EG Rich-List-2010

Rich List 2010 John Caudwell Caudwell Holdings pAgE 8 inside 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 pAgE 33 ALL IMAGeS: Rex feATuReS Gerald Ronson & Family Heron pAgE 40 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 [email protected]. 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 For all EstatEs GazEttE sErvicEs rinG 0845 077 8811 www.estatesgazette.com 3 estates gazette rich list 2010 1 £6,800m 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 www.estatesgazette.com 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) £5,432m the reubens make billions Earl Cadogan & Family the cadogan Group 2009: £2,000m (+£500m) £2,500m 2 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. www.estatesgazette.com 3 desmond o'neill features 20 November 2010 5 estates gazette rich list 2010 4 Eddie & Sol Zakay topland Group £1,900m 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. 5 Sir David & Sir Frederick Barclay ellerman investments 2009: £1,000m (+£800m) £1,800m 6 Ian & Richard Livingstone london & regional Group holdings 2009: £1,400m (+£250m) £1,650m 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 6 www.estatesgazette.com 20 November 2010 Most of the defence interests have now been off-loaded and the family has diversified into Las Vegas property and hotels. a holocaust survivor. 57. Past dividends and other assets take the Livingstones to £1. built the family business around Soltam.including David Lloyd Leisure. Clive Pears. flats. Though there is little evidence of asset wealth in his British companies.5bn.3m sales. Zabludowicz. We value it at £750m. He had assembled a Hampsteadbased property empire that now embraces thousands of London homes. Its net assets fell sharply to £690m.65bn..com 7 . The price was around £250m less than LandSec had hoped to achieve. and office blocks. With economic recovery. but has lived and worked in London for most of his life. Equity investments in areas such as card payment technology have also proved lucrative for Zabludowicz. in 1952.500m New entry maGnate Plays his cards riGht. Zabludowicz campaigns to improve the portrayal of Israel in the West and counts Bill Clinton and Shimon Perez among his friends. The Pears are also not short of a bob or two. Mark is managing director of the main company.estatesgazette. He recently sold a property called the Princess Arcade on Piccadilly 20 November 2010 Poju Zabludowicz tamares real estate investments (uk) for around £120m. an £80m fund which will invest in small UK companies. The family also owns fund management group Talisman. Property magnate Poju Zabludowicz gave two donations totalling £100. He has a number of companies including Tamares Real Estate Investments and Ivory Gate. The three young Pears were propelled to run the family empire when their father and ace dealmaker.1m on £390. has sold many of his Las Vegas assets but still holds some downtown real estate. The move comes after they pulled off a coup in January 2009 by buying the Trillium outsourcing business for £750m from Land Securities. The value of their entire portfolio has been put at £6bn. William Pears Family Holdings. we nudge the Pears up to £1.000 to the Conservative Party last autumn to help swell the party’s election warchest. His father Shlomo.. but there are at least 23 separate companies which showed around £835m net assets in 2008-09. 8 £1. Zabludowicz has also moved into private equity with the launch of Synova Capital. 7 Mark Pears & Family William Pears family holdings 2009: £1. who is a major modern art collector and on the board of several Jewish/Israeli charities. 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. we believe Zabludowicz is worth £1. died in his early 50s. with dividends of £40m in the last four years and nearly £82m in 1996.6bn. The low-key Londonbased brothers are backing a new Home and Savings Bank to the tune of £50m. www. an Israeli defence contractor that was a major supplier to the Israeli military.500m (+£100m) £1. Loopsign's 2009 profits came in at £12. The family empire was started by the grandfather and father of the Pears brothers.600m The Pears family is moving into banking. Zabludowicz holds a Finnish passport. The deal reflects the strength of cash-rich groups like the Pears in a difficult market. airports. up and rich.400m Marylebone landlord Howard de Walden Estates jumped at the opportunity to buy in more Harley Street property earlier this year. to name but a few of its developments.400m New entry John Caudwell caudwell holdings John Caudwell’s buying spree in the last three months of 2008. we reckon the business assets of the family are now worth £1.060m 2009: £1. Whittaker. However. looks to have been well timed. He has also paid an undisclosed sum to take a 51% shareholding in Caudwell Marine.2bn of assets in 