Britain. Irish racing tycoon John Magnier. Bedford Estates owns 170 properties in and around Bedford Square in central London. With Magnier. including Woburn Enterprises. including 24 Canalettos. Nearer home though. It remains particularly valuable. Consolidated Property Investments and later Metrose Property. But in line with our art policy we halve that to £150m to allow for any inheritance tax or the like in the event of a sale. Planning permission was granted after a public inquiry. based in Geneva. The recent marriage of his daughter cost McManus around £5. we stick with a £490m valuation for Bedford. Unilever House in London and the Hilton Hotel at Canary Wharf. netting a £90m profit. for £189m. McManus. McManus was active in the property boom through Sloane Capital. Allowing for any inheritance tax following his father’s death.estatesgazette. 89. Although we can see just £12m net assets in three family companies. overruling a local authority decision.1m in his will. But he can easily afford the outlay. the 14th duke. We can see £2m net assets there. £290m each. with more than 100 horses in training and a stud in Co Kildare. the house and grounds must easily be worth £100m. He still has stakes in some small property companies with Gosling as a partner. but we assume that much of the estate had been handed over some years ago as part of the family’s tax planning. in 1998. He inherited the title and estate from his father. Sloane bought a prestige Paris office and retail site in July 2007 for £439m. It was part of a world-wide expansion drive by Sloane which saw it buy a Bloomingdale’s store in New York for £35m and two streets of luxury shops in Los Angeles for £150m. which were set up by his grandfather to pay a £4. is easily worth £490m. he joined a group of wealthy investors who have put nearly £20m into buying up New Zealand property. the Limerick property developer. In 2004-05. Bedford also has his London estate to fall back on. Estates Gazette put a £200m price tag on these at the top of the market. collecting around 20 November 2010 17 .000 Woburn Abbey estate and house. until they sold out to United owner Malcolm Glazer in May 2005. is also one of the top racehorse owners in Ireland. He shared a £125m dividend from the Barchester Healthcare group in 2006 and also shared the £132m proceeds from the sale of a fitness chain. he had a £227m stake in premiership football club Manchester United. is well versed in the management of the extraordinary 13. He has various and successful business ventures under his control at Woburn. 48. But huge dividends from National Parking before its sale. But it is the art treasures inside. He is reckoned to have made £250m over the years from playing the foreign exchange markets. It will create 1. that are particularly valuable. They sold the parent company. McManus.5m bill for death duties. keep Hobson at £470m this year. The duo have been steadily buying shares through their Elpida vehicle since late 2007 and now have a stake worth £220m. JP MCManuS raCeS to a Fortune 34 JP McManus Sloane Capital £490m 2009: £430m (+£60m) A former bookie. should have made around £97m from those two deals.but he has waited for prices to fall before moving into action. Sloane also has a castle in Dublin. the new £200m Center Parcs holiday village on his Woburn estate is under construction. Bedford is also trying to spruce up Bloomsbury with better quality retailers. www. Our art expert puts a £300m value on the total collection.
we keep 87-year-old Dellal at £450m in the current uncertain economic climate. Bramall joined what was still a modest operation. he should be worth at least £450m. Dellal became a father again for the ninth time in his late 1970s. Other assets and past dividends take him to around £450m. So affording Leander is no problem for Gosling. and Keepmoat began to carve out a niche reputation.1m on £3. Gosling had a 40% stake in a property company. His family had a 72% stake with trusts in the company which was sold to the management in a £783m deal backed by the Bank of Scotland in August 2007. Allied Commercial Holdings. he went on to become a major property player. tyCoon WitH a Love For tHe Sea 37 Sir Donald Gosling Hildane Properties £450m 2009: £450m (No change) As an honorary commodore in the Royal Naval Reserve. the 245-ft Leander. after a stint with Taylor Woodrow. 18 www. which dates back to 1931. With partner Ronald Hobson. The business started to move forward in the 1970s when local authorities started to refurbish their housing stock. the company’s aim is to form strategic partnerships with financiers and the public sector. Projects taken on so far include a £5m retail redevelopment. Gosling and Hobson sold their Metrose property operation for £112m. made his money with Doncaster-based Keepmoat. of course. . In 1968. allowing for tax on the sale proceeds and any debt built into sale prices. aside from occasional forays into the property market. is one half of the duo that made a fortune from car parks. Richest in Yorkshire & the Humber No 15 21 37 41 82 99 99 110 111 114 166 193 245 250 Name Wealth (£m) Eddie Healey & Family 750 Paul Sykes 650 Terry Bramall & Family 450 Michael Evans & Family 400 Kevin McCabe & Family 180 Paul Caddick & Family 150 Sir Robert Ogden 150 Chris Marshall & Family 136 John Guthrie & Family 135 Tony Bramall & Family 132 John Brooksbank 89 Demi Chervak & Family 70 Christopher Ure & Family 45 Alistair Pullan & Family 44 37 Jack Dellal allied Commercial Holdings 2009: £450m (No change) £450m “Black Jack” Dellal keeps a very low profile now. He is president of naval charity. 68. netting around £290m each at the time. However. More recently. In all. who still has a £1m stake in a small property company called Hildane Properties. Consolidated Property Investments. when it was established by Bramall’s late father and a partner. 5Rise. in Bingley.6m. while its net assets also fell slightly to £54.6m to £2. with £92m net assets and after hefty charitable donations to the Gosling Foundation.estates gazette rich list 2010 37 Terry Bramall & Family keepmoat 2009: £400m (+£50m) £450m Terry Bramall has not given up on business despite selling his Keepmoat operation at the top of the market in 2007. The navy and the sea are consuming passions for Gosling. and a retail and office complex in Harrogate. They built it up until 1998 when they sold the business. was named after HMS Leander in which Gosling served as a signalman after the war. Later. His most famous coup was to make £75m in a six-month period in 1987 by buying and quickly selling on Bush House in central London. Sir Donald Gosling will have been delighted and honoured in early 2009 to have been promoted to the rank of honorary rear admiral on his 80th birthday. He made his mark in the early 1970s. he started the National Parking Corporation in 1948 as post-war Britain started to recover. With asset prices continuing to recover this year. Formed in 2007. A lot of other building companies were not interested. Dellal showed his mettle when his consortium sold Shell-Mex House in London for £490m. Bramall has also helped underwrite the Championship team. the White Ensign Association. we cut that back to £430m. which was sold in 2004 for £77m. Bramall. just a month before the credit crunch and property crash. His yacht. Bramall is now financing developer 4Urban. Dellal’s main company.com 20 November 2010 Gosling. seeing the work as dirty and complicated. selling his Dalton Barton bank for £58m.estatesgazette. but Bramall realised that refurbishment was much more profitable than new-build. As one of the owners of Doncaster Rovers. In July 2007. Bramall’s work was recognised when he was awarded the title Master Entrepreneur in 2004. saw its losses fall in 2008-09 from £3. It had been bought for £327. A dealmaker whose prowess is only matched by his astonishing virility.4m sales.5m in 2002.
40 Tony Gallagher gallagher uk £425m 2009: £500m (-£75m) Midlands developer Tony Gallagher capitalised on renewed investor demand earlier this year. The death in 2001 of patriarch Fred Clarke led to a major refocusing of this secretive family business with the aim of raising asset values. We assume there may be some duplication of assets here and value the Evans business at the £350m net asset figure that Barclays attributes to the group. Gallagher’s vast spread of activity includes extensive residential developments such as a sustainable new town in Bedfordshire called The Wixams. But shopping centres from afar as Rome or Salzburg by way of Broadstairs. The recession has inevitably slowed things down.com 19 . Another Scottish development. Brightsea EP Ltd. We can see £288m of net assets in the 2008 and 2008-09 accounts of five of Gallagher’s main companies. Swiftfire. Wixams First and Ashflame.3m profit to a £1m loss in 2008 while the net assets fell slightly to £145. The brothers sold Merry Hill in 1992 for a £50m profit. The Evans family took the company private in 1999 in a deal which valued it then at £164m. is heavily involved in development work all over the north of England. Mamas & Papas. Gallagher also has various other interests in a substantial finance/consultancy business and the financial markets. the twins left school at 14 and started trading in ex-Army vehicles with their father. Their business – C Le Masurier – is celebrating its 175th birthday this year. Barclays jointly arranged a £175m loan facility for Evans to “further enhance its purchasing power and enable it to build on its successful track record”. But for now. He has a substantial investment programme in Europe and has acquired in excess of three million sq ft of retail space in Germany. retail outlets and pub sites across the island. With twin brother Roy. but this diversity has helped Gallagher come through in good shape. 74. Countywide Developments. Born within the shadow of the old Dudley steelworks. 41 desmond o'neill features Roy Richardson & Family Swiftfire 2009: £350m (+£50m) £400m 41 Michael Evans & Family evans Property 2009: £350m (+£50m) £400m Jack Dellal 41 Clarke Family C Le Masurier £400m 2009: £400m (No change) The Clarke family. 59. We add £50m for other assets and past dividends.3m for a prime slice of real estate in Leeds city centre in June 2009. Gallagher. The purchase of 1 Park Row defied the recession and showed that Evans had the support of its bankers at Barclays who provided £13.estatesgazette. including Clubhouse Investments. Evans Property Group paid £21. right in the depths of the economic crisis. We value the business on the net assets. Don Richardson had made a name for building shopping centres. Yet after the acquisition of the European assets. now led by Roy alone. 80. Boots and TK Maxx. Since then. pulled the £118m. 20 November 2010 The death of Don Richardson in September 2007 robbed the Midlands of one of its greatest developers. The family has also taken a 50% stake in a £600m new town project which will resurrect the site of Scotland’s iconic Ravenscraig steelworks. they moved into transport and property. Later. With these deals in the bag. have large tracts of St Helier. Recently. we reckon the Richardson family.5m to help fund the purchase. Indeed. We still value him conservatively at £425m. Instead. Gallagher UK. refusing to go into the family’s tailoring operation. The late father of Michael Evans. GW305. selling several retail parks off market over a three-month period for a combined value of more than £150m. 6% yield. led by Monaco-based Michael Evans. is a retail park on the site of the former truck plant in Bathgate. www. but moved into housebuilding and property.000 sq ft of space. started Evans of Leeds as a transport firm.2m. The Richardsons’ main company. Brightsea FP Ltd). It is owned by companies with the name Brightsea followed by initials (for example. It also owns property in the UK. sale of a retail park near Walsall in the West Midlands to JP Morgan Asset Management in April. went from a £2. they have been involved in scores of flagship projects in the Midlands. He was still hard at work in his 90s. the parent of Richardson Capital Property Investment Group. and taking account of other deals and £54m of salaries in recent years. now the largest private landowners on the island of Jersey. Poland and the Czech Republic. The low-key Evans family. is easily worth a net £400m. it will complete a redevelopment project at the Junction 9 park to provide 65. we keep the family at a conservative £400m. There are also £25m of net assets in two more separate Richardson companies we can see. Liverpool and Nuneaton have been on the Richardsons’ menu in recent times. most notably Merry Hill in the Black Country.2bn net assets in 2008-9. in association with construction group Carillion. which has been let to Next. Between them they had a huge £2. the firm has been reorganising its structure and no accounts have yet been filed for the new Evans Property holding company. Germany. Luxembourg.
000 to 1.5m to £136. Michael and Kevin. These are involved in road building. But it has been a difficult journey through the recession for 20 November 2010 The Belfast-based Lagan Group is active on the world stage building roads and airport facilities in places such as Jamaica. though. at the start of the year. We can see around £20m profit on £400m sales in various Lagan companies in 2008-09. We now value the Miller family stake at perhaps £350m. but he ploughed many millions into the Blues over the years. They have steadily expanded into constructionrelated businesses trading within five groups: Lagan Holdings. Kingscourt Bricks. 61. Property is where Sullivan has been active. a property company which saw its net assets rise from £39. The Lagan brothers. Sullivan had 16 years at Birmingham and made around £20m from selling his stake.com warned that mortgage availability would be crucial to restoring stability. but 20 www. Chief executive Keith Miller. Together with business partner David Gold. took over the operation established by their father in 1960. They had £203m net assets between them.4m last year. In 2008. He just can’t leave football alone. can’t complain. Lagan Cement. the Edinburgh-based builder. and forward sales of £108m represented an increase of 100% year-on-year. Its losses had narrowed from £170m in 2008 to £72. . His Sport Newspapers. 61. Sullivan’s property portfolio and other assets should take him to £400m. that have brought him to public prominence. Transaction volumes for the year were up 35%. HBOS bought a stake in Miller in a deal which valued it at around £500m. But Sullivan. took over the helm in 1994 and oversaw the company’s rapid growth before recession hit. We can see part of it in Sullivan’s separate Conegate Holdings. as well as Northern Ireland. made a £528. He owns the biggest chain of licensed sex shops in Britain. It said it was seeing a gradual improvement in the housebuilding market.8m in 2009. But on the current figures. who rank among the top construction tycoons in Ireland. the 90-strong Private Shops empire. and latterly football. In April 2008. was sold in August 2007 for around £50m. 46 tHe BeautiFuL gaMe Kevin & Michael Lagan Lagan Holdings 2009: £250m (+£100m) £350m 41 David Sullivan roldvale £400m 2009: £400m (No change) David Sullivan is desperate to relocate West Ham United to the 2012 Olympic Stadium as part of plans to revive the fortunes of the struggling club now under his chairmanship. and he has a £300m-plus portfolio. They also have advanced cement works and prime quarrying and asphalt assets.000 loss in 2009.400 as the housing market slumped and its figures became a sea of red ink – compared with a profit of £81m in 2007. Bermuda and Puerto Rico.estates gazette rich list 2010 Britain’s biggest privately-owned housebuilder. But it was soft porn. The ink had barely dried on his sale of Birmingham City. 45 Keith Miller & Family Miller group 2009: £280m (+£105m) £385m A fairly upbeat trading statement came from Miller Group. Lagan Homes and Lagan Developments. Roldvale. we reckon the Lagan assets are worth perhaps £350m. Past dividends (£43m from 19972006) and other assets take the Miller family to £385m after tax. His dividends and salaries over the past 12 years total £55m. publisher of the lurid tabloids. The valuable quarrying assets were reckoned to have a potential sale price in excess of £200m at the height of the boom. his main company. Sullivan bought a 50% stake in West Ham at the start of the year in a deal valuing the East London club at £105m. grandson of founder Sir James Miller.estatesgazette. Miller Group had to cut its British workforce from 2. property development and waste management. He will be expected to do the same with his new club even though his other business ventures are having a tough time.
Falling property values and the strength of the euro against sterling forced the company to renegotiate loans with three banks. 57. the property entrepreneur sold his home in Hampstead. while profits rose slightly from £36. which is now in its second season in the Premier League. a property investor with £23m net assets in 2008-09. 43. there are more than £290m net assets attributable to MacDonald-Hall.5m to £38.8m. for £43m to a private Russian investor in the most expensive Hampstead residential property sale ever. made a £1.5m in 2009. is the proud owner of Wolverhampton Wanderers. working with Brett Palos (Sir Philip Green’s stepson).estatesgazette. and the £75m for Davidsons. Morgan has seen the share price revive in recent months. which made a healthy£2m profit on £6. It was in July 2007. Davidsons Developments. but he promised to invest £30m in the club. that Lyons and his partners sold 50% of Earls Court & Olympia to Liberty in a deal which then valued it at £380m. Davidsons is being relocated in premises that were once used for his old Wilson Bowden company. Third. Morgan is worth perhaps £350m after tax. which had over £126m net assets in 2009. which it bought in 2005. north London. taking his stake to around £114m. Morgan also recently shared the £75m sale proceeds on a Spanish development. and in May 2007 Wilson. In all then. the FTSE 100 property company. www. Morgan can afford it. It was always regarded as one of the top quoted housebuilders by City analysts. Then there is a 45. in February. we value Lyons at £350m this year. he should be worth £350m.46 Anthony Lyons St James Capital £350m Richest in Wales No 41 46 67 224 243 Name Wealth (£m) David Sullivan 400 Steve Morgan 350 Sir Stanley & Peter Thomas 225 Glyn Watkin Jones & Family 54 Brian Moss & Family 46 2009: £250m (+£100m) Three recent deals have made Anthony Lyons a lot richer. bought the O2 retail and leisure centre in north London for £92. Morgan sold £240m worth of shares when he floated Redrow in the 90s and afterwards when he left the Redrow board in 2000. Lyons also owns Anthony Lyons Investments. He also has half of Proudreed. selling it a year later for £120m.5m profit on £30.2m sales in 2008-09. March 2009. who is regularly listed by Field magazine as one of the 50 best shots in Britain. With past dividends. 46 David Wilson & Family davidsons developments 2009: £275m (+£75m) £350m 46 Steve Morgan redrow group £350m 2009: £350m (No change) 46 Caspar MacDonald-Hall London & Cambridge Properties 2009: £300m (+£50m) £350m Keith Miller London & Cambridge Properties.2bn deal. His remaining Barratt stake is now worth £19m as the shares have drifted downwards recently. Liberty International. He returned as chairman in 20 November 2010 David Wilson just can’t leave the building and property business. sold the company to rival Barratt Developments in a £2. After allowing for reinvestment of his Redrow money. Lyons is also active in pubs and restaurants and plans to roll out more in European capitals. Property man Caspar MacDonald-Hall. Wilson joined his dad’s small Ibstock building business in 1961 after graduating from the Leicester Polytechnic School of Building. He is also director of St James Capital. 68. has a 40% stake in London & Cambridge as well as a number of other property assets. It has netted around £45m profit from the break-up of The Brewery on Chiswell Street. and his proceeds from the recent takeover of the AIM Group. It netted £727m for Wilson and his family trusts in a mix of £304m cash and Barratt shares. It has nearly £77m net assets and should be worth at least £75m. Lyons. Morgan floated the company 20 years later and then sold most of his stake before leaving in 2000. His new company. He went on to set himself up as a subcontractor and founded housebuilder Redrow in 1974. just a month before the credit crunch struck.5% stake in Ringmerit. bought full ownership of the Earls Court and Olympia complexes in west London from Lyons and his partners. take the Wilson family to £350m after tax.com 21 . determined to turn the ship around after the mistakes of the boom years. which was the subject of a bidding battle in the summer of 2006. EC1. 59.8m sales in 2008-09. Second. so his stake there should exceed £65m. £98m of share sales and dividends over the years at Wilson Bowden. with £130m net assets in 2009. Anthony Lyons Steve Morgan. one of Britain’s largest private real estate companies. a Southampton property investor. It is a leading developer of industrial estates. in April. He also had a £100m stake in the De Vere leisure group. He started out labouring for his father’s small civil engineering company after a move to a new school in Liverpool proved a disaster. Wilson Bowden prospered and was floated on the stock market in 1987. Morgan paid just £10 to Sir Jack Hayward to take over at Molineux in August 2007. With the recent deals and Earls Court & Olympia sale. The cash element of the deal. First. saw its net assets fall sharply from £579m to around £420m in 2008-09. He will rise higher if Davidsons proves as successful as Wilson Bowden.
A lavish show flat was unveiled 22 www. 51. 60. 37. His portfolio in Soho and around Holborn also includes Tin Pan Alley. three shops. Kirschel.estatesgazette. But these asset values do not take account of Kirschel’s substantial holdings in Soho.” Green Property still has a strong portfolio of assets. 52 £330m Mark Dixon Regus 2009: £382m (-£52m) Regus. went to university in London.” said Vernon. Laurence Kirschel’s Consolidated 20 November 2010 . a long-established firm of chartered surveyors. and Christian. The Qatari Royal family are investors in the development. He then moved to St Quintin. Dixon. But in this uncertain climate. 36 . we value him at £330m after tax. His stake is now worth £240m. Dublin-based Green has joined forces with the private equity firm TPG Capital to target commercial real estate opportunities in Britain and Ireland. a roof-top bar and seven flats. with the Greater London Council. the legal dispute between Christian Candy’s CPC Group and Qatari Diar over the withdrawal of plans for Chelsea Barracks was discontinued after a confidential settlement. 47. hopes to transform Tin Pan Alley into a new cultural quarter for London and spent £14.5m buying a building next to Centre Point to turn into an innovative music centre. “I’m very glad we did the buyout. The shares soared initially. making Dixon a billionaire on paper. and his first job after graduating was in the public sector. We mark him down to £325m in the current climate. But his wealth collapsed six years ago when the shares went into freefall after hasty over-expansion. We can see £204m net assets in Consolidated Developments’ 2008-09 accounts and other operations. Dixon nursed the business back to health. Earlier this year. It also operates meeting rooms and video conferencing suites. The Candy brothers – Nick. Vernon set about selling £1bn of assets to pay down debt and give his backers a return on their money. Developments drew up plans for a scheme in London’s Soho which would comprise a 35-room hotel. one of the last undeveloped sites in central London. Regus has accelerated its expansion plans as the recession powers a shift towards flexible working. a 6. Green seems to be defying the Irish property crash too – in the year to June 2009 its profits moved up sharply to around £2m and it showed £420m net assets. we value Vernon at £350m. Vernon’s personal stake in the business has increased from 2% to 32%. 52 Nicholas and Christian Candy Candy & Candy 2009: £330m (No change) £330m in April after the Candys and their Qatari partners put sales on hold for a year due to the global downturn.estates gazette rich list 2010 46 Stephen Vernon Green Property £350m Dixon anD ReGus staGe ReCoveRy 2009: £280m (+£70m) Stephen Vernon’s Green Property operation unveiled a new joint venture company in June 2010 with €900m of debt and equity to invest in distressed property assets.000 centres in 450 cities. Merrill Lynch cashed in its chips in 2005 as part of a refinancing of the company. Despite what he has described as the “fragile” nature of the UK recovery. stresses that Regus is no longer just a serviced office company. Nine years later. and offers business support to people who work from home. Green was taken private via a £700m deal backed financially by Merrill Lynch and HBOS. With other assets and the proceeds of a £61m share sale before the flotation and another £35m last year. “This is my business now. It floated on the stock market in 2000.000 sq ft restaurant. the world’s largest serviced office operator. It is also expanding overseas and now has more than 1. A former sandwich and later hamburger salesman. Vernon. Dixon formed Regus in 1989. Consequently. he is doing fine.are developing the spectacular One Hyde Park residential scheme of 86 flats near Harrods. He joined Green in 1993. This was positive news in what has been a tough market for the firm founded by Mark Dixon.com 54 Laurence Kirschel Consolidated Developments 2009: £300m (+£25m) £325m Before the recession. recently signed an agreement to provide GE’s workforce with space across its portfolio. The writing was on the wall for us (as a public company) and I think predators would have emerged. We stick with last year’s £330m valuation for the developer and interior design duo until the sales of more luxury homes at One Hyde Park are completed.