2008-09. should take him to £1. it is highly active in property development round the country from Guildford to South Wales and Manchester. saw its losses widen from £4. Two years previously he had sold off his Singlepoint customer billing operation to Vodafone for £405m.060bn. It was in 1970 that Caudwell took his first job as an engineering apprentice.24bn at the sale price. including personal property and the quoted stakes. The business empire amassed by Whittaker. While waiting for his Michelin apprenticeship to start. the airport business has recently found a strategic partner to help it weather the drop in traffic. But he could easily afford to take such a gamble.000 acres of farmland and woodland in the Buckinghamshire countryside. real estate companies and energy – including a 28% stake in UK Coal. Howard de Walden Estates made a near £30m profit.com In the past 15 years.000m Viscount Portman’s Burtley Estate consists of 2. Peel Holdings (TCL) and Peel Holdings (Land and Property) showed £1.6m to £13m in the year to March 2009.25bn and we add another £150m for past dividends and other property assets to the Howard de Walden family after tax. when he spent £80m on properties in London and elsewhere. it is Portman’s latest venture. the family has clocked up more than £266m dividends. which saw its profits rise sharply from £187. Caudwell. 9 Baroness Howard de Walden & Family howard de Walden estates 2009: £1. a far higher price than had been expected for the Stokebased mobile phone operation.070m (+£330m) £1. 58. 68.46bn. Whittaker’s share is worth £660m. nearly became a Catholic priest but went into the quarrying business before moving into property.4m in the same period. which owns Liverpool John Lennon airport. worked at a steel factory and as a night club bouncer. which has developed a new propulsion system for the recreational boating market. Whittaker’s two main companies. His 85% stake in the business was worth around £1.estates gazette rich list 2010 uPWardly mobile tycoon 11 John Whittaker Peel holdings £1. it showed up-to-date values for its estate for the first time and the net asset figure was £1. The family trusts also own Welbeck Land.estatesgazette. When he sold up. . he fought a long and sometimes bitter battle to take over the Manchester Ship Canal Company. on. he swept pottery floors. who is famous for developing the Trafford Centre.000 to £15. In the 1980s. Home to an organic herd of 200 pedigree South Devon cattle. His other assets. It paid the Crown Estate £34m for a block of 14 period buildings that had not been traded in more than 470 years. He’d quit school the year before after a term of A-Levels with a burning desire to get out. In 2008-09.248bn.360m (-£300m) 9 £1. He has not been unscathed by the recent recession. having sold his Caudwell Group in 2006 to Providence Equity Partners for £1. Peel’s airport business. for example. covers ports. 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. 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. With an uptick in central London values. Caudwell was the biggest independent player in the European mobile phone industry.4m net assets. 8 www. The Peel Holdings development will become the northern home of the BBC next year. More significantly. has retained a financial interest in Phones4u. selling a 65% stake to Vancouver Airport Services. 12 Viscount Portman Viscount Portman & Family Portman estates 2009: £950m (+£50m) £1. With £32. Years later. But in 1952.complementing his 3. Australia. For the past 10 years he has been based in Mayfair and is now active in Britain. 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. and half is on behalf of third parties. He paid £5 a week on a weekly tenancy. Other assets include a share in commercial properties in Manhattan and Palm Beach in Florida. From London. Forbes magazine reckons that Hines has put up more steel and concrete than any other American developer. 20 November 2010 www.estatesgazette. 14 Gerald Hines hines £800m 2009: £800m (No change) Bernard Lewis Celebrated American developer Gerald Hines. The Lewis family and trusts own all the business.000 net assets between them. with the Kings Road in Chelsea seen as the centre of fashion. In 1948. Hines spearheads expansion across Europe and the world. all the Chelsea Girls had been rebranded as River Island. including 17. Early customers for the beef include Waitrose and the Hyatt Churchill Hotel. knows all about big projects. The Lewis family. running one of the largest property operations in the world. He was 22 years old. on another bomb site in Holloway. and soon textiles won out over soft fruits. has been finding plenty to get his teeth into. reflecting the highly competitive retail market. which owns the retailing to property and hotels group. within four years. called Brickleton Group and Portman Settled Estates. the first clothes shop was open. with £500.000 acre Herefordshire estate. There are few signs of family wealth in two companies. bringing fine architecture to the commercial market. Next came a knitting wool shop. which sits at the gateway to the Portman Village shopping streets.com 9 . With the improvements on the estate and the central London property market showing signs of revival. 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. we keep him at £800m. The numbers grew and the Lewis Separates chain was born. and possibly a lot more. with no security of tenure.5m though sales rose from £966m to £1.000 acres at Wagga Wagga. a Forbes analysis suggested that Hines was worth around £1bn. in New South Wales. Portman. around half of which is Hines-owned. 84. His first proper job was selling fans and blowers for office buildings in Houston. He grew up in the Depression.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. Gareth Clutton. 52. which showed nearly £404m net assets in 2009. we raise the estate valuation to £950m in the current climate. Indiana. 84. In 2000. the chain was renamed Chelsea Girl. owns a clutch of rather obscure assets. River Island profits fell 15% in 2009. Dividends and other property assets should add perhaps £500m after tax. The estate has been busy forming a joint venture to bring forward a mixed-use redevelopment of Marble Arch House. We add another £50m for family assets including the Herefordshire estate and a holiday home in Antigua. In 1987. after being demobbed from the RAF at the end of the second world war he tried his hand at the greengrocery trade. In the mid-1950s. Hines is now completing a £400m office scheme over London’s Cannon Street rail station. Lewis started designing his own clothes. and his ambition to make money was present from an early age. is headed by chairman Bernard Lewis. Portman’s principal property holding – 110 acres of prime London estate – is undergoing a huge upgrade. As well as the London estate. the first River Island store was opened and.02bn. His first venture in 1946 was a corrugated iron and timber shack on a bomb site on north London’s Holloway Road. The group manages more than 120m sq ft. By the mid-1960s. called The Wool Shop. In the current climate. who took the helm of the property company two years ago. We value the company at £420m. Hines’s start in life was far from silver spoon as the son of a steelworker and a schoolteacher from Gary. Having rejected the opportunity to build the original Canary Wharf. Hines started out in property and became one of the world’s bestknown property entrepreneurs. reflecting a return to 2006 prices. Germany. But the jewel in Healey’s crown is CentrO. Eddie Healey should be worth perhaps £750m. The value of its net assets also fell from £272m to £203m. Sugar should have received around £36m for his Amstrad stake.7m to investment company London & Stamford and an unidentified partner in February 2009.7m. When he died in 1976. Chairman and managing director. but allowing for double counting on our part and any charitable stakes cuts the net assets attributable to the Freshwaters to perhaps £370m. The £1. knighted in 2000 for services to business. 62. was created a life peer by Gordon Brown in 2009. 72. With its success and scarcity value. which holds Sugar’s property interests.5m. Sugar made headlines with his Amstrad operation. allowing for any double counting. arrived in London three days before the second world war as a penniless refugee. we add £37m for past dividends to the Freshwater family. Benzion Freshwater. 10 www. We value Sugar at £730m.17bn sale of Meadowhall in 1999 netted Eddie. and personal assets including property in London. he was London’s biggest private landlord with 20. we can see around £410m of net assets in the 2008 accounts of four Healey family companies including Stadium Holdings. which had £720m net assets between them in 2008-09. we can see three other main companies. But Mayfair is where Amshold has been a hefty investor in property. 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 £376.4bn in September 2008. A Hackney tailor’s son. To the £695m business wealth. said that it had “long-term faith in the property market”. In addition he has £150m of cash. has never been shy about his preference for more traditional architecture.5m.estatesgazette. Metropolitan Properties and Centremanor. Highdorn. although overall the figures are down from £650m net assets in 2007. But following the £125m sale of Amstrad in July 2007. He has at least £400m worth of property held either via Amshold or overseas. But Prince Charles. His own taste is on view at Poundbury. around £420m for his 60% stake (taking account of £470m debt in the sale price). Showing his confidence Sugar. and his family have a 79% stake in trusts in the London-based property group. 