4m profit on £43. such as property and choice bloodstock. He has a number of other shopping centres. 20 November 2010 Bob Edmiston’s IM Properties is determined to make the most of its cash-rich position in the current market. has a strong asset base. Hyams is also involved in the £200m revamp of Newcastle city centre. Addison Developments. IM released capital with the sales of a portfolio for £23m and its stake in Wolsey Place in Woking. Morrison.55 Harry Hyams Walton investments 2009: £300m (+£20m) £320m Harry Hyams. the son of an East End bookmaker. too. 55 Charlotte Townshend addison Developments 2009: £300m (+£20m) £320m Harry Hyams 55 £320m Bob Edmiston iM Properties 2009: £300m (+£20m) A new investment operation. but has given more than £120m to charity. progressing to renting his first retail shop in Ballymena. has 20 choice acres round London’s exclusive Holland Park. 64. Its IM Properties subsidiary made £23. he received £150m. small beer for Hyams. with four smaller sites having closed recently. Since 1998. The stores concentrate on high end designer fashion.com 25 . When it was taken over in 1988 by the MEPC property giant. and sale-andleasebacks. at around £296m. By 1998 he had moved into property and one of his sons took over as MD of the retail business called SVM Textiles. of course. the net assets in the small Hyams companies.000 acres in Dorset. In July 2008. It now has seven clothing stores across Northern Ireland. Cygnet Industries. Edmiston has built the IM Group into one of Britain’s biggest importers of Far Eastern cars. The estate will add to Townshend’s already considerable portfolio. It made a healthy £32. Corbo. which together showed £39m net assets in 2008-09. IM’s existing portfolio includes the 400-acre Birch Coppice Business Park where a planning application has recently been submitted for 2m sq ft of distribution space. Edmiston. With other assets. We can see six farming and estate companies including Cygnet. for £68m. one of London’s top developers in the 1960s and 1970s. Hyams made a further £98m when MEPC itself was taken over in 2000.4m. as part of a strategy refocus. we raise our valuation of Townshend by the £20m net asset figure of Cygnet to £320m. started by selling leather jackets from the boot of his car.14m in 2005. www. The company plans to pursue new development opportunities through direct land acquisition.6m sales in 2009 and showed net assets of over £391m.8m profit on £351. Morrison’s property company. has had nearly £79m in salaries from IM Group. including Fairhill Shopping Centre in Ballymena and a large retail warehouse development outside Newry. joint ventures. and Ilchester Estates. He also made £48m from selling a Co Antrim retail park. and his art should easily take the low-key Hyams to £320m in the current climate.estatesgazette. her Ilchester Estates company bought the Yeoman Industrial Estate in Bournemouth for £13m. Best known for the 1970s Centre Point 35-storey tower in central London. We value the company at perhaps £320m. 58. He expanded to four retail stores within a short space of time. with nearly £254m there. and 15. where she has her main home. It.5m net assets in 2008-09. He has stakes in six small property companies with around £17m of net assets. Charlotte Townshend 58 Sam Morrison Corbo £296m 2009: £250m (+£46m) eDMiston steeRs Way to RiChes once worked for the now defunct Jensen sports car operation. Townshend. his real coup was to buy a stake in the Oldham Estates group in 1959 for £50. is still involved in business even at the age of 82.000. Surrey. In 2008-09 it showed nearly £20m net assets. who Sam Morrison recently sold Newry’s Damolly retail park to newly-formed REIT Metric Property Investments for an initial payment of £28. 55. We value him at £320m this year. This is. We value Morrison. An accountant by trade. showed £296. Northern Ireland’s top developer. Ilchester Estates carries out other property developments in Britain and also sold a complex of Essex offices and shops for £5. His estate. has been formed by Charlotte Townshend. Over the summer.7m sales in 2009.
estatesgazette. has controlling stakes in everything from warehouses in Asia to property managers in the City of London. one of Europe’s largest urban regeneration companies.7m profit in 2008-09. founder and owner of Rainham Steel. which they sold on at a profit of at least£50m. Pacific Investments. the It girl-about-town. we cut the value of the Beckwiths back to £270m as the sale of Red River was at a much lower price than mooted in recent times. 60 Sir John & Peter Beckwith Pacific investments & Red River Capital 2009: £330m (-£60m) £270m Sir John Beckwith has teamed with ex-Lehman banker Gerald Parkes to invest in property across Europe. signed a three-year sponsorship deal in December 2009 with Championship football club Scunthorpe United. Smurfit. set up in 1994. rebound to £70m. aka The Iron. made a healthy £36. moved into new areas of investment and has two main investment vehicles.6m profit on £65. of which he owns half. But it is outside of his former day job that Smurfit claims to have made his most money. Smurfit invests widely in growing Irish private companies including AEP Networks. adding in directors’ pay to . netting Beckwith some £17m for his stake there. has seen the value of his remaining small stake in his former employer. Bill Ives. Adding hotels in France. the Ryder Cup golfing venue. Ives started Rainham in 1973 as a new and reusable steel supplier. He received £7.” the Financial Times reported in July 2006. is best known perhaps as the father of Tamara Beckwith. a straight-talking Eastender and Conservative Party donor.5m sales in 2008-09. is one of the biggest employers in Scunthorpe through his steel stockholding operation. Old Harrovian Beckwith and his brother Peter made their first fortune in property. But the brothers have also invested in sports-related businesses. Beckwith’s company. Its value has nose-dived to £25m in the past year. But it has not been immune from the recession and has had to cut jobs when the economy fell off a cliff in the autumn of 2008. He plans to give some of it to the Irish National Gallery and the rest to his six children from two marriages. and has postponed plans to replace his £14m 164ft yacht with a bigger one. 74. 67. made nearly £3m profit on £113m sales in 2008-09 but. a Dublin technology firm. In all. 20 November 2010 61 William Ives & Family Rainham steel 2009: £282m (-£16m) £266m Sir John Beckwith Peter Beckwith The man of steel is now supporting The Iron. Rainham Steel Holdings. Further sales of properties since 2005 have also added several million pounds to the Beckwith coffers. Peter. just as the property bubble burst. which features works by Louis Le Brocquy and Yeats. netting around £80m when they sold their London and Edinburgh Trust property group to a Swedish group in 1990 just before the then property crash. This includes a £40m collection of art. He became a director and shareholder in Ballymore International. He has assets of about £205m. Both are owned by Sir John and his trusts. His more low-key brother. 63. and Sir John’s investment in the Model Frontiers fashion agency. Ives.estates gazette rich list 2010 sMuRfit stays on CouRse 59 2009: £294m (+£1m) Sir Michael Smurfit & Family Ballymore £295m Sir Michael Smurfit is having to subsidise losses at the K Club. Smurfit Kappa. while Pacific Investments made £11. The company then diversified and started to target builders and builders’ merchants in the 1980s. Sir John. 65. He has invested in property and theatres. Pacific Investments and Red River Capital.7m when he left the firm in 2007. the tax-haven where he is resident. The parent company.com equity financier’s eyes water. Red River Capital. he should be worth £295m. Thames River was sold in April 2010 for £54m. Red River Capital invested £3m in the Thames River Capital hedge fund and “his return on the deal would make a private 26 www. He has built a £7m mansion on the course and others in Spain and Monaco.
and forestry in Russia. although he did not expect to start doing so for another two years. the two stately homes with their surrounding 10.000 of net assets in smaller companies such as Perlpart Developments.000-acre park and woodland. The total value of Panayiotou’s portfolio and assets is put at more than £600m. Lord Cranborne. The accounts of the other companies which should show more net assets remain confidential so we have not seen any further figures to take the valuation to that £640m.000 profit on £2. Gascoyne Cecil Farms. This year it will be lucky to get into the black. Shrewdly. principally old industrial sites in Yorkshire. Hatfield also has a 3. The millionaire great-grandson of newspaper publisher Lord Iliffe bought the island for £2. His Welsh grandfather was a successful entrepreneur but his father gambled away the family’s money. the family estate in Dorset from where Salisbury’s son. the Ulster Unionists and the Democratic Unionists.300 acres and the art collection keep Salisbury. In addition. Salisbury is also developing the family’s London acreage round Leicester Square. we are cautious and value Panayiotou at £250m. is worth perhaps £250m in the current climate. He plans to develop a number of other Hilton hotels in the UK and Europe.8m. won an appeal to build an octagonal eco-friendly home on Green Island in Poole Harbour. 65. Salisbury’s main farming company. Its www. merge with the Conservatives. of course. His British property portfolio.9m net assets. with the intention of amassing a portfolio of over 40 hotel properties by 2012 . Lewis. 72. where gas has been discovered. Rainham is worth £120m. In January 2010 he hosted a weekend of talks at his Hatfield seat aiming for a historic Marquess of Salisbury Earlier this year. is a former boxer of Cypriot parentage famous for selling most of his residential portfolio at the end of 2006 in anticipation of a property crash. Edward Iliffe. 44. On its figures. His application was originally rejected on the grounds that it was too big for the island. Alan Lewis hartley investment trust Alan Lewis wrote in his chairman’s statement for his Hartley Investment Trust operation that he regarded the property crisis as “an opportunity” and that his group was ready to take advantage of investment opportunities that arise.5m. he has 4.6m to £1. Hartley Investment Trust showed nearly £37. ownership of Hatfield House that still puts Salisbury into this list. The art is easily worth £125m.2m on sales down sharply too at £97. Property companies and other assets easily take Ives to £266m. 64. made a £129. is worth at least £100m. Among Hartley’s investments is Leeds-based J&J Crombie. Panayiotou. We can see more than £500. Ability Developments itself made £3. The London estate. Ability Group has invested more than £300m in hotel assets over the past two years and expects to invest a further £1bn. saw its profits plunge in 2009 from £24. sells his organic sausages. It came to naught but reflected Salisbury’s passion for the union and his love of high Tory politics. and a further vast acreage of farmland.2m turnover in 2008-09 when it showed £4. 62 Andreas Panayiotou ability Developments 2009: £250m (No change) £250m A new hotel opens at West London’s Syon Park in November. 65 Lord Iliffe & Family yattendon investment trust 2009: £220m (+£20m) £240m 62 Marquess of Salisbury Gascoyne Cecil estates 2009: £250m (No change) £250m The 7th Marquess of Salisbury is where he loves to be – at the centre of Conservative politics. but we cut that in half to allow for any tax demands on any future sales.6m profit and showed £112m net assets in 2008. Rainham is building a huge warehouse facility and Ives said that the group would start to hire again as soon as the economy recovered. Lewis was not born into great wealth. With other banking. It will be managed by Hilton and takes Ability’s hotel portfolio to seven. which is best known for its legendary gents’ woollen topcoats favoured by realignment that would see Northern Ireland’s two main unionist parties. American land. In addition. hi-tech and property assets in Britain.com 20 November 2010 27 . Until we can see them. The £60m development on the Duke of Northumberland’s London acreage has been built by Andreas Panayiotou’s Ability Group.000 acres of prime development land in Florida. the Iliffe family company.4m net assets in its 2008-09 accounts. 62 £250m 2009: £225m (+£25m) leWis inteRests aRe sPReaD faR anD WiDe generations of city slickers. there is Cranborne Manor. Completed in 1612. Despite this. it is a treasure trove of hugely valuable paintings.the bottom line takes the profit to around £13m. It is owned by Ives and his family trusts. Yattendon Investment Trust. America and Spain. at £250m.estatesgazette. But it is.
Abertis. estate assets and past dividends. was sold in 2005 for £75m.com Manny Davidson Trust bought a portfolio of Guildford high street shops for £13. The private palace was built by City merchant Sir John Crosby in the 1460s and was later owned by Sir Thomas More. The family money comes originally from the much more mundane world of pies. saw its net assets hit £210m in 2008-09. add £20m. For Moran. It showed £440m of net assets in 2005 when it made a £12. in which Peter had a 40% stake. The takeover of the Leopold Joseph merchant bank in early 2004 netted Davidson £5m for his stake. Moran bought the freehold in 1988 for just £100.9m.45m in December 2009. and Wolfe Securities.4m profit.000 and has since spent around £50m on restoration. has made even more in property since then. when it made a £1. With property. Yattendon had previously sold its Birmingham papers to an American publisher for £60m in 1987. Davidson has also owned other choice assets. including more than 40 local newspapers. He is also active in Tory politics and brokered a deal in February 2007 which made the Conservatives more than £30m from the sale of their old Smith Square headquarters. The family then went on to build the quoted TBI group. 67 £220m Christopher Moran Chesterlodge 2009: £144m (+£76m) Christopher Moran. owner of Luton airport. Knighted in the 2006 Queen’s Birthday Honours for services to business and charities in Wales. Other assets such as Fungo. Thomas can afford it. By his own admission. The Thomas brothers.estatesgazette.7m profit on turnover of £7. who made his fortune in Lloyds and on the stock market in the 1980s and 1990s. we value the Iliffe family at £240m.estates gazette rich list 2010 net assets came in at £240m. a property company. Another £40m in other Thomas ventures take the family to perhaps £225m. has been helping the NHS with designs for a £110m cancer centre to be opened by University College Hospital in central London by 2012. involved in property and then airports. and Peter. The Davidson family’s 50% stake was worth £253m when it was taken over entirely by British Land (which had the other half already) in the summer of 2006. this activity followed on from restoration of the 15th century Crosby Hall on the banks of the Thames in Chelsea. 62. before taking it private in a £232m deal with British Land in 2001 which saw it renamed BL 20 November 2010 . It also owns Channel TV. MoRan: staR of Wealth 66 Sir Stanley & Peter Thomas atlantic Property Developments 2009: £225m (No change) £225m Plans for a new £8m golf course near Cardiff were unveiled by Sir Stanley Thomas in September 2009. It still has interests in media and TV. 67. was taken over in a £551m deal by the Spanish infrastructure company. who had a controversial career in finance. But he lost his right-hand man in the family property empire in February 2009 when Jonathan Rose left to join the Pears family as group property director at the William Pears Group. he is “astronomically wealthy”. His www. 69. We value it at £200m in today’s climate. Manny floated the business in 1985. Moran’s main holding company. The family also has commercial property investments. The 200-acre championship standard course will be designed by Welsh golfing legend Ian Woosnam. A Spanish development. 67 28 Manny Davidson & Family Bl Davidson 2009: £200m (-£20m) £220m At 79. Moran. taking the Davidson family to £220m after tax. Stanley. Rose spent more than 12 years with the Davidson family. should easily be worth £220m. and has property and marina interests. working with Manny and his son Gerald at Wolfe and Asda Properties. a friend of Thomas. There was a near £106m payout for the family late in 2004 when TBI. Davidson. Manny Davidson is still active in the property market. Chesterlodge. built up a large snack and pie business which they sold to GrandMet in 1988 for £75m. Moran.
6m in 2008-09.8m to £122. who died in 2003. 58. 52. which looks for sites to hold and develop on a long-term basis. O’Hare has acquired a mixed bag of investment and development assets in Central and Eastern Europe. Cable Properties & Investments. His Parker Green International company is behind some of the North’s most important retail developments and he has further shopping centres in the South.2m to £6. Between them the two companies showed nearly £194m net assets. is now devoting more of his time to extensive charitable works. The brothers reinvested some Sir Stanley Thomas Martin Ainscough. The business is chaired by Robert Rayne. a Wexfordbased meat processor.Whelan. With personal property and assets included.estatesgazette. has also been active overseas. Alistair. The entrepreneur left his family building firm in his native Newry in 1997 to work on his own property developments. which include various Ainscough companies. They should easily be worth around £208m. He added to his US interests with two investments in the New York commuter belt valued at more than £125m in July 2007.67 Gerard O’Hare o’hare Developments 2009: £220m (No change) £220m Dr Gerard O’Hare was awarded a CBE in the December 2009 New Year’s Honours List for services to higher education and regeneration. into a property business and pioneered development on the fringe of the City. Ainscough Crane Hire was founded in 1976 by Gerard Ainscough.com 20 November 2010 29 . won consent for the youth facility in May this year. His death robbed London of one of its shrewdest property developers. Lord Rayne turned his family’s tailoring operation Bert & Maurice Allen Bewley hotels New entry £208m Slaney Meats group. including the Quays in Newry. including Belfast’s Waterfront. 58. Past dividends and other smaller companies take them to around £209m. for £50m. the family should be worth perhaps £200m.1m. own all the shares in both. The Ainscough family had around 90% of the shares worth around £230m. and Michael Powell. After tax and allowing for other assets. O’Hare. 73 67 Robert Rayne & Family Derwent london 2009: £125m (+£95m) £220m Cleveland Cable saw its profits fall sharply from £27. and Maurice Allen. The net assets rose from £117. Local football supremo Dave Whelan is also involved with Ainscough. They are now investing heavily in property through Ainscough Strategic Land. A chartered surveyor by trade. 53. such as Ainscough Investments. showed nearly £72m net assets in the same period. He left £119. Taking into account some hefty charitable donations. 68. Rich by star sign Note: there are more than 250 in total as some entries include two.5m Wigan Boys and Girls’ Club. In 2006. The Rayne family’s London Merchant Securities merged with Derwent Valley in 2006 and they have a stake in Derwent London which is worth around £195m. he should still be worth around £220m. the 61-year-old son of property tycoon Lord Rayne. until its sale for £255m in October 2007 to its managers. showed more than £71m net assets in 2008. are funding the £6. 71. The company also bought a shopping mall in Connecticut.1m on sales up from £217m to £190. people from the same family Gemini 33 Capricorn 30 Leo 29 Taurus 28 Cancer 24 Sagittarius 23 Aries 22 Libra 20 Virgo 19 Pisces 19 Aquarius 18 Scorpio 16 71 Alastair & Michael Powell Cable Properties & investments 2009: £205m (+£4m) £209m of this in German property and are now moving into the bioenergy field. A property operation. Martin Ainscough & Family ainscough strategic land New entry £200m 72 Quoted property group Derwent has seen its share price rise smartly in 2009-10 and it is now worth just over £1.6m in his British will. he had previously worked on projects in Northern Ireland through the 1990s. we value the Rayne family at £220m. www. despite the collapse in asset values. We value the companies together at that figure. which excluded assets held in France. He and his cousin Bill. the family demerged its investment division into a new company called LMS Capital and the Rayne family has a stake there now worth £24m. James and Brendan.45bn. The Wigan-based company was run by his three sons Martin. founder of Wainhomes. or even three. From its profits the Allens built a property portfolio through which they netted around £190m when they sold their Bewley hotel chain in 2007. owner of Wigan Athletic football club and the DW Sports Fitness retail and leisure chain. He is a visiting professor at the University of Ulster. owned by brothers Bert. After war service with the RAF. the Millford Retail Centre.
Other assets plus smaller but separate Bruntwood operations take the Oglesby family to £200m. In 1970.5m to £12. The group has also been active in Limerick where it sold the Parkway Shopping Centre in 2006 for a sum reported at £38m. The company is unlimited but its main subsidiary showed £247m net assets in its last filed accounts for 2005. The Reading-based firm has 13 offshoots that specialise in plant hire. Bruntwood . Clancourt started the largest single speculative development in Dublin for many years – a £200m scheme near St Stephen’s Green. he moved from Scunthorpe to Manchester. take the Brennan family led by 68-year-old Joseph Brennan.6m on £97. before both realised it wasn’t working and he went to college to do a degree in building. The expansion will create 240 jobs. has unveiled plans for a £38m expansion aimed at making it the biggest UK manufacturer of wind turbine towers for onshore and offshore sites. After leaving school at 16.7m in its last accounts filed for 2007. Other assets. including the Versace shop in Bond Street and the Hamley building in Regent Street.1m sales in the year to September 2009. such as Century Finance.6m on sales of £45. Leeds and Birmingham. One of its subsidiaries. we value the Kenny family at £198m in today’s difficult economy. we value it on the net asset figure. Dublin’s biggest bakery. David Mabey.1m. forming Bruntwood five years later. including The Crescent. used to chair the family-owned operation. Bruntwood is easily the busiest developer in Manchester. Manchester. is now one of the most high-profile property tycoons in the North West. Limerick’s largest shopping centre. has been developing and managing prime office buildings in the city since the 1960s. saw its profits increase slightly £11. Mabey Bridge. Oglesby was an apprentice plumber to his father. 49. In the year to September 2009 it . approached £3. it exchanged contracts to buy the City House development site in Leeds city centre for £5m. to £197m in today’s market. 71. Oglesby. No 27 34 46 46 58 59 67 72 75 76 89 93 93 106 126 138 142 149 159 160 160 167 172 183 183 195 198 198 201 209 214 228 Name Wealth (£m) John Magnier 540 JP McManus 490 Kevin & Michael Lagan 350 Stephen Vernon 350 Sam Morrison 296 Sir Michael Smurfit & Family 295 Gerard O’Hare 220 Bert & Maurice Allen 208 Charles Kenny & Family 198 Joseph Brennan & Family 197 Francis & Shamus Jennings 166 Frank Boyd & Family 160 Michael Herbert & Family 160 Ken Rohan 147 Andrew Creighton 120 Jim McGettigan 114 Martin Birrane 110 Frank Burke & Family 105 Patrick Doherty & Family 93 Patrick Kelly 90 Lord Rana 90 Edward Lonergan 85 Noel & Miriam O’Callaghan 80 John & Ciara Byrne & Family 78 Bill McCabe 78 Mark & Kathleen Kavanagh 69 Sean Mulryan 66 Eamonn O’Rourke 66 James Egan 65 John Miskelly 60 Jerry Conlan 59 Tony Leonard 52 75 Charles Kenny & Family Clancourt 2009: £200m (-£2m) £198m With other assets. 75. 30 www.com 76 Joseph Brennan & Family Joseph Brennan Bakeries 2009: £170m (+£27m) £197m Profits at family-owned Joseph Brennan Bakeries. steel fabrication. mostly in Chepstow. 2009: £200m (-£4m) £196m The Kenny family own most of Clancourt Group. The Brennans also have some substantial property assets in London. property and construction-related operations. The main family operation.estates gazette rich list 2010 73 Richest in Ireland Michael Oglesby & Family Bruntwood 2009: £295m (-£95m) £200m ManChesteR tyCoon Michael Oglesby’s Bruntwood is still actively buying good quality sites. He owns more than 80 office buildings in Liverpool. Its net assets came in at £146.estatesgazette. 77 David Mabey & Family Mabey holdings. In July. In the current climate. owner of office blocks in Dublin’s Harcourt Street. South Dublin-based Charles Kenny. 20 November 2010 Irvine Sellar Mabey Holdings was started by the late Bevil Mabey (who died in April this year) after the second world war when he bought up spare Bailey bridges from the army.
But its Mabey & Johnson subsidiary was fined £3. The business. with sales rising sharply by £16m to £684m. Sellar. the £25m Soapworks. CLS – a former investor in the Shard of Glass development at London Bridge – has been active recently as a seller in the UK. 72.016ft above London Bridge Station in 2012. The low-key Mortstedt. With the property deals and personal assets. after AM had grown sharply on the back of £30m investment in new equipment. We value the Mortstedt family at around £186m. which turned big reels of tissue into toilet rolls. Manfred Gorvy & Family hanover acceptances 2009: £170m (+£25m) £195m 79 Irvine & James Sellar sellar Properties 2009: £165m (+£25m) £190m Manfred Gorvy’s diversified property outfit.000 net assets in 2008.com 31 . while also buying other assets in Germany. even though it was the parent company which owned up to its subsidiary’s wrongdoings. Through his Sellar Property Group. and the separate Hare Hatch Holdings with nearly £28m net assets. is the ultimate owner and value the family at £195m with past dividends. Fifteen years later. 20 November 2010 www. But we assume that the Gorvy family. Accordingly. the company should be worth £140m in the current climate. In 1991 his quoted property group went bust and he lost £28m. which won planning Construction is well under way at the site of the Shard of Glass. 62. Murphy started AM Paper.3m. we reckon this fanatical Liverpool supporter should be worth £190m today. with £206m net assets. he now owns a property investment portfolio comprising hotels. MoRe is BetteR foR MoRtsteDt Sten Mortstedt & Family Cls holdings 2009: £190m (-£4m) 81 £186m The Mortstedt family’s stake in CLS Holdings is now worth around £145m. Share sales of more than £93m (including £27m in 2006. It should be worth £180m in the current climate. the rest for £50m. But he has fought back since then.4m net assets. We can see around £134m net assets in a dozen Sellar companies. we cut the Mabey family back to £196m. Hanover Acceptances. on property developments. though sales were down nearly £24m at £153. would normally take the Mabey family to £200m after tax and spending. Not bad for a former market trader who became king of Carnaby Street fashion before selling up in 1980 and moving into property. went from a£3.000 loss to an £18. which showed just £377. is bankrolled by tycoon Alan Murphy. well represented on the board. 79 Alan Murphy nikal investments 2009: £180m (+£10m) £190m Manchester-based developer Nikal remained under the radar locally last year but has been making progress with work at Humber Quays in Hull.5m in a 2009 share buyback) make the family very well-heeled. and two years later.7m loss in 2008 to a £26m profit in 2009. He sold up and in 1982. The 87-storey tower is part of the £2bn London Bridge quarter and is the culmination of years of labour for developer Irvine Sellar. it is also gearing up for a major new scheme in Salford. after becoming involved in the wholesale paper trade. With £206. Europe’s tallest mixed-use building – designed by architect Renzo Piano – which will soar 1.2m profit. a Swedish national. is owned by a Luxembourg-based parent called Quadriga Holdings SA. As the recession subsides. With the tower now very much a reality.went from a £217. 70. has been on the board of CLS as chairman since 1994. has a 20% stake in the tower. in 1997. Murphy sold part of his stake for £100m. France and Sweden. offices and shopping centres. He worked for Carnation foods and Gillette before opening his own supermarket. Nikal. while working up revised plans for the muchdelayed Altair in Altrincham. which is backed by four Qatari banks.5m recently for breaching UN sanctions against Iraq and systematically bribing foreign officials with so-called “white man’s handshakes”. 37. which have totalled nearly £68m since 1996. 78 consent in May. The shares recovered after the crash but in early 2010 they started to drift down again. who works with his son James. £6m in 2008 and £22. Dividends. whose wealth though came from more prosaic sources.estatesgazette. we value the Sellars at £190m.
estates gazette rich list 2010 dukE lOOkS BEyOnd hiS art trEaSurES 82 The Duke of Buccleuch & Family Buccleuch Estates 2009: £180m (No change) £180m Buccleuch Estates. its new parent company. Meanwwhile. including a controlling stake in a Chinese football club called Chengdu Blades. which included the Spratts game food brand. He sold the bulk of his property empire to Valad. In February. While the family’s huge land holdings were never very valuable and cost a huge amount in upkeep.3m. Cheshire. St James Capital. 32 www. planning permission was granted for a three-acre former site in Congleton. renewable energy. and started working for Bovis in 1964 at the age of 16. In his case it would be 40%. an Australian property group. 56. The art treasures and antique furniture were valued in the will at £224m. With the dividend and his Chinese investments. In July. on the market with a £53m price tag. diversification into property is paying dividends. Wall. should be worth perhaps £180m in the current climate. we cut that back to take account of any likely tax bill should the new duke want to sell. 62. The group has been re-orientating its business. Europe’s largest landowner. But in practice with our treatment of aristocratic art works. Even after that.com He joined the Teesland property group in 1971 and nine years later formed the Scarborough Property Co. At the end of July it put two properties. McCabe has the firepower for this. which extend beyond the huge land holdings of the 10th duke. tourism and sustainable food. and in April the group went through a financial restructuring. which included debt. 82 Kevin McCabe & Family Scarborough 2009: £175m (+£5m) £180m Kevin McCabe’s Scarborough has had a frenetic year. His Scarborough Group has a substantial stake in the Chinese property company Top Spring Group. we still value the new duke at £180m. with net assets of £209. Coffer’s property investments operation. McCabe. in June 2007 – just before the property crash – for £865m.5m. 59. a 6% yield.6m in 2009 but. This highlights the ambitions of the Buccleuch Group.000 sq ft Glasgow HQ of Bank of Scotland on the market at £40m. we value the McCabe family at £180m. Three years later. The immensely popular 9th duke. showed £88. 85 Kevin McCabe David Coffer Coffer Group £175m 2009: £150m (+£25m) 82 Stuart Wall Opal Property Group £180m 2009: £180m (No change) Manchester-based Opal Property group is the biggest provider of high-quality student accommodation in Britain. which is involved in developments in 11 major and fast-growing cities across China.estatesgazette. acquired through the Modus deal. it is building a rural property management operation and concentrating on commercial property activities. David Coffer The final 50% stake in the Earls Court and Olympia exhibition centre operation held by David Coffer and Anthony Lyons was sold in early 2010 to property giant Liberty International.4m net assets in 2008-09. founded in 1982 by Stuart Wall. With a career spanning more than 35 years in the property and leisure sectors. bought the centre in May 2004 for £245m. 20 November 2010 . McCabe put the 100. It also provides affordable accommodation for key workers such as NHS staff. recovered from an £18m loss to a £7m loss in 2009 with sales down sharply at £40. so we reduce our art valuation accordingly to £134m. In all. it bought Modus from the administrators for £37m. one in Exeter and one in London. McCabe’s proceeds from the original sale should have been the £142. He trained as a quantity surveyor. the move was one of the highlights in his career. left £320m in his will. has significant leisure interests in China too. the property arm of the Buccleuch family. the first 50% stake was sold to Liberty in a deal that valued the exhibition operation at £380m.6m and net assets down £10m at £108. In the same month.7m we can see paid out to his family and trusts in a special dividend from the Scarborough Group in 2007-08. Scarborough Group International. The company. made a loss of £24. selling its estate agency and game and country enterprises operation. owns it all.
It was a typically astute move by the pair who run Marcol. Steinberg has a 40% stake in its parent. the redesigned Reichstag in Berlin. too. the private equity giant. a London-based company set up in 1978 to acquire real estate throughout the UK and Europe. Coffer. Shamus Jennings. which recently spent £75m on buying a retail park at Kendal as part of a wave of spending by Ulster investors on the mainland. to develop a “more permanent presence on the Moon”. Cole has a 40% stake in its parent.com 33 . the Hearst Tower in New York and the Gherkin in the City. is part of the Aurora space programme. and we value it at £80m in the current depressed climate. he is best known for projects such as Hong Kong’s new airport. He did his national service in the RAF and when demobbed in 1961 went to the University of Manchester’s School of Architecture & City Planning. in May 2007. Cole’s holdings are diverse. Germany’s biggest rehabilitation care provider. It is part of a group hoping to win a contract from the European Space Agency to test materials for building settlements on the lunar surface. retail and office sectors. But Ballyrogan Holdings (Rotary’s holding company at the time of the sale) is still owned by the Jennings family. The group also includes Industrial Securities. which specialises in business parks. But his other assets take him to a conservative £175m. Born in Stockport in 1935. the Jennings family should be worth £166m. Terrence Cole’s partner. residential. The Jennings family also owns the Cusp property group. young Norman Foster performed well at school but left at 16 to work in the Manchester City Treasurer’s office. But his other directorships should easily keep him at a very conservative £175m. Now regarded as one of the world’s top architects. It comprises at least 40 companies that develop and own property across Europe. a successful developer. The largest company we can see is Compco Holdings. runs Marcol. should be worth at least £175m. Steinberg. The pair have been shrewd in their dealings and sold off large parts of their portfolios while retaining some assets to work up in value. 89 Francis & Shamus Jennings Cusp 2009: £146m (+£20m) £166m 85 88 Lord Foster Foster holdings £168m 2009: £170m (-£2m) Architectural group Foster & Partners has been hit hard by the global slump in construction on Earth and is hoping for better luck on the Moon. warehouses and distribution space. is now chairman. have grown a large portfolio with investments in the care home.5m profit on £152. 63. Lord Foster One of Northern Ireland’s leading companies. It showed £95. With 360 directorships listed at Companies House. was taken over by Australian firm Hastie Group in a deal worth almost £100m in February 2008.1m sales in 2008-09.estatesgazette. 20 November 2010 www. With past salaries and property assets he should be worth £170m after tax. he set up his own practice which later became Foster & Partners. Cusp reckons its property portfolio is worth £500m. 78. 51. Steinberg and Tory party donor Cole. which showed nearly £143m net assets in 2008-09. the Rotary Group.2m net assets in 2009. Though the company made a £38. Foster should have received around £120m and be left with a stake worth £135m at the time. the London-based property company the pair set up in 1978. We knock off the £2m he recently donated to Yale University’s School of Architecture to fund a professorship in his name. 56. The mission. The deal valued the business then at around £300m. Mark Steinberg. is also a serial director with more than 375 companies to his name. Cusp. which showed nearly £143m net assets in 2008-09.Coffer continues to lead leisure agent Davis Coffer Lyons and there are various other Coffer Group companies with juicy assets.000 beds in 19 locations across the country. Foster had an 85% stake until he sold a 40% share to 3i. Ballyrogan made a £1m profit and showed nearly £43m net assets in the year to September 2009. SErial dirECtOr with 375 FirMS tO hiS naME Mark Steinberg Marcol £175m 85 Terence Cole Marcol £175m 2009: £175m (No change) 2009: £175m (No change) London property entrepreneurs Mark Steinberg and Terence Cole teamed up with a private equity company in late 2009 to buy Median. is working on the £100m St Anne’s Square development in Belfast. which operates 27 acute clinics with around 6. The largest firm we can see at Companies House is Compco Holdings. In all. In 1967. After tax on the Rotary proceeds and past dividends. industrial.
He owns a private dock on the Thames and another waste company. 78.85m loss in 2008-09 when its net assets also fell sharply from £21. has 138 directorships and a complex web of companies. 52.060 Peter Jones & Family 673 Trevor Hemmings 500 Martin Ainscough & Family 200 Michael Oglesby & Family 200 Stuart Wall 180 Henry Moser & Family 165 Brian Scowcroft & Family 160 John Hindle & Family 130 John Seddon & Family 126 Peter Dawson & Family 112 William Ainscough & Family 110 Melvyn & Delia Grodner 80 David Russell 75 Philip Davies & Family 65 John Finlan & Family 58 James Spencer & Family 45 Englander. smaller companies with net assets totalling at least £100m.000 acre Norfolk estate in September 2008. We still value him at £160m.5m in the year to June 2009. Barclays Private Equity invested £113. In March 2010. Cautiously. Widdowson kept a 22% stake in the company. We value them at £160m.6m to £6. who take little out of the business.4m profit . undisclosed sum. Morrisons. we value the business at £200m in the current climate. with around £15. In all. the Englander family is easily worth £162m. The family also has several other separate. with one depot in north London. a largely familyowned mobile home operator and property developer based in Yeovil. In February 2006. 76.5m.com Calthorpe Holdings plunged into a £12. which covers 1. he sold the renamed Metal & Waste Recycling to Barclays for an 36 www. In 2008. the £110m Edgbaston Galleries development and a £100m University Science Park plan for the former BBC site at Pebble Mill.estates gazette rich list 2010 90 Henry Moser & Family Jerrold holdings 2009: £165m (No change) £165m Co-founded by low-key Henry Moser in 1973. Total Waste Management. The company has £56. He has also accumulated a war chest for property investments. its profits fell sharply from £18m to £5. His trusts made around £40m profit in 1999 by selling off 300 acres in Hampshire for development. also has interests in America and property in Europe. who became the scrap metal king of London. His father founded GD Metal Recycling. Fulham Broadway and Hammersmith .9m (the 2007 figure had been inflated by the sale of an asset). but reckoned to be up to £120m.7m of net assets in 2009. Moser.550 acres of leafy Edgbaston. 93 Frank Boyd & Family killultagh Estates 2009: £115m (+£45m) £160m William Ewart Properties is one of the largest property companies in Northern Ireland. Essex-based Widdowson should easily be worth £165m in the current climate. as a tenant for its Galleries development. and allowing for overlapping stakes. 20 November 2010 John Berkley chairs the Berkeley Leisure Group. Jerrold Holdings specialises in secured lending to both residential and commercial customers. Sir Euan AnstrutherGough-Calthorpe 92 Eliasz Englander & Family Citywise 2009: £160m (+£2m) £162m It had to sell off assets and change its strategy to conserve cash during the severe property downturn. Anstruther-Gough-Calthorpe. The shares are largely owned by Berkley. left school at 16 and worked on stalls as a market trader. Widdowson has diversified into property through Kenninghall Holdings. Through Citywise. 61. when it made an £8. 44. which processes about 700.000 tonnes of scrap metal and made £11. desmond o'neill features Richest in the North West No 11 19 31 73 73 82 90 93 117 123 140 142 172 186 201 215 245 Name Wealth (£m) John Whittaker 1.8m profit on a turnover of £189m in 2009. But it was Gary. This includes the awardwinning £40m Calthorpe House. Past dividends should add £25m. the Englander family owns Holborn Links with over £131m net assets in 2008. the company appointed Franc Warwick to find a buyer for its Victoria Place.5m for a 30% stake in September 2006. 93 John Berkley & Family the Berkeley leisure Group 2009: £150m (+£10m) £160m 93 90 Sir Euan Anstruther-GoughCalthorpe & Family Calthorpe Estates 2009: £160m (No change) £160m Gary Widdowson kenninghall holdings 2009: £160m (+£5m) £165m Gary Widdowson spent £25m on a 2.7m to £69m on sales of nearly £149.2m on sales of £15.estatesgazette. The estate would now be worth perhaps £80m. But there was some relief in March this year when it secured food retailer. That values the Moser family stake at £140m. The company has been involved in an ambitious development programme in the Calthorpe estate.8m worth of freehold properties but states in its 2008 annual report that they are worth around £100m more than the book value. The estate dates back to 1717 but it was in 1985 that Anstruther-Gough-Calthorpe inherited his title from his late grandfather and the estate was part of his inheritance. and his family. Jerrold Holdings saw its profits rise slightly from £68. He can afford it.
Other assets such as farms.2m net assets in its 2008 accounts. Even so. and has developed into one of the leading property companies in Northern Ireland. One of his other companies.Broadway shopping centres in London. the net assets of the Kingmoor Park Properties operation fell £14m in 2008-09 to around £20m. is also a restaurant tycoon.estatesgazette. at Victoria railway station. while we can see £182m of net assets attributable to Boyd and his family. By the early 1990s.7m sales in 2008. In all. He has ploughed around £7m of his own money into the 400-acre Kingmoor site and. But under Lynch’s shrewd management. Caddick had bought the stake in 2007 for £75m. In all. went into industrial sites as he had the capital to acquire the land cheaply.1m in 2008. 54. He has over 100 tenants occupying around 1. It was founded in the front room of his father’s Manchester house in 1957 and became one of the largest car insurance companies in Britain. 99 Paul Caddick & Family Caddick Group 2009: £90m (+£60m) £150m Brian Scowcroft Paul Caddick founded Yorkshire-based Caddick Group in 1979 and it has evolved into a high-quality property-to-construction operation. has also branched out into property development in Belfast and Scotland in a big way. as well as an operation in Wrexham. which includes sites in Stockport and Leigh. In 1988.5m sq feet of new or refurbished buildings at his Kingmoor Park on the site of an old RAF base. Before his property work. which includes his low-key sister. a qualified chartered accountant.300 jobs. holds the largest Kentucky Fried Chicken franchise in Europe and also acts as a franchise for Haagan-Dazs ice cream. In all.com 37 . investments and properties take the Lynch family to around £152m in the current economic climate. William Ewart’s net assets though fell from £282m to £238. Scowcroft. 61. the earlier Swinton proceeds and personal assets. 53. and we still value the business at £60m. Herbel prospered through The Troubles as few rival fast food chains dared venture into Belfast and other Northern Ireland towns. its 25% stake was sold to its partner. Boyd. He began his career as a property developer and investor in student housing before moving on to acquiring nursing home sites and office market opportunities. 98 John Lynch & Family John lynch (Builders) 2009: £152m (No change) £152m 93 Brian Scowcroft & Family alard Properties 2009: £160m (No change) £160m 93 Michael Herbert & Family lebreh 2009: £145m (+£15m) £160m Herbert. The business has also opened in the Irish Republic and Scotland. Herbert. 56. 52. significant land holdings of around 280 acres of development land in Scotland built up over the years are currently worth around £100m. Victoria Place. Killultagh Estates had £51. The company was formed in 2002 when Frank Boyd and Andrew Creighton paid £90m for the Northern Ireland and British properties of a southern property group called Dunloe Ewart. Caddick is expanding fast in retirement homes through its Oakbridge Retirement Villages joint venture. Scowcroft. started out as an electrician and owned an electrical contracting business in Belfast. based in Belfast. we cautiously value the family at £160m in the current climate. we value the Scowcroft family. Killultagh Estates. was boss of Swinton Insurance. with a £300m price tag. voted Northern Ireland’s top property man in 2006. Herbel made a £4. It is the flagship in Scowcroft’s business park portfolio. the family started selling stakes in the firm to Sun Alliance. in November 2009. when it had net assets of nearly £80m. Brian Scowcroft’s business interests seem to be faring pretty well. We can see another £12m of net assets in other Boyd companies. Herbert and his family are easily worth £160m in the current climate. The group was involved in the planned 1m sq ft Trinity Leeds shopping destination but.1m loss on £64. His Lebreh operation had £111. They each own 50%. Founded by Herbert in 1981. when it made a £3. the Scowcroft family had made around £150m from the sale. Herbel Restaurants. It showed its financial muscle in September 2005 when it snapped up the Fareham Shopping Centre in Hampshire for £110m. is owned by his trusts. It should be worth £110m. has been sold to Network Rail for £95m. with it. chairs the family-owned John Lynch (Builders). Janet Lefton. The group had £11m net assets in December 2008. helped create more than 1. Land Securities. which 20 November 2010 www.8m profit after an £8m loss the previous year.4m net assets in its 2008-09 accounts. with the success of Kingmoor Park. John Lynch. an Ayr-based property-to-construction group which has been built up over the past 39 years. at around £160m.