62. Sugar certainly has not lost his eye for a bargain . Aside from the stake in Daejan. In 1957 he took over Daejan which had been created in 1935 to exploit Dutch East Indies plantations. With some of the Meadowhall proceeds reinvested. That stake is now worth £325m. Osias. Florida and Spain. his business activity is largely concentrated on property. Amshold. In all. Work started in 1996 and it has been granted permission for an extension. recently put two of his Mayfair properties on the market with a £130m price tag. it should easily be worth £300m on its own in the current difficult climate. Freshwater’s s father. We have ignored a host of minor companies to allow a 20 November 2010 safety margin on these figures. Some 20m people visit it every year and it is still entirely owned by the Healey family. 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. snapping up a £35m Spanish hotel in 2009 for just £2.9m to £4. Benzion Freshwater has 292 directorships in a complex web of companies. so British Land took a sizeable hit with the sale. Meadowhall was valued at £1. Sugar. which was built on Duchy of Cornwall land .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. which is slightly up on last year. that value reflects what a goldmine Eddie Healey and partner Paul Sykes created. outside Dorchester. started in 1968.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. Even so. which became a leading consumer electronics group in the 1980s and 1990s.000 tenants. 62. taking it to £732m. Europe’s largest shopping centre built on 196 acres of an old steelwork site on the Ruhr. it produced a surplus of £14. Portugal. following that with a £20m Victoria Street building.7m. Hunt also took Foxtons into America but the business folded as the American housing market collapsed. to Saudi Arabian investor Olayan Group. PE Jones (Properties). 57. residential and agricultural opportunities (the assets at his Suffolk Estate now include over 4. Green had a 20% stake through a Cypriot company. Green’s father was a Manchester draper who later developed a chain of grocery shops which were sold in 1965 to Tesco. Green settled with his bride in Bermuda. In 2009-10. created by royal charter in 1337 by Edward III. With economic recovery starting. Mitchell had left Scotland for Bermuda in 1947 disgusted with the way his mining and railway assets had been nationalised by the Labour government.1m loss. the Alderley Edge-based company was started by Jones. was part of a consortium led by Derek Quinlan which bought the trophy asset for £532m in 2005. Hunt. Jon Hunt has invested more than £150m in distressed commercial. Hunt is now worth around £660m. having sold the London-based Foxtons estate agency at the height of the boom in early 2007 for £375m. at the £10m family mansion. Hunt has also been built up his own residential and commercial property portfolio.estatesgazette. the environment and town planning. He concentrated on the family’s separate mining interests in Canada and established homes or vast ranches round the globe in Jamaica. and add £16m for other assets and property. But Emerson was not immune and in 2008-09 went from a £34. There he met Mary-Jean Mitchell. he bought properties for his serviced office business Ocubis. daughter of Sir Harold Mitchell. Brazil. With personal assets added. delivers its annual income to Price Charles in his capacity as Duke of Cornwall but he cannot profit from the sale of capital assets. Its prime properties performed particularly well and the overall value of its commercial portfolio rose 9% to £141m. so the price achieved this year will have come as a relief. buying up tracts of land cheaply. He worked there for eight years before striking out on his own in property. a yield of around 4%. Adding in his Foxtons proceeds.000 acres of prime arable land ) which he hopes will show significant growth in the future. But Green’s life was to change completely in 1975 when he went on a cultural trip to China. Last year. who moved into housebuilding in Cheshire way back in 1959. He had a stint of part-time employment. The Duchy also saw a sharp rise in its 2009-10 net assets to nearly £664m after the dip in 2008-09. Canada. The Duchy. Group turnover fell from £180m to £130m and net assets from £694m to £605m. 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. and Prince Charles in his capacity as steward at £680m with personal wealth added. mainly due to exceptional losses on foreign exchange borrowings of over £24m. Mary-Jean was diagnosed with breast cancer www. Jones. even though he cannot personally benefit from realising any assets. and then tragically.7m profit to a £6. He left after O-levels and tried his hand in the army.and tested his ideas about architecture. In July 2009 Savills valued the estate at £480m. while her father groomed her to take over the business. Green was effectively shut out at that period. including his London home and Suffolk estate. these are worth £335m. 