5m in 2008-09. In the year to August 2009. After training as a chartered surveyor. we value it at £100m.38% yield. The profits from past deals.com Nick Leslau Prestbury investments 2009: £130m (+£20m) £150m 99 Eli Shahmoon & Family O&h Capital 2009: £250m (-£100m) £150m Nick Leslau managed to float his Max Property Group on the stock market in May 2009 valued at £220m. in the current climate. Its investment properties include three in central London – in Harley Street.4m. retail and residential development. The company is now worth £224m. is the partner of David Gabbay in the London-based property-to-construction group. O&H capitalised on renewed demand from the institutions at the end of last year with the sale of an office block on Conduit Street. O&H Holdings. In the current climate.1m – a 6. O&H Holdings saw its net assets fall sharply from £478m to £255. The son of a jeweller.4m sales in 2008-09. has an impressive record of commercial. dividends and other assets should take the Shahmoons to £150m. valuing Leslau’s stake at £20. established more than 40 years ago. Prestbury Investment Holdings had £65m net assets in 2009. We cannot accept that valuation and. The group also shares ownership of the Headingley Carnegie Stadium home of Leeds Rhinos and Leeds Carnegie (formerly Leeds Tykes) rugby teams and Yorkshire County Cricket Club. The Caddick family – led by 60-year-old Paul Caddick – and trusts own more than 90% of the shares. But the lack of England test matches at Headingley until 2012 is likely to hit its finances hard. we value the business on the net assets. and Leslau has a near 52% stake. In all. In his 20s. Leslau redeployed the money elsewhere in budget hotels. we reckon Gabbay. to Threadneedle for £24. Leslau correctly anticipated the property slump. Charles Clowes Clowes developments 2009: £130m (+£20m) £150m 99 East Midlands entrepreneur Charles Clowes bought Wilson Bowden Developments’ 290-acre industrial and distribution portfolio for the knock-down price of £46m in late 2008. Rich by decade born Note: there are more than 250 in total as some entries include two. north London.estatesgazette. These assets have been secured on long leases with regular upward rent reviews. In 1997. and his personal property assets. he teamed up with Nigel Wray to build Burford Group into a £1 billion business. and the pair sold off properties well before the start of the credit crunch. 38 www. Caddick Group made a £2. and his family must be worth around £150m with past salaries (more than £30m from 2001-08). Past salaries. his Max stake. he started his Prestbury operation. Max intends to exploit the weakness in the UK property market by picking up bargains. In the current climate. easily take Leslau. even in today’s still difficult market. industrial land in Corby. all of which hold up well in recessions. The Shahmoon family owns half of the business. or even three. Castle Donnington and the Dove Valley Park in Derbyshire.5m. It was the first flotation in London of the year and raised £20m more than planned. These include industrial parks. private healthcare and theme parks. he was a part-time model and appeared as an extra in pop videos. 20 November 2010 Eli Shahmoon. Eaton Place and Edgware Road. W1. It has nearly £59m net assets but reports in the property press suggest that Clowes is looking to sell up for £300m.5m net assets in its 2008-09 accounts. The parent company has been reorganised but we assume that the Gabbay and Shahmoon families own half.6m sales while net assets came in at £42. to £150m. Clowes owns all the shares in the company which made £1.estates gazette rich list 2010 plans to build three retirement villages in the UK each year. 66. 43. which he co-owns with Wray. hefty dividends of more than £40m since 2000. Other private assets and sale proceeds take the Caddick family to around £150m. we settle for £150m for 70-year-old Clowes. 51. people from the same family 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s 11 65 83 77 38 4 1 1 . Clowes Developments. 99 David Gabbay & Family O&h Capital 2009: £250m (-£100m) £150m 99 a MOdEl MOGul Gabbay and partner Eli Shahmoon have had a tough time recently but still have substantial assets in their O&H property operation. Birmingham. Leslau grew up in a modest three-bedroom house in Cricklewood.8m loss on £64. which showed around £255. Wednesfield.9m profit on £11.
With other assets. Capstick-Dale. he has been assembling an impressive long-term portfolio. he is in the right area at the right time. Harris. Rohan is involved in the industrial sector. Ogden. The company reports strong demand for its French assets and its London commercial properties and expects that its rental income will grow to £50m over the next three years. 105 Nick Capstick-Dale uk real Estate 2009: £122m (+£26m) £148m Property investor Nick Capstick-Dale made a smart move by investing early in the area surrounding London’s Kings Cross. We value the business on the net asset figure. It is the first building that anyone leaving King’s Cross sees and work finally started on the site in the summer of 2010 with a completely new building behind the old facade. the 74-year-old Ogden is easily worth £150m. £150m 2009: £115m (+£35m) for horseflesh (he was a big purchaser at the Tattersalls. The company specialises in the fast-moving and ever-changing London lettings market and the super-prime market in France in Paris and around the Alps. but he has another stable star in the shape of Voy Por Ustedes.3m to £7. but its net assets jumped from £138. Ogden Properties and Nevison Properties. It has no funding problems. based in London. In May 2009. in 1989. where he is also a director. through his main company. a 66-year-old veteran property man from Wicklow. But with many other private interests and the fine collection of horses. He has a number of property businesses and assets which underwrite Ogden’s passion Sir Robert Ogden Ogden Group. Since then.8% stake in the company. three months before the property crash. a London-based property operation. John. which was set up in the 1960s by his brother.000 profit on £48. Ken Rohan became managing director of the group in the 1970s. A year later he was buying back some of his assets at a 40% discount. concentrating on the north side of Dublin as well as a range of other interests in Ireland. Capstick-Dale has very low borrowings and has been able to buy sites in the downturn at huge discounts. including Condor Aviation. Nick Capstick-Dale Graham Harris owns London & City Group Holdings.estatesgazette. a long time racehorse owner. Britain and Barbados.6m sales. owner Ken Rohan. With the Eurostar trains now using the St Pancras international terminal and a huge regeneration underway.1m when it showed £125m net assets. Newmarket. despite the banking crisis. 63.8m to £143. learnt about property working for an estate agency for four years. 106 107 Ken Rohan airspace investments 2009: £165m (-£18m) £147m Graham Harris london & City Group holdings 2009: £117m (+£28m) £145m Profits at Irish property company Airspace Investments fell sharply in 2008 from £26. 48. made his fortune through coal. In all.com 20 November 2010 39 . Ogden now runs a number of companies from his Yorkshire base. He worked in the London Stock Exchange before returning to Ireland to join the Rohan Group. he should be worth £147m in the current climate. We can see another £3m net assets attributable to Rohan in other smaller companies. with more than £68m net assets between them in 2008. should easily be worth £145m.5m.3m. he sold all his properties. In 1986. UK Real Estate. In 2008-09.hOrSES arE hiS PridE 99 Sir Robert Ogden received a crushing blow in 2009 when his race horse Exotic Dancer died at Aintree. with other assets and recent dividends. he started trading in property and. London & City made £689. now with around £150m net assets. But his long association with the industry ended in 2006 when he sold his coal washing and processing business – A Ogden & Sons – for £24. It follows on from CapstickDale’s new Covent Garden-style leisure-to-retail complex which he built in the heart of the area. www. Rohan also has a strong UK property portfolio. bloodstock auctions in late 2009). gave each of his three children a 14. He spent nearly £4m in June 2006 buying The Lighthouse building at the junction of Gray’s Inn Road in London.
2m sales in 2008. 110 Chris Marshall & Family Marshall holdings 2009: £130m (+£6m) £136m 107 £145m Gerald Ronson & Family heron 2009: £180m (-£35m) Gerald Ronson’s £500m Heron Tower in the City has now reached its full 46 storeys. 46. 71. Marshall. It is easily worth £130m. Not that he needs publicity for when he does a deal the rest of the market sits up and takes notice. a victim of the early 1990s property downturn. 111 109 Anthony Brotherton-Ratcliffe & Family Croudace holdings and Maybrook 2009: £125m (+£10m) £135m Clinton McCarthy & Family Churchill retirement living 2009: £115m (+£25m) £140m Specialist house builder Churchill Retirement Living predicts a shortfall of 62.3m net assets. Ronson is cautious in his plans. Even so. it is easily worth £60m. which was floated on the stock market in 1982. At the same time. which has recently been valued at about £120m. Hyde Housing Association. Marshall reckons that with a solid balance sheet and a good relationship with the banks.com make a £4. As a result. Credited with being the most successful speculative developer in the region.5m net assets in 2008. The Caterham-based company has more than £77. Ronson earned a £12. With strong cash reserves.7m to just under £160m in 2008. spot a bargain or make a turn. The Hampshirebased operation. we value the McCarthy family at £140m. Ronson revealed recently that over the past 25 to 30 years he has given away £35m to charities. But he is now looking to turn that into a 5-star hotel development rather than yet more offices. Outside Heron. Then he became embroiled in the 1986 Guinness scandal. Marshall Holdings is well positioned to take advantage of any upturn. Ronson. demonstrating its resilience. Marshall Holdings. Heron nearly went bankrupt. put in £44m of his own money. Marshall Holdings’ net assets rose from £153. .9m profit on £197.4m. it is defying the downturn by buying 60 new sites. Despite the economic climate.estates gazette rich list 2010 rOnSOn FlyinG hiGh with hErOn £74. Ronson served six months of a 12-month sentence in Ford Open Prison after being convicted of secret share buying agreements in connection with Guinness’s £2. He grew the business but left in 2004 after backing a first rebuffed bid for the operation by his sons. This is why Ronson is regarded in property circles with awe for his ability to do a deal. But Ronson emerged from prison and rebuilt the operation – something he makes much of in his 2009 autobiography. After seven years in construction. moving from a £28.2m at Chris Marshall’s Leeds-based company. McCarthy stood down as chairman and sold his stake for 20 November 2010 Croudace Homes recovered in 2009. Profits fell in 2008 from £16. and in July secured its first tenant. John McCarthy. runs the company started by his great grandfather in 1901 in a very low-key manner. made a £22m profit and showed £434.9m salary in 2007. We add £6m for past dividends to the Marshall family. wanted to cut its price in the light of the credit crunch and subsequent collapse in the housing market. is run by brothers Spencer and Clinton McCarthy.5m profit.estatesgazette.8bn bid for the Distillers drinks company. He set up McCarthy & Stone. In the 1970s and 1980s Ronson built his Heron property empire and a £600m fortune. His sons are very much in the driving seat at Churchill Retirement.8m to £107.4m loss into a £1. With the earlier sale proceeds and other assets.3m to £5m on sales down from £114. when it showed nearly £43m net assets. the 794 ft structure will be ready in 2011. Ronson has the Snax 24 petrol retailing business which made £1. The potential buyer. The planned £100m sale of the business had been abandoned in May 2008. On the back of this huge generosity we clip him back to £145m. Next to the tower he is developing the 24-storey Heron Plaza.5m profit. Heron International.500 retirement homes by 2020. 71. the parent company. They learnt all about the retirement home market from their father. which in the year to May 2010 is expected to 40 www. and the Oman government backed him in late 2006 to finance what he calls a “six-star” scheme.
The business. That stake is now worth £46m. called CD Bramall. 74.3m profit on £15. he sold the Harrogate-based operation to the much larger Pendragon in a £230m takeover. which are faring well. Aside from Croudace Homes Group. leisure. Jack Brotherton-Ratcliffe.2m. However.estatesgazette. 60. slightly below the net asset figure. picked up 10% of the company “many years ago” when the shares were trading at just 9p. but the net assets fell sharply from £149. netting £76m for his stake. saw its profits fall to just £2. in the period from 1996-2009. 41.5m into his second car venture.3m sales in the year to September 2009. also had another car dealership. The family-owned company remains one of the Midland’s largest property investment and development companies with a portfolio across the retail. Britain’s second biggest quoted car dealership. for £222m cash. But the business still remains in family hands and is now run by his son Anthony.3m profit in 2008 when they showed over £89m net assets. who served in the RAF with distinction during the second world war. which was started in 1950. After training as an accountant and working in a Sheffield estate agency. The takeover price valued each share at 197p. the family had £36m of dividends before tax. Between them. so Guthrie made a profit of around £22. It was seen as a cashrich buyer taking advantage of falling property prices. and nine years later Bramall agreed his first takeover by Avis. the Bramall family is easily worth around £132m after tax and reinvestment of sale proceeds. office and industrial sectors. The move effectively scuppered rival Pendragon’s £245m bid for Lookers. that was sold for around £24m in March 2010. take the family to around £135m after tax. The company was floated in 1978. Other assets. now leads the Horton family on the board of Hortons’ Estates as deputy chairman. following the retirement of Michael Croudace Homes is but one part of the property-tohousebuilding operation run by the Brotherton-Ratcliffe family. Croudace was actually founded in 1946 by Oliver Croudace and initially involved in minor contracting works. Li Ka-Shing. Bramall’s money comes from the car trade. We can also see another £34m of net assets in the 2009 accounts of Bramall Properties and Winterquay. arrived as a partner and bought out the business entirely in 1950. 111 John Guthrie & Family Broadland Properties 2009: £120m (+£15m) £135m A chartered surveyor by training. 74. Bramall’s proceeds should have been £18m.3m on the deal.FaMily BiG in MidlandS 111 £135m Other assets. Bramall. including £35m of dividends from Horton as chairman in 2008. www. In January 2004. the family also own Croudace Properties Group and Maybrook Properties. 114 Tony Bramall & Family Bramall Properties 2009: £92m (+£40m) £132m Peter Horton & Family hortons’ Estates 2009: £160m (-£25m) Horton Estates made £6. But retirement did not beckon then and in 1990 Bramall put £1. the two made around £8. slightly below its £127m net assets.5m in February 2009 acquiring a Leeds office block using his own money and no debt. He raised eyebrows in the car trade in April 2006 with his third foray by paying £56m to acquire a stake in Lookers. collecting £45m for the family stake.2m on £27.com 41 . Guthrie. later taking over the reins. In all. which Bramall had opposed. 20 November 2010 Tony Bramall spent £18. adding more than £20m for past dividends and other assets after tax to the Horton family.8m to £116. Peter Horton. the Scarborough property operation. John Guthrie chairs Broadland Properties.8m sales in the year to September 2009. he began his life-long association with the car trade in 1963 when he joined his father’s Sheffield-based car dealer. In the light of the failed sale. such as White Rose Finance (£5m net assets) should take the Guthrie family to perhaps £135m after tax. But we value Broadland at £120m. 1993-2005. two property and farming ventures. We value the company at £115m. aged 90. Bramall & Jones. Guthrie was the biggest winner from the May 2005 sale of the Merchant Retail business to Hong Kong billionaire. He died in 2009. we value the three businesses at around £120m.
2009: £131m (No change) Julia Davey was an estate agent before she branched out into the renovation and sale of apartments. 117 Cyril Dennis & Family Rumford Investments 2009: £130m (No change) £130m In March 2009. and Israel. a London-based property operation. 115 Julia Davey Angel Group £131m as Number One.estatesgazette. we value the pair at £130m. Dennis.000 to take on the property world. in parallel. It is in the Nordic region that their company. It is also building up a chain of smart boutique hotels and top level wedding venues. though their father was a stockbroker. owns it all. The brothers have more than 80 companies. Dennis spent more than £23m acquiring the 403-bedroom Le Méridien Beach Plaza hotel in Monte Carlo. They started by buying and redeveloping industrial space in Shoreditch. has a good pedigree in shrewd property deals.3 acre site on the Isle of Dogs for £47m in September 2006. He became a frequent seller at auction and intends to reduce the size of the portfolio by as much as a third over the next five years to reduce Structadene’s £838m of debt. 65.5m sales in 2008-09. Smaller companies add another £5m net assets. Last year. has done really well in recent years. they developed office and industrial space in the Midlands. he bought the site for just £2m. The funds will be reinvested in central and northern Europe. at around £131m. which has started to move into government accommodation contracts and. Boultbee. 66. when it made a big loss of over £43m. Cyprus. We add another £51m for her property and personal assets. Cautiously. on the fringes of the City. his Structadene business saw its profits rise from £4. Pearl. The banking crisis in late 2008 forced the Boultbee Brooks to replace £80m of facilities previously provided by the failed Lehman Brothers. 53. In nearby Antibes.5m to £23. He switched to property on the advice of an estate agent friend and. he is converting the former Le Provençal Hotel into 60 apartments after it had been left empty by its previous owner for 34 years. 49. they turned to retail. In 2008. allowing for any debt in the business. He sold a 3. with other companies such as the £7m Angelic Interiors. the biggest being Boultbee Construction with £126m net assets in 2008. With a planning application for a landmark 42-storey tower in London Docklands.9m profit on £31. she built the Angel Group. decided he liked the business. It has £64.6m thanks to a strategy of selling off assets. We add £4m for his stakes in smaller companies such as the Good Vibes gym chain and his past salaries. 47. We value Structadene on the net asset figure. The company’s net assets came in at £127m. a mechanical engineer and intrepid polar explorer. after two days. and Clive. The brothers – Steve.estates gazette rich list 2010 115 David Pearl Structadene 2009: £147m (-£16m) peARl’S StRAteGy pAyS off £131m David Pearl left school at 15 and spent four years packing cardigans into boxes to earn his living. known 42 www. Currently. In the 1990s. down again on the previous year. the acquisition of properties and developments. They sold their cars in 1987 for £5. at an advanced stage.3m net assets and.com 117 Steve & Clive Boultbee Brooks Boultbee 2009: £200m (-£70m) £130m Steve and Clive Boultbee Brooks sold off three Swedish shopping centres in June 2010 for £125m. the Angel Group is involved in major projects in London and other developments in Eastern Europe. The group made a £2. a chartered surveyor – grew up on a farm in Staffordshire. Nine years previously. Davey’s business assets should be worth more than £80m. we value Davey. . After 10 years of hard work. After narrowly surviving the property crash. it sold Helsinki’s Kamppi shopping centre for around 20 November 2010 £390m.
has worked on schemes from London Docklands to Glasgow. Today. In 2008-09.2m to £112. net assets of £139m and a rent roll of £14m. since 1999. we value the family on the £130m net asset figure given on the company website.8m to £2. doubling its turnover and taking on 400 more staff since 2004. held by the Dennis family and trusts.4m to £125. 58.com 20 November 2010 PÄl Hansen 43 .6 net assets. The company reports that it has a £240m property portfolio.000 profit in 2008-09. while Inspired Developments is the group’s regeneration division. the birthplace of modern auctions. They have around £50m net assets. London’s Park Lane and the United States. and has net assets which fell from £155. including Rumford Investments. Sutton will also play a crucial role in Grimsby Town Football Club’s plans for a new £15m stadium as it will be built on land he currently owns. He has owned the site. Dunsdon had a surveying background but learned more from his property Sir Richard Sutton & Family Sir Richard Sutton’s Settled estates 2009: £115m (+£14m) £129m Steve Boultbee Brooks Profits at 73-year-old Sir Richard Sutton’s Settled Estates rose sharply in 2008-09 from £2. adding £5m for past dividends and other assets. netting a profit of £50m in the process. dealer father. But with the property downturn easing.8m on sales of £10. We value the company below its net assets at £100m in today’s climate. both 68. which he sold in 1987. we can see around 50 small companies.6m and sales were up slightly at £13. a Sale-based industrial and residential developer. 123 John Seddon & Family Seddon Group 2009: £85m (+£41m) £126m John Dunsdon & Family Coldunell 2009: £130m (No change) £130m 121 Esher-based property company Coldunell saw its profits slump in 2008-09 from £5. This explains why the company is on a roll. Dunsdon is renowned as one of the shrewdest operators in the property auctions market. We value the estate on its £123. Dennis sold 75% of the portfolio to Legal & General for £116m. taking into account other company assets. The modern Seddon Group was created in 1957 and it is now run by the third and fourth generations of the family. we value the business on the net asset figure. It is also involved in property development and golf club management.2m. 117 John Hindle & Family Brookhouse properties 2009: £90m (+£40m) £130m 122 Mathias & Miriam Kraus pall Mall Investments (london) 2009: £100m (+£27m) £127m Richest in the South West No 18 55 55 93 109 117 121 140 193 219 228 Name Wealth (£m) Prince Charles 680 Harry Hyams 320 Charlotte Townshend 320 John Berkley & Family 160 Clinton McCarthy & Family 140 Steve & Clive Boultbee Brooks 130 Sir Richard Sutton & Family 129 Jonathan Hitchins & Family 112 Nicholas Porter 70 Dan McCauley 56 Mark Kay 52 117 Brookhouse. which made a £908. The Suttons have valuable Clive Boultbee Brooks Seddon Property Services landed a £19.800. is here as the senior www. In 1994. we keep the Dennis family at £130m. it made a £4. He began his career attending auctions at the Fur Trade House in the City of London. is owned by a Luxembourg-based trust. PÄl Hansen Mathias and Miriam Kraus. We add £1. Brookhouse Group. After a spell advising the Berisford Group. A £67m development in Liverpool was also completed in 2006 by Dennis. Sutton inherited the title from his father in 1981 and runs the property-to-farming group. 75. own Pall Mall Investments (London). With the developments in the pipeline and the profit from the Isle of Dogs sale. 76. before it moved to the Connaught Rooms in Bloomsbury in the early 1970s. he built up his own property business with a portfolio spread across the UK. We assume it is owned by the Hindle family and. He began his development work as the half owner of an Essex housebuilder. acreage in Lincolnshire. It is part of the Cheshirebased Seddon Group which was founded in 1897 by two Lancashire bricklayers.estatesgazette.7m. Its net assets also fell from £125. The business is run by John Dunsdon. a North London-based property group.6m.3m profit and showed nearly £82m net assets in 2009. which was recently touted as a possible location for the UK’s first giant casino. who founded Coldunell in 1959.2m. Somerset. adding £30m for other assets. and has been in business since 1932. the company gave the Conservative Party £2. and owned by his family and trusts. The first non-family member now chairs the company but John Seddon. It is run by veteran property man John Hindle.8m to £3.5m maintenance contract for a social housing provider in February 2010. But this is difficult to firm up as the parent company.4m for past dividends to the Kraus family. Nevertheless.Dennis has also secured approval for a development at Peruvian Wharf in the London Docklands at the fourth attempt.
Edinburgh House Estates (Holdings).4m net assets and a £3. and Dorgan Properties with £1. are directors of J Leon. in 2008. and add £12m for Shanly’s past salaries and other assets. We value the businesses slightly below the total net asset figure at £110m. Raymond’s property business grew as he moved into upmarket Kensington and Notting Hill. and Robert Slowe. The charity also helped the local Age Concern charity with a new kitchen. but he never failed to buy up any building in Soho that came on the market. is a London-based property operation. 54. pRopeRty tyCoon WItH ARt At HeARt 124 Michael & Robert Slowe J leon 2009: £95m (+£30m) £125m 126 Andrew Creighton William ewart properties 2009: £90m (+£30m) £120m Cousins Michael. the company is easily worth £120m in today’s market. It has £60.8m profit. We can see other companies owned by Creighton. Roberts is best known as the man behind the philanthropic David Roberts Art Foundation in London. 75. Roberts has a near 78% stake worth £110m in the current climate.8m net assets in 2009. But cautiously. Its parent. In 2009-10. including Lanyon Place. made a £1.5m net assets and turned in £2.9m in 2008. the Michael Shanly Charitable Trust stepped in to ensure that an outdoor activities centre costing £3m could be developed in Marlow. showed £232. to £120m easily.estatesgazette. who started out on his path to riches through top-shelf magazines and Soho clip joints. when its net assets fell from £165m to £141.8m net assets. His main operation is Sorbon Investments. the wider Seddon family should easily be worth £126m. Creighton came to prominence in 2002 through one of the biggest property deals in Belfast’s history. The Seddon family also own Seddon Properties. Paul Raymond. His art collection and other assets. a family-owned property investment and holding company. along with an area around Cathedral Way which has been touted as a new retail extension. With partner Frank Boyd. including Hazelhaw Properties with £1. add around £79m further net assets in 2008. 20 November 2010 .7m sales and showed record net assets of £177m. the Seddon Group made an £8m profit on £253m sales. Windsor House. the company and family are very low key.2m.6m profit on £13. With low borrowings and a strong balance sheet. Based in London. A former chief executive of Bourne End Properties. 126 Fawn & India Rose James & Family Soho estates 2009: £120m (No change) £120m Fawn James inherited the bulk of the property fortune owned by her grandfather. despite its name. 126 David Roberts edinburgh House estates 2009: £105m (+£15m) £120m David Roberts sold the majority of his UK portfolio in 2004 and headed to Germany. Andrew Creighton has become one of Northern Ireland’s leading developers. The company began marketing its three London shopping centres for £300m earlier this year and has sold one – next to Victoria Station – to Network Rail for £95m. 44 www.estates gazette rich list 2010 family member representing the family and trusts which own the company. In 2009. The Thames Valley and Buckinghamshire is fertile territory for Shanly. 73. who founded the upmarket Michael Shanly housebuilding operation in 1970. such as a stake in Bawtry Properties. 49.1m net assets. should take Roberts.com A former plumber. This formed the basis of William Ewart which. Aside from property. the Howden Sirocco site. The pair spent £90m buying out the Northern Ireland property holdings of Dublin-based Dunloe Ewart.2m profit on £2. at £120m in today’s climate. We value the company on its £85m net assets figure. gaining around 12 properties.1m sales in 2008. which showed £41. But other Shanly companies.8m sales in 2009. In all. more than £125m of net assets are attributable to him. We add £5m for dividends and other assets to the wider Slowe family.3m profit on £6. the firm made a £4. and three London-based properties. the Thames-side town. With other assets. including Sorbon Homes. we value Creighton. He chairs and owns at least 13 significant but separate building or development companies. 125 Michael Shanly Michael Shanly £122m 2009: £82m (+£40m) In January 2010.3m profit on turnover of £52. with a 50% stake in William Ewart Properties. a former electrician. 64. he now runs Edinburgh House Estates which. which made a £3.
is also a shrewd property developer. In December 2005. a £13m dividend in 2002-03 and smaller companies we can see with net assets of £2m. owned by Gredley and his family trusts. but India Rose is still too young to join the business. But in the current climate and after the hefty losses at Chelsfield Partners. who has been fighting cancer. He also takes several hundred to Great Yarmouth on an annual summer day. Today.9m to £102. to beat off competition to land the American embassy site in London’s Grosvenor Square in early 2009. most commentators think there is a lot more tucked away for the family. 20 November 2010 132 Bill Gredley & Family Unex Corporation 2009: £95m (+£23m) £118m Bill Gredley is well liked by the pensioners in his neck of Suffolk.8m sales in 2009 and has more than £130m net assets. He kept the rights to the name Chelsfield and naturally started again. But it is racing where he has made his name in the wider world. turning his £56m into £82m. we can see some asset-rich companies where he is a director. It also shows only modified accounts now. His silks – yellow. lost £101. Gredley. Profits soared to £15. 2009: £219m (-£100m) 126 Gerard Versteegh & Family Gerard Versteegh Holdings 2009: £120m (No change) £120m Gerard Versteegh has been involved in the London property market since his mid-20s. white cap – are among the most familiar on the turf. Proudreed. The 50-year-old low-key Swede started managing properties for Scandinavian companies in the UK through his London-based property consultancy. Gestrix showed only modified accounts in 2007. 64-year-old Smith is worth £119m.3m in 2008. the old site will be redeveloped in a £500m scheme. But with the huge asset base in Soho. In the current climate. Five months later. Gredley’s racing interests. and were carried to victoryin both the Oaks and St Leger by his famous horse User Friendly. made £16m profit on £26. Chelsfield Partners. We add £5m for other assets such as his Hampshire stud farm and string of racehorses. we cut Bernerd back to £120m.3m sales in 2008. Bernerd sold the business. he also took a one-third stake in a £400m European property fund and acquired a minority stake in 47 cinemas in Poland.7m of loans. we keep the Versteegh family at around £120m. He reinvested the rest.estatesgazette. Smith also had a £24m stake in AIM engineering. floated on the stock market in 1993 and then took private in May 2004. the property company of Elliott Bernerd and another property veteran. 77. 24. black and yellow striped sleeves. Paul Raymond Publications. We value the company. which he owns jointly with Caspar Macdonald-Hall.7m profit. Sir Stuart Lipton. In all. with a raft of heavyweight backers. we still value the granddaughters and family at £120m until we can see more.8m net assets. there are £27. previously ran another Chelsfield operation.com 45 . Chelsfield. Bernerd. When the Americans leave for a new embassy south of the river. www. he has treated 700 pensioners to a three-course lunch. which he founded in 1986.7m. which is involved in large projects in Italy and Gibraltar.3m net assets in the magazine business. VeteRAn StIll In tHe deAl MIx 130 Jeff Smith proudreed 2009: £65m (+£54m) £119m 130 Elliott Bernerd Chelsfield £119m Smith’s main wealth is in a property company. however. It has £372. The firm made £12. Raymond was always determined that Fawn and India Rose James. pocketing £45m from selling part of his stake. but £12. which makes aircraft seats and safety systems. Smith’s stake there should be worth £65m. His will left £75m to his granddaughters. take him and his family to around £118m after tax. led by Gestrix. also disclosed that at 31 December 2008 it was in breach of certain financial covenants on £155. Another dissolved Versteegh company – Anglo Scandanavian Estates – showed more than £95m net assets in 2006. But the slight improvement in the property world since the accounts were audited in September 2009 has eased the pressure and the loans do not need to be repaid immediately. would inherit his estate. Fawn. lopping off a further £1m for his generous donation to the Saving Faces charity. became a director of the Raymond companies in 2007.1m in 2009. on the net assets. Every Christmas for the past seven years. In addition. in the company. In March. His Unex Group operation showed a £10. Commercial Estates Management. which showed £191m net assets in 2006. It was the heavyweight backing of Qatar which enabled Elliott Bernerd.Soho Estates Holdings. having finished a degree in social anthropology at St Andrews University. Chelsfield teamed up with London & Regional to buy a 50% stake in Elizabeth House in SE1 for £85m. worth around £56m. Cautiously. the daughters of his late daughter Debbie.8m profit on £31. and in June it worked with Olayan Group to buy £580m of Knightbridge assets.6m loss in 2008-09 when its net assets fell from £116. Bernerd also has the separate Chelsfield Investments International. 65. but its parent had £4m assets in 2009. AIM was subject to a management buy-out in June 2010. the main Raymond company.
It shows that as a pensioner himself. Farmer has not neglected business and recently sold choice Edinburgh properties for £2. In 2004. He founded the Kwik Fit chain of garages in 1971. Kirch has not retired from what he likes best – investing in companies. along with the low-key Pears family.estatesgazette. In 2006 he was reputed to have made £2m in two months dealing in the shares of UK Coal. Yet he was savvy enough to retain the freeholds on many Kwik Fit properties. his development activities continue apace.500. As a result. recently submitted a planning application to Stockton Council to bring back the famous Globe Theatre as a top live performance and entertainment venue with an audience capacity of 2. 49.2m. But even with recent deal-making and asset sales.5m of net assets. but these are no longer recorded. We can see half a dozen small property companies controlled by Farmer or his trusts with around £17. he took over Property Acquisition & Management. He cast a slide rule over UK Coal.1m. the net assets rose to nearly £85m. His family’s two property groups. In the current climate.4m. selling his last properties in 1988 for £30m. well-located London properties that I bought at auction at the height of the market. In December 2003. later selling the company to Ford in 1999 for £1bn. 70. a leading local developer. We have not seen any accounts recently but after that deal. In October 2009. But that is just the tip of the Kirch fortune. run by Stuart Monk. ranging from leisure to health care. It is already working hard to transform the waterfront Sir Tom Farmer Morston Assets £115m 2009: £110m (+£5m) RICHeS BUIlt on RUBBeR 46 www.25m. He is best known in Scotland for owning 90% of Hibs. he bought a Newcastle business park for a cut-price £20.estates gazette rich list 2010 132 Anthony Khalastchi & Family flodrive Holdings 2009: £105m (+£13m) £118m We value the businesses at the net asset figure. Kirch has been involved in a bewildering array of investments and takeovers. they sold 38 of the pubs. Meanwhile. he sold eight properties at auction – most of which were in London – at prices he says he could not have fetched two years ago. “In all my years in property I have never seen anything like this. 132 Stuart Monk & Family Jomast 2009: £99m (+£19m) £118m Stockton-based Jomast saw its profits come in at £3. a managed office business. who has a nose for an undervalued asset. before abandoning plans for a bid. which may mean a sale. Channel Hotels & Properties.” And in July it was revealed that Khalastchi. Early in 2008 he sold a portfolio of properties to Irish investors for £48m. we keep him at £120m. Farmer. In February 2009.” he said.5m by selling a stake in KBC Holdings. should now be worth £115m after tax. In October 2004.5m deal.9m on £13m sales in 2008-09 when its net assets rose from £116.88m. 132 David Kirch Channel Hotels & properties 2009: £118m (No change) £118m 136 Jersey-based property investor David Kirch has often shown a good sense of timing. We did see £16. the Edinburgh football team. showed £103. bought the 252-strong Punch Pubs’ portfolio for £57m. in a £69. Property investor Tony Khalastchi sold two DIY store sites in February 2010 for a combined total of £17. netting £15. 74-year-old Kirch cannot be immune from the steep fall in asset values. I can get more than my money back on the well-let. He made his fortune in London residential property in the 1960s. Farmer netted £78m for his stake. Khalastchi. Flodrive and Strandpark Properties. adding £15m for other Khalastchi family assets. was bidding to buy Joseph Ackerman’s £90m New York portfolio of banks and offices. Such moves are typical for the shrewd Kirch. but it is tyres that made Farmer his first fortune.com 20 November 2010 Sir Tom Farmer recently made £8. .4m net assets in their 2008-09 accounts. generating £1m a year in rents. an investment trust with a £200m property portfolio. 61.5m-worth of stakes in quoted companies held by his company. “The last few weeks have been crazy.5m to £121. The company.
on the net asset figure. WE Black. new villages and other developments in Wales and the South West. Planning permission has been granted on plans submitted by Jomast to redevelop a 4. The Bonnington Group went from a £21m profit to a £5. With his racing interests added. including Bandoffice. In all. 2009: £113m (No change) 138 Jim McGettigan McGettigan £114m Eric Gadsden’s Chesham-based company. office accommodation and waterside apartments. should be worth at least £113m in this difficult market. Richest in the North East No 71 132 191 208 Name Wealth (£m) Alastair & Michael Powell 209 Stuart Monk & Family 118 Jeremy Middleton 72 William Rankin & Family 61 136 Heinrich Feldman & Family Inremco 26 2009: £105m (+£10m) £115m Feldman is a low-key London property owner and trader with more than 50 directorships to his name.7m profit on £17.5m loss on £15. took little out of the company in either dividends or salaries. McGettigan. McGettigan trumped retail giants Tesco among others to purchase the art deco former Gillette headquarters in west London. a quoted brick maker he chairs.65 hectare site at Jackson Dock. Monk and his family trusts own it all.5m holding in Michelmersh Brick. The developer still has a rock-solid balance sheet. It made a £2. Dawson.com 47 .2m sales in 2008-09 when its net assets were £107m. the veteran Donegal hotelier. He sold The Parliament Hotel in Dublin for around £16m and the Bonnington Hotel in London for £74m. The prestigious 470.at Hartlepool Marina after a £100m development was given the green light in June 2008. owned by Dawson and his family trusts. As a result. 73. flats. 20 November 2010 www. With other assets. It should be worth 140 Jonathan Hitchins & Family Robert Hitchins 2009: £90m (+£22m) £112m 2009: £195m (-£81m) Rich in the Channel Isles No 5 Name Wealth (£m) Sir David & Sir Frederick 1. is easily worth £115m in today’s climate. which includes Olten Investments and Regan Developments. The Cheltenham-based developer is building business parks. we reckon Feldman. It is worth its net assets and is owned by the Jensal Settlement. We value Jomast slightly below the reported net assets at £115m.5m net assets in the same period. Gadsden. McGettigan owns the Bonnington Group in London and property interests via his McGettigan company in Dublin. But it is not immune from the downturn and. Trincomalee Wharf will include a luxury four-star hotel.4m net assets. 65. as owner. His business empire began when he returned from London with wife Patsy in 1964 and purchased a pub on Dublin’s Queen Street.800 Barclay 41 Clarke Family 400 132 David Kirch 118 232 Malcolm Hall 50 Jim McGettigan.6m to £50. We value the business. 140 Peter Dawson & Family Consolidated property Wilmslow 2009: £78m (+£34m) £112m 139 Eric Gadsden We Black £113m Property developer Peter Dawson runs Consolidated Property Wilmslow .5m. profits at the Robert Hitchins Group fell from £8.9m sales in 2008. we assume that the Dawson family is the ultimate beneficiary. His main holding company is Inremco 26. Gadsden. which showed £58. Jomast is also focusing on the Newcastle office market with plans for a 30.000 sq ft scheme will link the marina with the town centre and is seen by many as the final piece of the jigsaw for Hartlepool Marina. which was incorporated in 1983.4m. including a £3.8m loss in 2009 and showed £21. opened an £80m hotel in Dubai in May.2m to £1. we value the family at £112m. in 2008-09. 75. an Alderley Edge developer. He has past stakes or current ones in quoted companies worth around £4m. and the £112m Regency Hotel Group. The Bonnington Jumeirah Lakes Towers hotel and apartment complex has more than 200 bedrooms and 250 A new Cheltenham Office Park creating 1. was the settler and trustee of this trust. though its net assets fell £5m to £90. From that one pub he has built the McGettigan Group. Dawson is also a director of the separate Gemsupa. McGettigan started his career as a first-class waiter on the Queen Elizabeth. should be worth £114m after tax in today’s difficult market.000 jobs is planned by the Robert Hitchins Group. In 2005.000 sq ft development to the north of the city centre.9m in 2008-09.estatesgazette. shops. £70m in today’s difficult climate. Consolidated saw its net assets rise from £49. We can also see Feldman stakes in a host of smaller property firms worth more than £9m.4m on sales which were also down £12m at £26. There are another £41m of net assets in Three Rivers Property Investments and Church Cottage Investments. We add another £3m for other assets and stakes in separate companies. went from a £16m profit in 2007 to a £4. Taking into account other assets. restaurants. 58.
he floated the enlarged group five years later. which operates in the South West. he had sold the company. Lola Group made an £821.3m loss on £61m sales in 2008-09. We add another £25m after tax to the Hitchins family for other assets.000 sq ft of commercial property.000 loss on £21.6m in 2009. As a result.5m. after significant investment. when it made a £1. in the current climate. Lola now has a strong order book and the financial performance is improving. Within two years. 142 William Ainscough & Family langtree Group 2009: £120m (-£10m) £110m Bill Ainscough’s Langtree Group recently invited tenders for its £40m stadium project with St Helens Rugby League Club and Tesco. 56. we value it at that level. he founded the Wainhomes housebuilding business.000 houses and over 1. has built up and sold stakes in companies such as Ex-Lands and Clubhaus.9m to £70. Birrane should be worth at least £110m. But his housing ambitions have not ended. Wain Group has £29m assets and is worth that sum.500. It now supplies drone aircraft. is chief executive of Old Vic Productions and co-producer of Billy Elliot The Musical. Bourne has a £10m flat in Mayfair which he bought as an investment in 2002. Property entrepreneur Robert Bourne made his first fortune with the Local London property group. who bought up large tracts of Gloucestershire very cheaply after the second world war. back into the sport as a team for the first time since 1997.4m profit. Birrane. After merging with two other builders in 1989. also owns the Mondello Park racing track in Co Kildare which. In 1973. His wife. We value Happybadge at £63m and add £47m for other Bourne and Green assets. bought the old Wain Homes south western operation and the renamed Wain Group. With other interests. netting £44m for his stake. Fed up with stock market indifference to the company. including a £40m dividend paid out in 2003-04. The Bourne family made £16m. An Irish property magnate from Co Mayo. In 2008-09. antennae.4m sales in 2008-09 from its activities making chassis for racing cars. which was floated on the stock market in 1986 worth £6m.com private in 1999. Ainscough took Wainhomes 48 www. 60.estatesgazette. a yacht and a flotilla of classic cars. Birrane started dealing in property in the 1960s through his Peer Group. hosts international race meetings. With a private jet. radar and communication systems.estates gazette rich list 2010 142 Robert Bourne & Sally Green Happybadge projects 2009: £110m (No change) £110m HAppy WItH tHeIR lot Started more than 45 years ago by the late Robert Hitchins. Ainscough. space vehicle parts. It has nearly £87m net assets and a strong balance sheet but. 62. Ainscough and his family is worth at least £110m. Sally Green. and structures for powerboats and sailing yachts. the company has developed more than 14. due for completion in early 2011. aircraft parts. and we value Peer at £90m in this climate. It made a £5. The company is developing new markets and diversifying into different industries. His family owned most of Langtree Group with nearly £71m of net assets in 2008-09. Its net assets came in at £61. 75. Since then Bourne. It was after that year’s disastrous campaign that Birrane bought Lola from the receiver. His Bourne Capital investment operation also sold a luxury Park Lane block for £100m in 2006. 142 Martin Birrane peer Group £110m 2009: £109m (+£1m) Martin Birrane is keen to get his Lola racing car operation on the grid for Formula One. including Lola. its net assets fell sharply from £97. The portfolio produces a rental income of around £15m a year. Three years later. It now owns and manages 4m sq ft of commercial property accommodating more than 800 tenants. it was sold for £110m in a takeover. He was beaten to a slot for the 2010 season but is looking to get Lola 20 November 2010 . He was a bidder for the London Dome and now owns Happybadge Projects.