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. But Sir Harold died in 1983. 75. A formidable estate agent. is an expert at timing. Jones and family trusts own all the shares in both. Guatemala. has another company. We value the Duchy on its net asset figure. 75. Hunt has clearly come a long way since his days at Millfield. but didn’t see it as a long-term career. In May 2009 he spent £16m on a Kensington High Street building. a former joiner. the private school in Somerset to which he won a sports scholarship for tennis and rugby. 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. Surrey. including one job as a car washer in California.com 20 November 2010 rex features empics 11 . we value the businesses on their £657m net assets. Honduras and Switzerland. with around £50m of net assets in 2008-09. Since the collapse of Lehman Brothers. Misland. putting pressure on the loan. reckoned then to be one of the top 20 richest Britons. but his talent for business came through when he joined an independent estate agency in Woking. He was one of the first developers to spot the development potential of south Manchester. He never looked back and has taken his development work overseas to Portugal and Florida. Green. 2bn. So disillusioned is Sykes with the state of Britain that he may even follow his forestry investments to live in New Zealand. and many more are on the cards: last spring. owns International Clothing Designs (Holdings). Vin. In 2009 there were £260m net assets in Sykes’ Highstone Group and we reckon he should be worth around £650m. Retailers now increasingly deal with suppliers direct. The 67-year-old Yorkshire-based entrepreneur is now busy investing in forestry.in 1988 and died two years later at 38. www. money is no object then to Caring. Indeed. The notoriously driven Richard Caring has had another busy year. We raise him to £600m this year. He spent £6m on a high profile campaign to preserve the pound and against loss of sovereignty to Europe. the Surrey golf club he bought for £130m in 2005. in 2005. he moved into property and. Amanda Wakeley. profits at the company fell to £227. He inherited the business from his father and built it up after spending many years in the Far East himself.500 derelict acres next to the M1 into the Meadowhall Centre. I have to continually prove something to myself all the time. snapped up the famous Yardley brand for a reported £60m. They sold Meadowhall in 1999 for £1. Future projects will include the redevelopment of the former US Navy offices on Grosvenor Square. were sold in a £300m deal. his £15m North London home and proceeds from the sale of his stake in fashion designer. held via Luscar Ltd. J Sheekey and Le Caprice in the West End. Sykes. Daphne’s in South Kensington and Scott’s in Mayfair. 62. and the nearest figure Caring admits to is Richard Caring Mike Jatania “nine figures”. There has been a stream of new restaurant openings. who left his Barnsley school at 15. which itself was taken over in 2001 in a £600m deal.4m sales. he’d bought the Belgo. He told a newspaper earlier this year: “I think I suffer from insecurity. Mayfair. and has branched into hotels with a project in Shanghai. But the business had a record 2009-10. In 2008-09. Caring also made a fortune in property deals in Hong Kong in the 1980s and 1990s. At Wentworth. Green was effectively left in charge of the family business with their two sons. Later. in which he owns an 80% stake. had a tough time in the American market in 2008-09. 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. which Caring bagged as part of a consortium for £250m in 2007. Bierodrome and Strada restaurant chains for £57m in September 2005. the Green family also made a £60m profit from selling its stake in a small energy company. 55. He does sell. Previously. 20 November 2010 desmond o'neill features 23 The Jatania Family lornamead 2009: £380m (+£220m) £600m Lornamead. He has also moved into forestry investment in New Zealand. came to Britain in 1969 by way of Uganda. the personal care operation. With a large property portfolio in the Paddington and Elephant & Castle areas of London. His portfolio of restaurants defied the credit crunch by sharply increasing profits in the year to June 2009. it sold off part of Yardley for nearly £30m.estatesgazette. £6.” Caring has surely done that time and again. Caring gazumped Wolsey owners Chris Corbin and Jeremy King to sign for a new restaurant on Capital & Counties’ Covent Garden estate. 60. In addition in 1996. The globe-trotting Caring also opened a Los Angeles version of private members club Soho House. made a profit of £8. The Green family invested around 10% of their proceeds in a new Luscar. turned 1. and Danny. occasionally. 