Grove started Canberra. Sam Morris’s shrewd move came in 1981 when he rescued the old Royal Agricultural Hall in Islington and turned the huge derelict “Aggie” into the Business Design Centre at a cost of £12m.142 Robin Clark & Family taylor Clark 2009: £86m (+£24m) £110m and distribution centres. the wider Morris family should be worth £110m. Three of the Hay family’s companies had £92.6m sales in 2008-09.estatesgazette.5% of its sister group Capital & City Properties.4m profit on £46. NW1. The family stake is worth £64m in the current climate. Capital & City found a keen buyer for a block on Charlotte Street. 149 Frank Burke & Family Bdl 2009: £105m (No change) £105m Cabretta Holdings. into a leading shopfitting group in Britain and worldwide. but later built his business. The business is largely owned by the Clark family led by Robin Clark. adding £7m for other assets to the Karimzadeh family.4m net assets in 2009.1m of net assets and is the parent for the BDL Group. Sam. plus 57. which showed nearly £286m net assets in 2008-09. Taylor Clark. Capital & City PLC. after allowing for tax on that deal. cash and assets. a Londonbased construction company. The company is also developing a £29m student housing-led mixed use scheme in Camden Lock.5m on £13.6% yield. more than 40 years ago. Recently. 63. and his family own the Mayfair Property Group.1m.2m sq ft of warehousing In 2008-09. He sold the business to Alfred McAlpine in 1988 mainly for McAlpine shares. as well as trade in iron and steel in the 1970s and 1980s.13bn European property portfolio sold by a Swiss hedge fund. City Industrial. Jack Morris’s late father. Burke’s family also owns Farmglade. The effects of the economic crisis would have been much worse on the group but for its strong cash reserves and the defensive nature of its investments. The Karimzadeh family owns all of Eskar. Catesby should be worth £30m. run by 62-year-old Irishman Frank Burke. it has focused on property. 80. With other stakes. a London-based property trading-to-processing group. Grove. a Midlands housebuilder in 1968. specialising in high-quality houses. The Morris family also owned Earls Court and Olympia which they sold in 2004. a charity. a property company with around £21m net assets in 2009. Grade I Listed Apethorpe Hall in Northamptonshire for £3. Earlier this year.5% stake. The son of a West Midlands blacksmith. made £1. was in the news in the property pages in 2004 over his efforts to buy 20 November 2010 Chartered surveyor. was originally an “oyster-opener” in a City fish restaurant. Capital & City also had three other West End buildings on the market. Albert Hay. It has £10. farming. making around £25m from the sale after debt had been stripped out. Karimzadeh.com 49 . is worth around £110m today. In all. Catesby specialises in such brownfield sites and had around £15m of net assets in 2007 when it turned in a useful £9m profit on £40.7m profit on £19. In the current market. which in turn netted him £40m. a 5. the Business Design Centre Group made a record £7. The building.4m sales in 2009. He has become a serious property developer with retail parks in the Midlands. he has sold well over 1. 150 148 Albert Hay & Family Capital & City 2009: £92m (+£12m) £104m Simon Karimzadeh & Family eskar International 2009: £107m (No change) £107m In October 2006. which includes three restaurants.1m.4m of sales. He was gazumped by the government in the shape of the culture department. the London-based property. Other assets and property investments add another £40m. and dried fruit and nut processing plants. turned in a loss of £11.4m net assets. 48. Simon Karimzadeh snapped up a £1. taking the Hay family to around £104m. We still value Eskar at £100m. Its activities spanned leather tanneries in the Middle and Far East. has a 19. www. was sold to Standard Life Investments in March for £19. 142 Jack Morris & Family Business design Centre 2009: £95m (+£15m) £110m 142 Eric Grove Catesby 2009: £108m (+£2m) £110m Eric Grove’s Catesby Property Group is developing Firstpoint – a £200m business and retail park near the M18 in Doncaster.5m and we value the business on that figure. The Underwood Trust. Its net assets fell to £95. Karimzadeh’s late father started Eskar International. which leaves the Clark family’s stake worth around £110m. In this climate. the 72-year-old son of a prominent 1960s property developer. We value it on its its £153. hotels and investment group.9m sales. we cut Burke back to £105m. residential developments in Jersey and a stake in a property investment operation. Since then.
drawing on Sir John Ritblat’s expertise in the property market. 48. suffered a £101. floated on AIM in 2005 after raising £153m. when he retired. 45. It is now run by his brother. we value the family. stood down as chairman and left the business. the company swallowed its former parent company. keeps a low profile from his Geneva base where he has set up Air Capital – AIR are his initials – funded initially by his own £100m fortune. 75. The three separate Tayub companies we can see. Rosenfeld. they are worth perhaps £100m in today’s climate. Aziz. has devoted much of his time to charitable works.3m profit on £24m sales in 2008-09. The family also owned a stake in Northern Racing. whose own quoted property group was taken over by rival Slough Estates in November 1998 for £270m. taking the family to £100m. which was sold to the Berger family for around £180m. It was started in 1977 by Rashid Tayub after the family came to Leicester from Malawi.com 20 November 2010 . 52 www. Other assets take him to around £95m. and Rashid. including a stake in Chelsea’s KX Gym. which has started work for the proposed £750m development of the old Rover site in Birmingham.4% stake was held via Glenhazel Investment Trust and was worth £79. the property group co-founded by deputy chairman Anton Bilton. the son of an upholsterer from Stamford Hill. He was chairman of British Land from 1970 to 2006. The Bilton family’s 29. which were valued at the end of last year at $879m. Delancey made a £9. Past sale proceeds and other assets add £35m. It became a stock market star with big developments in the City and Croydon. 156 Sir David Garrard Minerva 2009: £95m (No change) £95m 152 Simon Clarke & Family St Modwen 2009: £120m (-£20m) £100m Property group St Modwen. The fund is investing in distressed property. Collectively. Garrard. Ritblat. Bilton. went into property after leaving school at 16.estatesgazette. led by Crown Crest Group. In 1955 he joined an estate agency and never looked back. which floated on the stock market in 1996. His family trusts sold £37m worth of shares at the time. It has a completed portfolio of around 11m sq ft of warehouses in Russia. the former chief executive of the quoted property group Minerva. at £103m with past salaries and other assets. He is the grandson of the late Percy Bilton.4m. while his Raven Russia stake is now worth around £30m. 46. But Ritblat’s retirement lasted just two weeks and he resurfaced in early January 2007 when he joined forces with younger son Jamie. 55. It was co-founded by Sir Sir David Garrard. 71.6m loss in the year to November 2009 as it cut the value of its properties.6bn property investment fund. had an £11m stake in Raven Mount. Raven Mount. to spearhead a £2. He left £138. His son Simon. Andrew Rosenfeld. the biggest racecourse owner after the Jockey Club. as the Tayubs take little out of the businesses. Property is in Bilton’s blood. it moved to the main market to raise its profile. sold most of his stake in British Land for £57m just before he retired. With nearly £72m net assets.9m. He rose to prominence in the late 1980s at a company called Land Investors. East Africa. Banks are handing over huge swathes of property to Delancey to manage. the Bilton family is worth £100m. made a total of nearly £17m profit on £257. Raven Russia’s market value is now around £266m.9m in his will. but retained a £10m stake. It was sold in May 2007 to the Reuben brothers for £65. led by Aziz. RitBLat SnapS up diStReSSed aSSetS Stan Clarke. sits on the St Modwen board looking after the Clarke family interests. 62. With the wider family wealth added to Anton Bilton’s own assets. St Modwen has developed a reputation as a regeneration specialist. The Ritblats should easily be worth £100m. The Ritblat family’s Delancey property operation has been snapping up distressed assets of late.6m sales in 2008-09. 152 Andrew Rosenfeld Minerva £100m 2009: £100m (No change) 152 Anton Bilton & Family Raven 2009: £90m (+£10m) £100m 152 Sir John Ritblat & Family British Land 2009: £90m (+£10m) £100m Raven Russia. In August. With Andrew Rosenfeld he launched Minerva. In June 2009. In March 2005.estates gazette rich list 2010 151 New entry Rashid & Aziz Tayub Crown Crest £103m The Tayub family owns the Crown Crest distribution and property operation based in Leicester. The family stake is now worth £59m. the managing director. We value him on the £100m he has for investments. who died in 2004.
Real Estate Opportunities is planning to spin off its Battersea power station site in London and float it as a separate listed business. including China Real Estate and Nordic Land. selling out to partner Harry Handelsman.9m. That is around half the overall business which should be worth in total around £120m. www. the Czech Republic . Allowing for any tax on the sale proceeds. It had more than £91m net assets in 2008. owns about two-thirds of the company. another housebuilder. less than half its value in mid-2007. But previous salaries. John Hitchcox is now a leading property entrepreneur. Kelly’s wide assets base should give him a £90m valuation. renovating and selling homes in the UK in the early 1980s. Five years later. We value him at around £90m. Kelly. The former Barnado’s boy has a stake in Berkeley now worth £57m.000 acres.5m of personal property assets and a stake in a London estate agency. was renting washing machines. had an 18. 68. He later moved into white goods retailing and sold his business for £21m in 1985. 63. made his reputation in the early 1990s when he sold his land bank at the top of the market. Scots-born Dick Watson. leisure.com 20 November 2010 53 . Hungary and Germany. It is valued at just over £1. Horney took a stake in St James Beach Hotels. Past dividends take the Watson family to £95m. With the likely £25m sale proceeds. 49. Horney has £2m-worth of share stakes in quoted property companies. who lives quietly these days at Castle Ashby in Northamptonshire. whose early career The Marquess of Northampton the Canonbury academy £90m Andrew Rosenfeld The Marquess of Northampton’s Tandridge and Chesham Estates in Surrey are under offer for £25m. He is worth around £93m. 156 Dick Watson & Family Keepmoat 2009: £85m (+£10m) £95m Regeneration specialist Keepmoat was sold in 2007 to a management team in a £783m deal. The sale will be a handy windfall for Northampton. the UK . 68. Doherty has given most of Harcourt to his children. Hitchcox. we reckon Hitchcox is worth £90m. In all.156 New entry Tony Pidgley Berkeley £95m 160 New entry John Hitchcox Yoo £90m Housebuilder Berkeley is riding the recession in pretty good shape. Other interests include Rockbriar. The idea behind the proposed move is to attract more investors to the Battersea project by not having the asset directly linked with REO’s distressed Irish property portfolio. where the Titanic was built. we value Northampton.26% stake. we value Watson’s stake at £90m. and cherry-picked the best sites back for a fraction of their price. transport and property assets in the Caribbean. In addition.estatesgazette. the US . lodged the largest ever multi-purpose planning application for retail. Hitchcox also has £9. 68. but it has nearly £128m net assets. also has hotel. 160 New entry Patrick Kelly Kelland Homes £90m 160 Ray Horney Real estate Opportunities 2009: £80m (+£10m) £90m Patrick Kelly and fellow Irish developer Sean Mulryan own a group called Markland Holdings which owns property in Ireland. In 2008. he made another £27m when it was sold. REO bought the iconic 30-acre site for €595m at the end of 2006 and. business and residential use in London’s history. He then formed a development and design group called Yoo with designer Phillipe Stark in 1999. which is working on about £3bn of developments in locations ranging from New York and Sydney to Buenos Aires and Hong Kong. 160 New entry Anton Bilton 159 Patrick Doherty & Family Harcourt developments 2009: £200m (-£107m) £93m Donegal developer Patrick Doherty’s most high-profile work is the £700m redevelopment of the Harland & Wolff shipyard. which showed £1. last year. one of his two main Midland estates which span 25. which showed more than £52m net assets in 2008. and a stake in Choice Hotels. Ireland’s largest hotel group. also owns half of Dublin housebuilder Kelland Homes. His London estate around Canonbury has several buildings including the old Tower Theatre and the Canonbury Academy. at £90m. Pidgley. the Cobham-based operation has not been immune from what chairman Tony Pidgley describes as the “most turbulent market ever”. Despite the turmoil of the Irish housing market. Before the recession the business was worth around £170m but its value fell and in 2008. who was a director. dividends and his share of bonuses take him to £95m. Doherty. But in spite of a strong balance sheet. He co-founded Manhattan Loft Corporation in the 1990s. 64. In 1993. The son of an architect who also kept a smallholding in Sussex. He sold £21m worth of shares in 2009. REO is chaired by 74-year-old Ray Horney. it lost £20. He began buying. cost-cutting and a return to buying land for future sales. with its design business alone valued at £64m.8m net assets in 2008-09.1bn.
adding £10m for past dividends to the MacTaggart family. Aside from his land and racing interests are valuable fishing rights. farms and a golf course. made £1. We value the business at £80m in this climate. who in 1981 became the then youngest chairman of a quoted company.5m. saw its net assets fall slightly in 2009 to £78. Richest in Scotland No 45 82 98 136 156 160 167 171 186 232 245 Name Wealth (£m) Keith Miller & Family 385 The Duke of Buccleuch 180 & Family John Lynch& Family 152 Sir Tom Farmer 115 Dick Watson& Family 95 The Duke of Roxburghe 90 Sir John Mactaggart & Family 85 Shaf Rasul 80 John Muir & Family 75 David Stevenson& Family 50 Ben Brodie 45 171 John Chamberlain & Family Chamberlain 2009: £78m (+£3m) £81m 166 John Brooksbank Blackshaw 2009: £72m (+£17m) £89m Brooksbank’s current property portfolio consists of residential houses. has become on the business front. Headed by John Chamberlain. 56. In all. His company. Sir John Mactaggart Mactaggart Heritable. 170 Bill Morris & Family Morris & Co (Shrewsbury) 2009: £65m (+£17m) £82m 167 Edward Lonergan deramore 2009: £65m (+£20m) £85m Edward Lonergan’s Deramore saw its profits fall from £20. one of Brooksbank’s main companies. one of the largest private property groups in the Midlands.6m. marinas.000 net assets in 2008-09. With personal assets of £8m added.3m for the separate Home Counties Investments operation. The Morris family take little out of the company and we value them at £82m.7m profit on £15m sales in 2008-09. Lochinver and Deramore (L). supermarkets and care homes.estatesgazette. With £53. Its net assets came in at just under £80m. the current boss.5m loss into a £3. The family-owned operation can trace its roots back to 1697 as a blacksmith making swords and chain mail. owned by the Rana family. He also has £3. 66.com 20 November 2010 . We add £8m to 54-yearold Brooksbank for other assets. and a further £9.5m of assets in two other property companies. has been faced with frustrating delays to a wind farm scheme on his land and local protests against the project. hotels. runs an operation which made £692. The five-year project will require £20m investment. We can see £27. property and racing companies. the Glasgow-based property group. is planning a joint venture to turn his Roxburghe Hotel into a 5-star resort. retail commercial and industrial property. But it reduced its losses sharply from £6. Folkes Holdings.9m sales in 2008-09. 60. Roxburghe also has stakes in golf.7m profit on £28m sales. We value the business at £75m in the current climate. which has yet to win planning consent.7m to £9. his business assets are worth £81m. There is another £1. which had £72. In all. property and other businesses such as the Ashoka Restaurant and Belfast Plaza. We add another £20m for private assets. It was taken private in 2002. It is run by Con Folkes. The group. pubs. One paper reckoned that Roxburghe could make around £14m from the project over the next 25 years. We value Lonergan. including ADW Properties. it should be worth £55m. at £85m. who is fighting throat cancer. but with net assets of more than £88m. we raise him to £90m. mostly in London and New York. Deramore would easily be worth £80m in today’s market. 54 www.3m to £0. with land values increasing. Bill Morris. turning a £12. caravan parks. Mactaggart Heritable owns a string of high-priced commercial properties. Roxburghe Estates. 57. It is a sign of how active the duke. We value the business at around £70m in the current climate. Sunlaws Development Co had £772.3m net assets. Five generations of Morris family members have developed a business with interests in property.estates gazette rich list 2010 160 New entry Lord Rana & Family andras House £90m Rana’s Andras House propertyto-hotels group is benefiting from the current peace settlement in Northern Ireland. the Chamberlain Group has a diverse property portfolio.000 profit on £23. The family owns 99% of the shares in the business. the Chamberlain family is worth around £81m. We add £30m for other assets to the Folkes family.1m net assets at the end of 2009.3m of net assets in the 2009 accounts of Blackshaw Holdings. It has nearly £83m of net assets.7m in 2008-09. 72. recovered in 2009. 167 Duke of Roxburghe Sir John Mactaggart & Family Mactaggart Heritable 2009: £70m (+£15m) £85m 167 Con Folkes & Family Folkes 2009: £85m (No change) £85m 160 The Duke of Roxburghe Sunlaws development 2009: £80m (+£10m) £90m The Duke of Roxburghe.5m of net assets in other companies.
Cola. He now has various property interests worth at least £35m. 66. 51. As a result. is no longer in the book trade. investing £28m in securing its future. more than £80m of net assets. Kip Bertram. the Derby-based property and construction group. We value Desmond at £80m.8m net assets.6m net assets. in 1987. The business showed £15. 60. sold his 77% stake in Birch. 172 Bruce Jarvis & Family Ravensale 2009: £70m (+£10m) £80m 172 New entry Bruce Jarvis’s main company is Ravensale which. Gadsby. He bought that stake back in the 1992 recession for a much lower figure. 51. own Atmore Properties.172 Kip Bertram & Family Rysa Lodge Residential properties 2009: £70m (+£10m) £80m Kip Bertram started Bertram Books in a disused Norwich chicken shed. which made a £3. Nicholas & Peter Gould Regis £80m 172 New entry Noel & Miriam O’Callaghan Gold table £80m 172 Danny Desmond Bride Hall 2009: £78m (+£2m) £80m Danny Desmond.1m net assets in its 2008 accounts. which has been investing in residential property for more than 50 years. Regis made a £3.9m profit on £12m sales in 2008-09. which made £3. Jarvis’s Pearcroft operation is also a shareholder in European Land & Property.6m to £54. bought the 246-room hotel in 1999 for around £90m. having moved into property development. It became the UK’s largest independent book wholesaler. which made £4. Cola runs and owns Cola Holdings.7m profit on £43.2m turnover in the five months to March 2009. in a £54m deal. It has £28. is best known for leading a rescue consortium which took over Derby County Football Club in 2006. His main holding company.8m profit on £17. 62. Iraqi-born Bakir Cola spent £30m buying a building adjacent to his Westbury Hotel in London’s upmarket Mayfair. particularly in London. in 2008-09.2m loss on £7. run a number of property companies based in Southend under the umbrella of the Regis Group. the only hotel that fronts onto Bond Street. Bride Hall is active in building a new Lichfield retail park. 172 Melvyn & Delia Grodner atmore 2009: £80m (No change) £80m 172 Peter Gadsby ark Capital 2009: £65m (+£15m) £80m 172 Bakir Cola & Family Cola Holdings 2009: £80m (No change) £80m In 2009. he owned all of Bride Hall. these companies had around £27m of net assets. which is the company behind Paddington Basin. With property and hotels added. The Goulds and trusts own all the Regis Group and we value the brothers at £80m. The move effectively valued the Bertram family stake at £35m. Its portfolio consisted entirely of properties that were subject to regulated tenancies until the early 1980s. It reopened in 2008 after a £25m refurbishment. but sold a 25% stake to the quoted Warner Estates for an undisclosed sum. and Miriam O’Callaghan. With other property and past salaries. its last filed accounts before it became an unlimited company. Gadsby. should be worth £80m. started the Bride Hall property group in 1984 and sold 50% of the company to Great Portland Estates for £10m Brothers Nicholas. showed £26.com 55 . But it has Peter Gadsby Noel. a public library supplier. Until late in 2004. In all. Cola took a £48m dividend in 2006. and Peter Gould. In all. he made his fortune in housebuilding originally.5m net assets in 2008-09. they are easily worth around £80m. But we can see three small but separate businesses with a further £16m of net assets in 2008-09. 52. However. Other investments and private property take Gadsby to £80m. We can see five companies led by Brodnax. In 1999. 68. the business merged with Cypher. with cash balances in excess of £20m. showed £6.5m. 62. He also has the 550-room Kensington Close Hotel. 20 November 2010 www. Ark Capital. Bride Hall Holdings and other Desmond firms have more than £12m net assets between them. The low-key O’Callaghans are now active in Prague housing developments. Jarvis. Proceeds from the £50m sale of the Harrington Hall hotel to Spanish hotel giant NH Hotels should take Cola to £80m. the Grodners are easily worth £80m after tax. But its net assets fell from £67. 66. Melvyn. a Midlands developer. have a sizeable property portfolio in Ireland. We value the Liverpool-based business on the net assets.estatesgazette. to Edinburgh-based Miller Group in 2000 for a reported £35m. Property experts reckon that Cola bought Washington House to extend the 5-star Westbury. when Regis successfully diversified into property development. the family’s asset wealth is now around £80m. 70. 57.4m sales in 2001. and Delia Grodner.5m turnover in the year to September 2009.
9m sales.5m last year because of slumping property prices. McCabe. His interests are held mainly through the Carlisle Trust. the family wealth should total £80m. made £47m from judicious sales of stakes in SmartForce. Shaf Rasul created the Edinburgh-based E-net Computers. Allowing for tax on sale proceeds.estatesgazette. It has since been converted into a shopping. Marston Properties Holdings made £1. netting the family £50m.4m on £48. Last year. He is now worth around £78m. In 2009. Other assets should take the Byrne family to £78m.3m sales in 2008-09. We value him at £80m. 172 Charles Yeates WS Yeates £80m 2009: £70m (+£10m) Loughborough-based WS Yeates is involved in property and fine art. He is a leading supplier of office space to the public sector and his rental income here is holding up well. 53. Yeates. he sold his letting business Excelet and paid £3m for the former Martin & Frost furniture store in Edinburgh.com A former north London local estate agent. but his private property investments take him to £80m comfortably. the residential property investment company that buys and renovates upmarket Dublin houses. While Capital D went into a loss of €13. down 38% to €91m in 2008. the company showed £26. and taking into account an incomparable art collection. LNC grew out of McCabe’s €117m purchase of a mixed property portfolio from Scottish Life in 1999. started out by taking a holiday job there in the late 1970s. Within three years she was branch manager and she 20 November 2010 . The company has £12m of net assets and is easily worth around £30m. In addition.6m. In 1999. has overseas property assets and art. He made significant profits in Germany when his LNC property company bought an abandoned waterfront leisure complex in the German City of Bremen for around £40m in 2004. which has become Europe’s biggest distributor of optical storage products. It has £56m net assets but we value it at £50m in today’s difficult economic climate. 74. which he intends to turn into hi-tech apartments. tripled in value to £11. has done wonders at the 12. 186 New entry 183 56 Debbie Dove Spey & dove £75m Bill McCabe LnC property £78m 2009: £87m (-£9m) Bill McCabe’s Oyster Capital www. the Goodwood Estate Co pushed up profits from £2m to more than £3. we value the Marston family at £76m. But the value of its investment properties has fallen significantly.estates gazette rich list 2010 172 New entry The Duke of Richmond & Gordon & Family Goodwood estates £80m 172 Shaf Rasul e-net New entry £80m The entrepreneurial Earl of March.3m net assets. McCabe should not be too badly affected. Recently.2m profit on £4. We can see a further £6m of net assets in other Rasul companies. Debbie Dove. his companies earned more than €5. Advanced Environmental Solutions. That values the family stake at around £37m. Marston Hotels also paid out a £12. But with land prices rising.000-acre Goodwood estate in West Sussex.5m when it was taken over in a £46m deal.7m on nine leases he has with the state. 183 New entry John & Ciara Byrne & Family Carlisle trust £78m 185 John Marston & Family Marston properties 2009: £75m (+£1m) £76m Ninety-year-old John Byrne has been building up his Dublinbased property empire since the 1960s. 49.1m dividend in 2001 and £5m in 2002 before being sold. McCabe’s stake in a Co Kildare waste company. 40-year-old Rasul is making his mark on the Scottish property front with his industrial estate venture called E-Net Park. In 2007. In 2008. RaSuL MaKeS HiS MaRK in SCOtLand Partners’ private equity operation invested in Capital D. It has net assets of around £44. leisure and hotel complex worth in the region of £180m. heir to the Duke of Richmond & Gordon.
Michael Slade Helical Bar £73m 191 New entry 2009: £72m (+£1m) Jeremy Middleton Homeserve £72m 186 David Russell property alliance £75m 2009: £75m (No change) The Russell empire includes developments in Manchester. including a property company – Cortonwood 1 – with £3.estatesgazette. In all. The company is chaired by accountant Duncan Sinclair. Her portfolio has been valued at up to £80m. and an adjoining site in June. Russell. London-based residential investor Mountview Estates doubled its pretax profit to £29. It is now worth more than £1. it sold the former King’s Road antiques market Antiquarius for £17. 186 Duncan Sinclair & Family Mountview estates 2009: £76m (-£1m) £75m Michael Slade. which had been out spending earlier in the year. stakes in other venturesand his own property assets.3m to £1.5m net assets in its 2008-09 accounts. should easily take Slade to around £73m after tax. Middleton retains a £57m stake. Yet the group. adding £27m for the net assets of another five Chervak companies. Slade’s stake in Helical Bar has not been immune from the market crash.1m. Dove is the former wife of top divorce lawyer.3m. Chervak. has seen its shares soar in 2010. Past salaries and dividends take Muir and his family to £75m. Controlled by the Hellers since the early 1970s. He also made a £1.3m gain from exercising share options in 2004. has always been good at calling the market. run by 74-year-old John Muir. it showed £54. A special dividend for Helical Bar shareholders totalling £107m in late 2004 resulted in a further £12m going to Slade. We add another £5m for stakes in smaller private companies such as Ossian Investors and Sinclair Estates. 64.82m. founder of Unite.6m. With other assets. 56. 193 Demi Chervak & Family High point 2009: £52m (+£18m) £70m Michael Slade High Point saw its net assets rise from £35.74% yield.com 20 November 2010 57 . to £8. Five youngest Age 19 24 36 37 37 Name India-Rose James Fawn James Christian Candy James Sellar Nicholas Candy Wealth (£m) 120 120 330 190 330 186 John Muir & Family Muir Group 2009: £50m (+£25m) £75m and the Sinclair family’s stake is worth around £70m. We value the business on the net assets. he is worth £72m. and his family own it all. the Chervak family should easily be worth around £70m. EC3. So it was interesting to hear his Helical Bar operation say in August that it was seeing further evidence that the recovery in property values was stalling. earlier this year to freeholder Cadogan. It is working on the huge www.5bn. takes them to around £72m. With other assets. After borrowings are stripped out. a 5. said it would look to buy only properties offering “exceptional growth or income potential”.eventually bought the business. in 1993. 54. The Walsall-based company was co-founded by Jeremy Middleton. It has seen its share price steady in 2010 and it is now worth nearly £155m. we settle for £75m. Dove later built up her own luxury property portfolio in the area and offered interior design services. The latest 2008-09 accounts for property-to-housebuilding Muir Group. the quoted household repair services group. With this in mind. Muir Holdings. 190 risen slightly in the first half of the year. has a solid balance sheet and £64m net assets. 63. £4m in 2005 and £4. We value Muir Group at £45m. left the board in May 2010 and is now building his Capital Values Group.3m in the year to July 2009.2m to £41. Raymond “Jaws” Tooth. but it has recovered and is now worth £44m.3m in 2009. after buying up 1 Mitre Square. with sales down £16m at £76. The Heller’s stake in the firm is worth £21m. He has other assets. such as the sale of the Pinnacle office building in 2005 for £16m. The company. Past salaries. Chorley and Blackburn. show a drop in profit from £10. 191 Michael Heller & Family London & associated properties 2009: £67m (+£5m) £72m 193 New entry Duke of Richmond Nicholas Porter unite £70m Listed retail specialist London & Associated Properties said in August that its rental income had Nick Porter.4m in 2006. Homeserve.6m net assets. Despite the poor financial climate. Oxford. Helical is working on plans for a major City development. The Heller family also have a majority stake in the quoted Bisichi Mining which. together with other holdings and property interests. adding another £20m for the net assets of the separate company. is worth £75m. His Property Alliance operation has an investment portfolio valued at £240m. 50. Cautiously.
195 Mark & Kathleen Kavanagh Hardwicke 2009: £69m (No change) £69m £27. the Sussex-based company should be worth the net asset figure.estatesgazette. Wing Yip properties 2009: £72m (-£5m) £67m 198 New entry Eamonn O’Rourke ORM £66m Wing Yip stores. are more like community centres than traditional cash-and-carry outlets. Minority stakes in smaller operations add £12m to the Yip family.000 profit. O’Rourke. but its net assets fell sharply in value from £100. Its shares fell sharply in 2008-09. With other assets. with nearly £21m net assets in 2009. St Modwen. Kavanagh. 41. but since 2004. he is easily worth £66m. The family also has a property portfolio held in the separate W Wing Yip & Brothers Property & Investments. We can see another £16. Porter. In the year to September 2009. and his wife Kathleen. particularly the Midlands group. His other assets include a 49. With a solid balance sheet. Irishman James Egan owns and runs London-based property operation Broomford Holdings. he realised that making clothing was not as profitable as property investment and built a portfolio mainly in the North. Mulryan has been hit hard by the Irish property crash. Davies. We add £9m to the Wickens family for past dividends and the £2. It has £45m net assets. The two firms should be worth £55m. . The former Wicklow-based couple now live in Switzerland. complete with Chinese cookery schools. 89. Evans Property Holdings. 49. 201 Jim Leavesley & Family evans property Holdings 2009: £66m (-£1m) £65m 196 Woon Wing Yip & Family W. ORM. he has 60 racehorses and a 230-acre stud.2m profit on £97. Philip Davies left the merchant navy in 1945 to join his family clothing business.2m to £3. Mulryan also has a half-share in a Kildare shopping centre. It has 58 www. The family’s stake should be worth £20m in today’s market. 56. By 1970.2m profit on £19. he has sold at least £70m worth of shares.1m sales.2m net assets in 2008. Mulryan owns 51%. W Wing Yip Brothers Trading made £5. 69. Egan bought Noel Edmonds’ West Country home. It showed £49.4m net assets in the 2008-09 accounts of three separate Broomford companies. Rupert Mucklow & Family a&J Mucklow 2009: £60m (+£6m) £66m Midlands-based property outfit Mucklow suffered in the property downturn. 62.3m sales in 2008. But Leavesley. with £91. In all.8m net assets of the separate Kingmere. With other assets. Ballymore International Developments made a £61m loss in 2008.5m of net assets between them in their 2005-06 accounts – the last published. Past salaries and dividends add £2m. the Leavesley family should be worth £65m.estates gazette rich list 2010 Kings Cross Central project in London to develop student homes.com Dublin-based O’Rourke built up Cash & Carry Kitchens in Cork. 70. have two main companies – Hardwicke and Kopian. But an extensive UK portfolio helps keep Mulryan.5m in 2009-10 when it made an £713. including AFA Investments. Store Property’s profits fell from £4. The recent stock market turmoil has hit the shares and the family stake is now worth £32m. retains a £1m stake in Unite. has also been involved in another large property group. he is worth around £70m.2m net assets in its 2008-09 accounts. in this list at £66m. which saw net assets hit £21.6m on sales of £10. at around £65m. We value Egan. 20 November 2010 Rupert Mucklow The Leavesley family wealth comes mainly from property. made a £5.9m net assets. 201 New entry Philip Davies & Family philip J davies £65m 198 Mark Kavanagh’s Hardwicke was one of the early developers involved in Dublin’s International Financial Services Centre. with £53. His private property partnerships take his total assets to £65m.3m to £55m. Its parent. It works. 65.5% stake in Markland Holdings. has a private company. 201 198 James Egan Broomford Holdings 2009: £48m (+£17m) £65m 196 Sean Mulryan Ballymore properties 2009: £280m (-£214m) £66m Roger Wickens & Family Store property 2009: £89m (-£22m) £67m In 2008-09. but they have recovered recently and the Mucklow family stake is now worth £64m. It was reported to have been sold for around £10m. such as a pig operation and a small property firm.8m. After five years he branched out on his own. A sports fanatic. Philip J Davies. has some property firms. We value them at £69m.
5m sales in 2009 but it still has £87. 209 New entry Alan & Edward Lee princeton investments £60m 208 William Rankin & Family Hanro 2009: £96m (-£35m) £61m 205 Cavan Pickering & Family pickering properties 2009: £50m (+£12m) £62m William Rankin. it is worth £55m. He had an 86% stake in the parent company. built and ran three hotels in Nottingham. to £65m.estatesgazette. We value the business at £55m.5m profit on £9m turnover in 209 Paul Bassi Bond Wolfe New entry £60m 209 New entry John Miskelly MtS £60m Paul Bassi has been having a pretty good year: he was made a CBE in January and soon 20 November 2010 Downpatrick has received a major boost with the announcement of plans for a new.8m. including the Welbeck. is chief executive of the AIM-listed firm. Other assets take Turner and his wife Sharon. It is easily worth £65m. Mackay started Hometrack. Croydon based Ocobase saw its 2008-09 profits fall from £5. The company made £3. 48. Princeton showed a £113. receivers were called in on a series of regional office investments in which the Lee family were involved with HBOS during the boom but.000 profit on £350. We can see another £22. Arnold.000 sales in 2009.8% stake worth £5. The brothers’ father. We add another £7m for other assets. The company posted a pretax profit of £4. the Lees’ Princeton Investments purchased a £12m block in Soho for redevelopment. UK Estates had nearly £49m of net assets in its 2008-09 accounts. 74.6m of net assets. Mackay. and is valued at £60m today. 209 New entry Midland Regional newspapeRs David Gradel & Family uK estates £60m 205 New entry Giles Mackay Hometrack £62m 205 Simon & Paul Upward Ocobase 2009: £57m (+£5m) £62m Paul Bassi A barrister turned property entrepreneur.1m on turnover of £5. In 2008-09.8m loss on £9. though. where he holds a 16.5m. We can see £18m of net assets in various Bond Wolfe firms attributable to Bassi. 48. Personal assets push Bassi to £60m. They still have a valuable portfolio and are very active so we stick with our £60m valuation.com which established a property index based on information on sales in specific post codes. up from a loss of £15.201 Andrew & Sharon Turner Central trust 2009: £65m (No change) £65m Rich in the East Midlands No 30 46 99 151 172 172 205 222 228 232 Name Wealth (£m) Freddie Linnett & the 510 Murphy Family David Wilson & Family 350 Charles Clowes 150 Rashid & Aziz Tayub 103 Peter Gadsby 80 Charles Yeates 80 Cavan Pickering & Family 62 Douglas Woolf & Family 55 George Akins & Family 52 Robert Jolly & Family 50 Early this year. Bassi. chairs Newcastle developer Hanro. afterwards was able to report that his Real Estate Investors business had swung back into the black.3m. Leeds and Birmingham. Mackay bought Ford UK’s residential assets for £60m in 1993 and later set up PXS. were down just £1m at £66. Central Trust secured an extra £90m of funding from RBS and National Bank of Australia to re-enter the secured lending market. In 2008. The company revalued its properties.8m to £847. including large property portfolios in Glasgow.and add another £6m to the wider Rankin family for other assets and past dividends. Andrew Turner. the largest independent player in the part-exchange market.5m loss on £49. The family-owned Pickering Properties operation got a good price when it sold a City office block for £19m – a 5% yield – this summer to Invista Real Estate Investment Management. However. sold in 2002 for £6. £14m deluxe hotel by entrepreneur John Miskelly. It is easily worth £20m. With low borrowings. in the same month.2m of net assets owned by Mackay in two other firms. Cavan Pickering. built up Imry and sold out for £20m just before the 1987 crash. But the Norwich-based financial broker was hit hard by the financial crisis in 2008-09. Hanro’s profits fell from £3.com 59 .2m to £3. It made a £12. Earlier this year.3m for 2009. Bassi also chairs property firm Bond Wolfe. but reported £27. Its net assets.7m the previous year. resulting in a sharp fall in the net asset figure from £103m to nearly £65m. www. 52.000. Other assets take the wider Pickering family to £62m.2m. the Gradel family has significant wealth outside UK Estates. is worth £62m. Hometrack made a £1. down £1m. 79. 53. also a director.9m sales. set up Central Trust in 1987 and built it into one of the largest independent finance brokers offering loans to UK homeowners. Woon Wing Yip 2008-09.6m net assets.
He was among the group of investors who bought a 10% stake in ailing Anglo Irish Bank in 2008. 58. has a 72% stake in Innisfree. he is worth £58m.4m in 2008-09. we value the Tomkins family at £56m. is a director of Yates Property Holdings. Boss John Finlan. Mould collected £53m from the takeovers of Arlington and. owns all the business with his family and trusts. John Nike & Family nike Land Securities £58m Dan McCauley Nike Land Securities. In late 2009. With other assets. It is now worth £567m as investors back Mould’s ability to find bargains at rock bottom prices.9m turnover in 2008-09. Essex. 69. is here representing the wider Finlan clan. The firm’s 2008-09 accounts show net assets of nearly £58m.estates gazette rich list 2010 He also owns pubs.9m profit and had £44. 219 New entry Dan McCauley Rotolok £56m 2009: £60m (No change) 215 New entry Property company London & Stamford became a real estate investment trust recently to take advantage of tax savings.5m net assets in the 2009 accounts of various companies but Miskelly. Nike has sold tracts of land to Dell and Hewlett-Packard. We can see £2. it 20 November 2010 . it made £3m profit on £4. run and owned by John Nike. Most of the shares in Morbaine are held in trust but we assume the Finlan family owns them. But with values down he is worth £59m. but still has nearly £24m of net assets. is owned by Solomon Potel. a property developer and building contractor. led by industry veterans Raymond Mould and Patrick Vaughan. We value the company on the net assets. Other assets take the family to £58m. With £23m net assets. 219 New entry Robin Tomkins & Family Grainger trust £56m 218 Solomon Potel & Family Fairholme estates 2009: £52m (+£5m) £57m 215 New entry John Finlan & Family Morbaine properties £58m Fairholme Estates. The Guernsey-based investor. to around £56m. raising more than £40m. who we value on this figure. He has a near £9m stake in London & Stamford.2m net assets in 2008-09. He also owns Rotolok where profits came in at £3. is worth £60m after tax. Conlan. We reckon Mould. McCauley is the biggest shareholder in property outfit Sutton Harbour. made a £3. It was sold by Tomkins Frincon Securities. 209 Raymond Mould London & Stamford £60m £17. It is owned by the Yates family. valuing Metter’s stake at around £54m. Other assets take the family to £57m. Nike. which made a £6. In the year to August 2009. 214 Gerry Conlan Quando £59m 2009: £98m (-£39m) Jerry Conlan sold 400 acres in Naas for ¤340m in 2006 and invested his share in a healthcare business.com Abbott Bros Holdings. In 2006.6m loss on turnover of £65m in 2008-09. Tomkins started as an estate agent in Essex but built up a profitable property business which was taken over by Grainger Trust for £61m in October 1994. borrowing 75% of the purchase price from the bank itself.4m. his earlier property ventures. 47. Wicklow and Dublin. 74. Started in 1963.8m in 2008-09. Its net assets came in at £53. 45. has bought properties in Boston. 61. The bank was nationalised a few months later. Morbaine made a £588. 75. 77. it is worth around £36m. 219 New entry Raymond Mould David Metter innisfree Group £56m 215 Amanda Yates & Family Yates property 2009: £50m (+£8m) £58m Metter.4% stake. a property investment company. Past salaries and dividends take him to £56m. McCauley also owns Drake’s Island in Plymouth. made a £1. Other assets take McCauley.2m net assets in 2008-09. It has more than £55m net assets and we value the business on this figure. Robin Tomkins. With a 25.9m profit on a £15.estatesgazette. sold off the Triangle shopping complex at Frinton on Sea. which showed £2. a nursing home operation and Miskelly Construction.9m on turnover of £21. later. Pillar Property. will pay £55m to buy its founder out of its management contract. is worth perhaps £60m today. a private group based in Widnes.4m turnover. 84. It floated on the stock market in 2007 valued at £248m.000 profit on sales of 60 www. it should easily be worth £75m. 69. Even in today’s climate. Rich in East of England No 132 172 201 219 Name Wealth (£m) Bill Gredley & Family 118 Kip Bertram & Family 80 Andrew & Sharon Turner 65 Robin Tomkins & Family 56 222 Elizabeth Abbott & Family abbott Bros 2009: £45m (+£10m) £55m The Finlan family owns Morbaine Properties. Amanda Yates. With the 2006 sale and the net assets in Frincon.
when it made a £1m loss on £7. In 2002. 67.6m profit on £85. owns Hednesfordbased Pritchard Holdings. he sold his remaining stake in Global for an undisclosed sum.3m. We value them at £54m. We add £5m.2m sales. including Navisite. taking the Woolf family to £55m. The Essexbased operation saw its profits 20 November 2010 www. 69. Ruhan. Profits were down from £15. The company assets are worth £45. 73. he should easily be worth £53m.000 profit on £10.400 510 320 131 127 120 80 80 78 75 65 58 55 50 50 47 Romulus Holdings. 222 Douglas Woolf & Family Romulus 2009: £60m (-£5m) £55m of its portfolio in 2006 at the top of the market and concentrated on development. George Akins & Family SJC 14 £52m The Akins family sold its betting shops in 2003 for £14m to concentrate on casino. 228 New entry Richard Higgins & Family Higgins £52m Fred Pritchard London’s role in staging the 2012 Olympic Games is a boon for the Higgins Group. In early 2000.9m net assets in 2008-09 when it made £897. is owned by Douglas Woolf. it bought a site in Hoxton. the family is worth around £52m. from Goldcrest Land for £10. In all. In January. 2m sq ft mixed-use Arena Central are seeking a planning extension until 2020 as the market has been in the doldrums. We reckon that Ruhan has at least a £30m stake there. Other smaller company assets add £4m.5m profit on the sale of a property in 2005. It is worth its net assets. Smaller property operations add another £3m to Pritchard’s wealth. Cooper bought a building in Tel Aviv.2m. 48. Since then Ruhan has been buying hi-tech businesses in the US. It showed £49. shrewdly sold 90% Developers of Birmingham’s £500m.000. With other assets.2m. The company should easily be worth £50m in this climate.9m. and his family trusts. With £132.was wound up when it was stated that the company’s assets were £45. he put all his money into buying the former Financial Times printworks in London’s Docklands. leaving Ruhan with a third of the equity.com 61 .1m sales.9m turnover.1m at the end of 2008. 228 New entry 225 New entry Melvyn Cooper & Family Mountcharm £53m Mel Cooper and his family own and run Mountcharm.5m net assets. a Barnetproperty investment company. SJC 14 and SJC 15. In May 2006.9m and its liabilities just £773. The Watkin Jones family also has a small company called Heritage Holdings (North Wales) which made an £8. had more than £37m net assets in their 2009 accounts. a Leicesterbased property group. The company has also benefited from demand for new housing along the M11 corridor and in the Thames Gateway. Mountcharm’s net assets exceeded £39. it is a £200m company. The group is heavily involved in the growing student housing market. 225 New entry Construction and development group Watkin Jones saw turnover fall slightly in the year to September 2009 from £113m to £95. We value the Cooper family at £53m. Andrew Ruhan & Family Bridgehouse Capital £53m which in 2008 made £4. Ruhan is also busy elsewhere in property. 225 Fred Pritchard & Family pritchard 2009: £48m (+£5m) £53m 224 New entry Glyn Watkin Jones & Family Watkin Jones £54m Pritchard. East London’s redevelopment in preparation for the games has proved a fillip for the family-owned construction and property group. He also chairs Global Marine Systems. Cooper. In 1998.estatesgazette.3m to £12. In 2008. Andrew Ruhan’s Bridgehouse Capital is one of the scheme’s partners. has always been a pioneer in the property field. And in April it sold two student housing blocks in Liverpool and Loughborough to Gatehouse Bank for £29. one of London’s largest student housing development sites. Other stakes in Coltham Developments and Stockdale Properties add £3m of net assets to Ruhan’s wealth. nightclub and property operations. Past dividends and other assets should take the Abbott family to £55m. his Bridgehouse operation sold three hotels to Hand Picked Hotels for £30m. a property group with £50m of net assets in 2009. Its main Nottingham-based firms.9m. Elliott Bernerd’s Chelsfield and a Canadian investor paid nearly £88m to take a 66% stake. He turned the building into one of the UK’s first telehouses through his company. Richest women No 9 30 55 115 122 126 172 172 183 186 201 215 222 232 232 242 Name Baroness Howard de Walden Freddie Linnett Charlotte Townshend Julia Davey Miriam Kraus Fawn & India Rose James Delia Grodner Miriam O’Callaghan Ciara Byrne Debbie Dove Sharon Turner Amanda Yates Elizabeth Abbott Linda Ashley Janet Knight Anne Scrutton Wealth (£m) 1. Global Switch. He sold it two years later for around double the price.