45. In 1996. Family properties in Bermuda and London. Caprice Holdings. led by chief executive Mike. Clearly. with his trophy assets.000 on £65. But this is but a fraction of the total. 51. 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. Two years later he sold them for £140m. with George. Last year. started making his fortune by breaking up old buses and selling parts to the Far East. which runs London favourites The Ivy. which once dominated the supply of fashion garments from the Far East to UK retailers. netting the Green family perhaps £50m. working with Eddie Healey. Green moved the management of his substantial business affairs from Bermuda to Dublin in 2000.2m sales.4m on £39. plus assets in Canada and the profits from his recent London deals put Green at £650m. The family. A fashion tycoon originally. he has completed a ninemonth. much of the family’s Canadian huge mining operations.5m redesign. the Jatanias should easily be worth £600m. so the business is smaller than it was. Lornamead is run and co-owned by four brothers. originally from India. Lornamead buys unwanted toiletry or beauty care brands from multinationals and. Caring.com 13 . making around £50m profit on its world-wide operations. His Highstone Foundation charity is supporting rainforest conservation and the preservation of wildlife habitats. his family and trusts have a £360m stake. and he also made a tidy £23m from the sale of a 13% stake in Devro. With the company worth £1. Bestway’s founder. prices charged for the services of his stallions crashed in Ireland and the US. In the current climate. more significantly. Pervez would be much richer if he did not give large amounts to charity every year. tHe CaSH and Carry king Profits at West London-based Bestway rose in 2008-09 to £80. 75. Capital & Counties Properties and Capital Shopping Centres. He recently promised £10m to the Royal Opera House and a further £10m to the Wales Millennium Centre. If that is the case. A separate property operation.23bn. His horses on the track have been disappointing this year. 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. Gordon. 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. then opera in this country should be set for a golden age. the pair made a hefty £90m profit on their original investment. As a result.6m on sales of £2. Pubs are just the latest investment area for the lowkey Magnier. He shared in a £40m windfall in February 2006.6%.com property through Liberty International. finally selling out of the South African group in 1999. There have been redundancies at the global operation and. 80. I want it to be the focus of my life.estatesgazette. selling an . 62.” says Gordon of his retirement. we cut the Gordon family wealth back by that £20m to £580m. He also focused on British 14 www. too. Magnier is perhaps best known to the British public for the £227m stake they held in premiership football club Manchester United until May 2005. 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. started a South African life insurance operation in the 1950s. Bestway now has over 50 depots round the country. South African share sales and other assets add around £150m. The duo have been steadily buying shares through their Elpida vehicle since late 2007 and more recently doubled their stake to 17. a farmer’s son from Rawalpindi. “I’m hoping that I can now switch the focus I’ve put on business into opera. plus property. It is a triumph for Sir Anwar Pervez.05bn. His family stakes in the two new Capital operations are worth over £450m. rice milling and cash and carry wholesaling in the UK. and his business partner JP McManus have been quietly building a stake in the troubled pub group Mitchells & Butlers. Pervez. as well as a major cement business there. 20 November 2010 Irish racing tycoon John Magnier has had a rough time of it lately. the Scottish sausage skin maker. When they sold to new United owner. With McManus and fellow Irish tycoon Dermot Desmond he has a stake in Barchester. Malcolm Glazier. 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. we value parent company Bestway (Holdings) at around £750m while Pervez. It was tough going at first but he turned it into a business empire with interests in banking in Pakistan. a profitable nursing home operation (revalued at £1bn in 2006) the Sandy Lane Hotel in Barbados and Global media. which must have had a detrimental effect on Magnier’s fortune. With the £100m acquisition of Batleys. that stake is now worth £220m. Palmbest and other assets should add another £220m. But Magnier. Magnier was also part of a consortium that bought the radio assets of Chrysalis Group for £170m. These stakes are worth £339m after borrowings. With little new build in the West End.000 sq ft