232 228 Mark Kay ROK 2009: £48m (+£4m) £52m 232 New entry Jerry & Janet Knight Lexadon 2009: £50m (No change) £50m David Dangoor & Family Monopro £50m Mark Kay.1m profit on £4. It retained many of the properties and its net assets came in at £26. is increasingly focusing on the US. are directors of Endeavour. we value them at £50m. In 2009 it made £3. transformed his father’s dye company in the Scottish Borders into Edinburgh Woollen Mill. but its net assets rose from £42. a property company based in London. Other assets take the Knights to £50m. In the year to June 2009.7m deal and it was renamed ROK Property Solutions. Hall. Swedish-born Ashley. take the Raymond family to £50m. 61. 56. 20 November 2010 232 Malcolm Hall David Stevenson & Family ashleybank investments 2009: £50m (No change) £50m Stevenson. shows £69. With other assets. Leonard’s sale proceeds and 50% stake in Clarendon are worth £52m in all. buying up and converting homes bought at auction from Lambeth council. Kay. We value him at that figure. Monopro made a £1. taking the Dangoor family to £50m. which also owns the Powerscourt centre in Dublin.2m. In early 2007.8m sales in 2008-09. In 2001. was a prominent South West developer. but its assets could be worth around £30m as they are in the accounts at cost.2m sales. the parent company.com Lincoln-based Limes Developments is owned by Robert Jolly. His main company. . including a family property partnership. and Stephen Rosefield. David Dangoor. Aside from his £3m Jersey mansion.9m of net assets in firms such as Eagle One Investment Holdings in 2008-09. In 2000.3m net assets in its 2008-09 accounts. a London property group. owns half of Clarendon Properties. Clarendon and other investors made a £48m profit on the sale of 16 shops in London’s Covent Garden area.8m to £43. NEEB. bought three years earlier for £79m. But we can see at least another £3. is managing director of Monopro. so we value the Rosefield family at £50m.3m net assets. including Watford-based Current Design and. 62 www. That makes the family stake worth £48m. 73. A property developer. runs the family-owned NEEB Holdings. with her divorce settlement. His total wealth was put at around £50m in late 2005 during a widely reported court case involving Hall and his stepdaughter over money. The Dangoor family has at least 73% of the shares. showed £12m net assets in its 2008-09 accounts. is worth at least £50m. We value it on its £50m net assets. also has homes in London and Florida. 44.4m net assets. But a number of other companies add perhaps £4m. a figure we add to our calculations. 57. which made £1. Other assets. The Jolly family also owns the separate Limes Estates with £6. 68. Nobel Property Developments. With nearly £56. Lexadon started work on bigger developments. 66. Lexadon. and his family.6m. The Rosefield family and family trusts own Endeavour. he sold the business to the local EBC construction firm in a £14.8m net assets in 2007-08.7m in 2008-09. was active in Clapham and Brixton in the 1980s. It has £95. Founded in 1959.4m profit on nearly £3. 232 Roger Raymond & Family neeB 2009: £50m (No change) £50m 232 New entry 228 New entry Malcolm Hall nobel £50m Tony Leonard Clarendon £52m Irish developer Tony Leonard.estatesgazette. the sportswear billionaire who also owns Newcastle United. a fast-growing Dublin property group. adding £2m for other assets to the Higgins family. Kay joined the board but left in 2005 when he sold his stake for £14. Roger Raymond. 232 John & Stephen Rosefield endeavour 2009: £60m (-£10m) £50m 232 232 New entry Robert Jolly & Family Limes 2009: £46m (+£4m) £50m Linda Ashley Current design £50m John.5m profit on £6. Malcolm Hall is a property developer based in Jersey.9m sales in 2008-09. 58. she has stakes in several small businesses.estates gazette rich list 2010 come in at £1m on £224.3m.1m net assets.25m. a London-based property operation. it is worth that sum. But its subsidiary. is a £52m man. showed over £26. is the ex-wife of Mike Ashley. 74.7m of net assets in further companies such as MSJ Properties and Steelux Holdings.6m sales. Its net assets fell to £32. based in Colchester. who founded Rockeagle. a clothes retailer. He sued for unpaid bonuses and ROK agreed to pay £1. Kay also has around £30. 50. Estates & Agency Holdings. In the current economic climate. But Clarendon.
it is worth the net asset figure. We value the company under the net asset figure at £46m. Other assets should take the Scruttons to around £47m. Brodie owned it all until its sale to Bupa. 58. the Stevenson family made another £6m when its former stablemate. with £1. Assets at property company. 74. Grampian Holdings took over EWM. Dividends take the Pullan family to £44m. which accorded with Bayfordbury’s 2003-04 net assets of £55m. the healthcare giant.7m. In 2009. It made a £1. 72.5m. Moss. founded his property company. owns Kentbased Penhurst Properties. 73. The family put its wealth into Ashleybank Investments. 56. 245 New entry James Spencer & Family Spencer Commercial property Spencer Commercial is a property group based on Merseyside. 250 New entry 245 Alistair Pullan & Family J pullan £44m Ben Brodie Carrick Capital £45m 2009: £45m (No change) Ben Brodie founded Carrick Care Homes in 1986. Bayfordbury Estates and PAJ Properties. it made £3. came in at £51. and family trusts. Run by chairman James Spencer. and his family trusts. adding £2m to the Rich family for property. With other assets. the Stevenson family is worth around £50m.000 net assets in 2008-09.2m sales. with nearly £1. Rich Investments. 48. was taken private. taking it to £48m.In 1997.000 profit on £14. the Malcolm Group. Past dividends and other assets should take the Ures to £45m easily.2m of net assets. Scrutton Estates is a property company based in the east end of London. 47. the business made over £1. It should easily be worth £30m. It has net assets of £27m in 2010.6m profit on £3. Barham is easily worth £45m after tax. But its net asset figure rose to £44. which invests in residential.6m profit on £2. runs J Pullan & Sons.2m profit and had £41. 245 New entry John Elkington Charles Lousada & Family Lousada £45m 240 New entry Peter Rich & Family Rich investments £48m 243 New entry Brian Moss & Family Gat £46m Charles Lousada. it made a £744.1m in 2008-09. we value the business and the Spencer family at £45m. 62.1m sales in 2008-09. paying £69m. in 1969. 2009: £48m (-£2m) John Elkington. 51. It is worth that sum.4m sales in 2008-09 when its net assets rose slightly to £30. is now 20 November 2010 Alistair Pullan. The family also own Horus. 76. It is owned and run by Charles.estatesgazette. and Anne Scrutton. Ashleybank had around £41. a South Wales-based property group. Other assets and past dividends and share buy-backs in the past five years take Elkington to around £46m. a Leeds-based property-to construction group.4m profit in the year to September 2009. In the current climate. With £44. 65.8m net assets. In 2005. Hertford-based Barham. 68. It is owned by Peter Rich. 243 John Elkington penhurst £46m involved in property development through Bothwell Bridge Estates with £343. The business is owned by the Moss family and trusts.com 63 .1m net assets between them in 2009. and value the Ross family at that level.5m net assets in its 2008-09 accounts when it made £2m profit on £4. We value him at £45m. In 2008-09. With other assets and past dividends. We have discounted net assets to £48m on profits of £2m in 2008-9.2m of net assets in 2008-09. for more than 20 years. Cautiously.8m sales and we value the business at £40m. Christopher Ure & Family atC properties 2009: £47m (-£2m) £45m ATC Properties is owned by Christopher Ure. Brodie. The Moss family is worth around £46m.4m net assets it is worth that sum. It had £40. Other assets add £1m to the Lousada family. also founded Nuaire Holdings. 240 Brian Moss runs Gat Holdings. It made £1. which sold for £38m in 2004. in 2004 for more than £40m. a property and financial group created in 1934 by his entrepreneurial immigrant father and run by Ross. Analysts reckoned the sale price would be around £60m. netting the Stevenson family around £33m. now concentrates on his other companies. James Barham stepped down as chairman of Bayfordbury Holdings in 2004 after selling the business to Fairview. 245 242 New entry Charles & Anne Scrutton Scrutton £47m Founded in 1962. £45m Richard Ross & Family Regentsmead 2009: £48m (No change) £48m 245 New entry James Barham Bayfordbury estates £45m Richard Ross chairs Regentsmead. Lousada. But the company has £45m of net assets. www.
000 330 122 450 — 78 520 52 86 400 120 130 150 80 175 98 — 90 — 131 200 — 78 450 130 78 382 200 — 130 300 48 — 800 — — -60 0 10 -100 10 10 1 -70 0 45 50 40 27 0 17 10 0 0 — 60 500 49 26 150 — 3 160 18 24 0 -20 20 25 0 0 -39 — 30 — 0 20 — 34 0 0 2 -52 -107 — 0 20 17 Name Elkington. Steve & Clive Bourne & Green. Michael & Family Farmer. Eddie & Family Heller.estatesgazette. Eric Guthrie. Nicholas & Christian Capstick-Dale. Jon Hyams. Melvyn & Family Creighton. Trevor Herbert. Anthony & Family Kirch. David & Family Gadsby. Frank & Family Byrne. Manny & Family Davies. Tony Garrard. Heinrich & Family Finlan. Mark Kelly. Melvyn & Delia Grove. Richard & Family Hindle.400 1. The Duke of & Family Burke. Charles Coffer. Ben Brooksbank. Fawn & India Rose & Family Jarvis. James 2010 Wealth in Wealth in Change rank 2010 (£m) 2009 (£m) (£m) 222 55 45 10 72 200 — — 141 110 120 -10 228 52 — — 71 208 — — 92 160 160 0 232 5 245 209 59 34 92 129 171 151 141 116 141 92 37 113 75 245 165 110 81 148 182 98 3 52 104 23 9 170 18 192 141 41 151 98 84 171 84 214 225 125 232 114 66 201 139 37 116 171 52 158 185 116 54 201 50 1. James Bassi.500 330 148 600 1. Joseph & Family Brodie. William & Family Akins. Charles & Family Khalastchi. Bill & Family Green. David Kirschel. John & Family Hall. Peter Grodner. Peter & Family Howard de Walden. Paul & Family Cadogan. Mathias & Miriam Lagan. Malcolm Harris.com 20 November 2010 . Simon & Family Clowes. John & Ciara & Family Caddick. Bert & Maurice Anstruther-Gough-Calthorpe. David Cola. Lord Freshwater. Chris New entrants are shown in brown 2010 Wealth in Wealth in Change rank 2010 (£m) 2009 (£m) (£m) 243 46 48 -2 91 162 160 2 41 400 350 50 135 115 110 5 135 115 105 10 215 58 — — 166 85 85 0 87 168 170 -2 16 732 495 237 98 150 250 -100 171 80 65 15 138 113 113 0 40 425 500 -75 155 95 95 0 25 580 465 115 77 195 170 25 37 450 450 0 171 80 — — 209 60 — — 131 118 95 23 21 650 500 150 171 80 80 0 141 110 108 2 110 135 120 15 232 50 — — 106 145 117 28 149 104 92 12 15 750 750 0 190 72 67 5 31 500 300 200 92 160 145 15 228 52 — — 116 130 90 40 14 800 800 0 159 90 — — 139 112 90 22 36 470 470 0 159 90 80 10 110 135 160 -25 9 1. Benzion & Family Gabbay. John & Family Hines. Sir David Gordon. John Chamberlain. Mark & Kathleen Kay. Jerry & Janet Kraus. Eric Gallagher. Sir John & Peter Bedford. Sir David & Sir Frederick Barham. Andrew Dangoor. Peter Gadsden. Con & Family Foster. Sir Donald & Family Gorvy. Anton & Family Birrane. Mark Doherty. Michael & Family Higgins. The Duke of Berkley. Martin Boultbee Brooks. Simon & Family Kavanagh. Gerald Hitchcox. Prince Chervak. Peter & Family Dellal. John Hitchins. Ray Horton. Sir Tom Feldman.070 330 20 54 64 60 125 171 23 88 232 19 147 195 228 159 74 131 131 53 232 121 46 29 660 320 240 266 120 80 600 166 50 673 107 69 52 90 198 118 118 325 50 127 350 522 660 300 220 282 120 70 380 146 46 556 107 69 48 — 200 105 118 300 50 100 250 425 0 20 20 -16 0 10 220 20 4 117 0 0 4 — -2 13 0 25 0 27 100 97 64 www. Manfred & Family Gosling. Ronald Horney. Bruce & Family Jatania. Albert & Family Healey. William & Family James. Robert & Family Jones. Bakir & Family Cole. David & Family Davey. Harry Iliffe. John Englander. Terry & Family Bramall. Sir Donald Gould. Nicholas & Peter Gradel. Anthony & Family Buccleuch. Gerry Cooper.400 81 680 70 110 400 100 150 175 80 175 59 53 120 50 131 220 65 112 450 130 80 330 93 75 130 320 65 — 1. Philip & Family Dawson. Terence Conlan. Eliasz & Family Evans. The Family Jennings. Paul Beckwith. Graham Hay. Julia Davidson. Nick Caring. Cyril & Family Desmond. Elliott Bertram. Sir Euan & Family Ashley. Debbie Dunsdon. John Brotherton-Ratcliffe. John & Family Charles. George & Family Allen. Patrick & Family Dove. Kevin & Michael Lazari. Danny Dixon. John & Family Bernerd. Tony & Family Brennan. Jonathan & Family Hobson.estates gazette rich list 2010 Alphabetical index Name Abbott. Linda Barclay. Baroness & Family Hunt. Martin & Family Ainscough. Peter & Family Karimzadeh. Kip & Family Bilton. Patrick Kenny.000 — — 330 490 150 219 70 90 109 200 110 115 400 92 170 45 72 125 180 105 — 90 2. Lord & Family Ives. David & Family Gredley. Elizabeth & Family Ainscough. John & Family Folkes. Frank & Family Bramall. Jack Dennis. Robert & Sally Boyd. Earl & Family Candy. Bob Egan. Laurence Knight. Demi & Family Clark. Robin & Family Clarke Family Clarke. John & Family Edmiston.800 45 60 270 490 160 119 80 100 110 130 110 160 450 132 197 45 89 135 180 105 78 150 2. Richard Caudwell. Michael & Family Hemmings. Francis & Shamus Jolly.
Freddie & The Murphy Family Livingstone. Sean Murphy. Lord & Family Rankin. Amanda & Family Yeates.060 67 165 350 67 55 58 80 1. Eli & Family Shanly. John & Family Lyons. Edward Lousada. The Duke of Ruhan. Michael & Family O'Hare. David & Family Wing. Henry & Family Moss. Leo & Family Northampton.650 85 45 152 350 196 350 62 85 540 136 76 78 180 140 56 114 490 530 56 72 385 60 118 220 350 82 110 296 186 165 46 60 66 75 66 190 58 500 90 80 150 200 220 66 250 131 1. Stuart & Family Moran. Charles & Family Lynch. John & Family McCabe. Brian & Family Scrutton. Poju Zakay. Alastair & Michael 2010 Wealth in Wealth in Change rank 2010 (£m) 2009 (£m) (£m) 201 65 66 -1 209 60 — — 228 52 — — 98 150 130 20 61 250 225 25 13 920 920 0 30 510 445 65 6 166 245 97 46 76 46 205 166 27 109 184 182 81 108 219 137 34 28 219 190 45 209 131 66 46 169 141 57 80 89 243 209 198 185 198 78 215 31 159 171 98 72 66 198 61 114 7 25 31 205 155 192 12 218 70 1. Christopher Morgan. Andreas Pearl.500 10 15 -18 -35 -10 0 0 10 — 0 0 0 — 41 25 -100 40 -1 1 30 54 1 — 0 0 0 0 14 100 — 0 — 20 0 5 -2 70 0 0 — 10 300 -300 -22 5 75 -5 -5 8 10 — 400 20 November 2010 www. Brian & Family Mould. Giles Mactaggart. Caspar Mackay. John & Stephen Rosenfeld. John Marshall. Michael & Robert Smith. Steve Morris.com 65 . Peter & Family Richardson.432 3. Clinton & Family McCauley. Eamonn Panayiotou. Alan Edward & Leonard. Tony Leslau. Sir John & Family Roberts. John Wickens. Sir Anwar & Family Petchey.000 57 209 1. Mark Stevenson. Stuart Watkin Jones.600 580 500 62 95 70 1. John Monk.500 500 450 50 — — 950 52 205 250 20 — 0 100 -4 50 — 15 -20 6 1 -9 5 25 — -81 60 30 — — 105 — 19 76 0 17 15 46 -4 0 — 0 6 25 -214 10 — -30 — — 35 -95 0 — 0 -16 100 80 50 12 — — 50 5 4 Name Pritchard. Charles & Anne Seddon. Keith & Family Miskelly. Sam Mortstedt. The Duke of & Gordon & Family Ritblat. Gary Wilson. Stephen Versteegh. Robin & Family Townshend. Roger & Family Rayne. William & Family Rasul. Richard & Family Roxburghe. Sir Richard & Family Sykes. James & Family Steinberg.800 1. Charles Zabludowicz.900 90 105 165 180 60 100 48 80 — 75 250 160 — 85 165 250 82 76 72 95 65 294 — 175 50 730 400 115 550 — 225 — 300 65 57 47 280 120 180 — 85 6. Raymond Mucklow. David Middleton.Alphabetical index Name Leavesley. Bernard & Family Linnett. Paul Tayub. Andrew Ross.500 1. Michael Sinclair. Bill McCabe. Jim & Family Lee. David Rohan. David & Family Sugar. Bill & Family Morris. Eddie & Sol New entrants are shown in brown 2010 Wealth in Wealth in Change rank 2010 (£m) 2009 (£m) (£m) 225 53 48 5 250 44 — — 159 90 — — 208 61 96 -35 171 80 — — 232 50 50 0 66 220 125 95 2 5. David & Simon Rich. Rashid & Aziz Thomas. Shaf Raymond. John & Family Noé. Andrew & Family Russell.360 89 160 275 72 60 50 70 — 1. The Marquess of O'Callaghan. Sir Stanley & Peter Tomkins. Lord Sullivan.300 2. David Sutton. Sir John & Family Magnier. Sir Robert Oglesby. Mark & Family Pervez. Alan Lewis. Simon & Paul Ure.132 240 48 — — 41 400 350 50 171 80 — — 151 125 105 106 232 151 240 159 225 185 61 92 242 122 78 98 124 185 189 123 129 58 245 84 232 17 41 120 21 150 65 219 54 201 205 245 46 125 81 224 155 1 11 196 89 46 196 222 215 171 8 4 100 120 147 145 50 100 48 90 53 75 250 160 47 126 190 150 122 75 73 125 119 295 45 175 50 730 400 129 650 103 225 56 320 65 62 45 350 120 180 54 95 6. Jim Metter.500 1. Christopher & Family Vernon. Roger & Family Widdowson. Charlotte Turner. Jack Pickering. Gerard & Family Wall. Jack & Family Morrison. Dick & Family Westminster.400 65 — 152 250 200 300 — 70 560 130 75 87 175 115 — 195 430 500 — — 280 — 99 144 350 65 95 250 190 165 — 60 60 50 280 180 — 530 — — 115 295 220 — 250 147 1. Kevin & Family McCarthy. Solomon & Family Powell. David Pears. Nicholas Portman. Nick Lewis. Jim McManus. Michael Slowe. Douglas & Family Yates. John & Family Sellar. Andrew & Sharon Upward. Irvine & James Shahmoon. JP Mellon. Gerald & Family Rosefield. David & Family MacDonald-Hall. Glyn & Family Watson. Fred & Family Pullan. David Salisbury. Noel & Miriam Ogden. Woon Yip & Family Woolf. Tony Porter. Jeff Smurfit. Duncan & Family Slade. Sten & Family Moser. Rupert & Family Muir. The Duke of Whittaker. Alan Nike. Ian & Richard Lonergan. Ken Ronson. Gerard O'Rourke. Alistair & Family Rana. Anthony Mabey. Robert & Family Reuben. Cavan & Family Pidgley. Roy & Family Richmond. Marquess of Scowcroft. Sir Michael & Family Spencer.estatesgazette. Dan McGettigan. John & Family Mulryan. Chris & Family Marston. Jeremy Miller. Viscount & Family Potel.
many of the property tycoons who have private property companies also have large assets elsewhere that we do not know about.com 20 November 2010 . Inevitably we will have missed people who feel they should have been included. The Queen is not included as she does not have full control of the Crown Estate in the normal meaning of the word. Where construction magnates have a significant property element. we have included or excluded them on a case-by-case basis. such as estate agency. For private companies we have based valuations largely on their latest net asset figure. which may be challenged by those listed. unless – like the Duke of Westminster – their wealth derives from urban property holdings. the strength of the balance sheet and credit ratings in arriving at our figures. Where retail tycoons such as Sir Philip Green of Arcadia have used property trades to help them on their way to fortunes. we take comfort from the fact that private companies are much more conservative in their balance sheets and that the net asset figure may not reflect the true position. trading or related areas. we have added a proportion of the salary to our profit and wealth calculation. Finally. qualify for this list. 2 We have also been influenced by levels of borrowings. Where accounts are not up-to-date. Where private companies pay large salaries to their owner-directors. Most landowners are also excluded. Any other comments also gratefully received here.estatesgazette. Second. 4 We have counted family trusts as part of family shareholdings in making our assessments of company ownerships. We ask them to send in their details for next year to Philipberesford@aol. we have discounted their net asset figure by 10% or more (depending on the strength of their balance sheet) in arriving at our valuation. We will adjust valuations next year for any who feel that we have been too wide of the mark. which helps to underpin our values. we have been cautious in our private company valuations.com. After the credit crunch and property crash. the rate of decline in values and economic activity may have now stabilised. Dr Philip Beresford and Dominic Price 66 www. we have not included them. 5 Only those who have made all or a significant part of their fortunes in property investment.estates gazette rich list 2010 Rules of engagement 1 Valuations for quoted property companies are usually based on their share price as at early September 2010. All our calculations for valuations are ballpark figures. 3 Though there may be some concern that we have not cut our valuations deeply enough to reflect the economic crisis of late 2008 and early 2009.