former BP/ Castrol facility to his portfolio. He has also invested heavily in solar power and says it will be “bigger than the internet within five years.5m acquiring properties in the year. Mellon is now easily worth £530m. which was started by her uncles who came to Britain from Ireland after the second world war. Mellon. The council hopes to revive the seaside resort.option on a London office site. Lazari.33bn in accounts to March 2010. taking Lazari to £522m. started out as a brickie’s apprentice locally in Leyland. which hit £452. who started out as a fund manager in Hong Kong in the late 1970s. He has two homes there. one of the largest employers on the island. in the current climate for property. the Greek Cypriot-born property mogul. Global agent CB Richard Ellis will move into Lazari’s 100. is based in the Isle of Man. 53. which cost $8m. The company spent £15. is a director and leading shareholder in the business. came to Britain in the early 1970s to work in the fashion business. Ireland. 60. With annual earnings of between $5m and $10m.” He has stakes of around £20m in a number of quoted companies.000 apartments there. And we add another £70m to his portfolio for personal property and cash in the bank. with 450 staff. His Hong Kong. She married a top accountant in 1995. Hemmings bought Littlewoods’ pools operation from www. W1. his assets add up to around £540m.7m to £41. in 1978. Lazari’s 130 buildings are also filled with 424 blue-chip tenants drawn from the top ranks of British business. When the uncles died.2m to £33. he diversified into the property field and has never looked back. CBRE will be replacing outgoing tenant Diageo. four other homes round Europe and several properties in Ibiza. As a result. In 2000. With McManus and Desmond. Linnett inherited their stakes. will shortly have a major new tenant within his London-based portfolio. Aidan Brooks. Despite the severe downturn.4m. where he is one of the biggest property owners and. in all. Lazari’s portfolio was valued at £1. Magnier also has homes in Spain. Chris Lazari. Lazari can look forward to healthy rent rises in the future as demand outstrips supply for Grade A space. However.estatesgazette. Cautiously though. But he is not immune to the downturn and. Freddie Linnett & The Murphy Family Charles Street Buildings (Leicester) 2009: £445m (+£65m) £510m Profits at Charles Street Buildings (Leicester) fell from £35. including one called Emerging Markets. he built his own housebuilding firm and sold it for £1. he can afford his own private jet. Freddie Linnett.6m in the year to November 2009. profits at Lazari Investments rose in 2009-10 from £26. Hemmings. He later took over the business and sold it in 1989 for a hefty profit. Barbados and Switzerland where he lives for tax purposes. the drinks firm. he has made substantial profits selling the euro against the dollar and recently went short again on the banks. adding a 175. he also sold the Next Generation fitness chain for around £132m. Northern Trust intends to let the commercial buildings and review regeneration options for the rest of the site. 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. Mellon. 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. In late 2007. The deal is characteristic of Lazari’s skill in upgrading buildings and getting good tenants across its base in the diverse West End. following a recent refurbishment. He and MacManus plus another partner. Lazari grew the business with the acquisition of Greater London House in Camden for £165m and the Met building in Percy Street. have a large property portfolio held in Sloane Capital. net assets at the family-owned property group rose £27m to nearly £476m. W1. Hemmings became his right hand man in the Pontins leisure operation.com 20 November 2010 15 . We value the business on the net assets figure. which invests in metals used in solar power technology.3m in early 2010. for £107m.000 sq ft Henrietta House. 75. Hemmings has been buying too. 64. Later. 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. More recently. Other assets and nearly £88m of dividends from 1995 to 2009 take Linnett and the Leicester-based Murphy family to £510m after tax.listed company Regent Pacific is cash rich with its main investments in China and commodities. particularly uranium. we value the Lazari real estate interests on the net assets.5m in the early 1970s to the late Sir Fred Pontin. made his money from a range of investments including a £55m return on a firm called Charlemagne Capital in 2006. 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. He plans to give the bulk of his fortune to charity through the Jack Petchey Foundation. he has taken hits on several high profile investments such as car dealer Pendragon. one of the more low key property men in Britain. three shopping centres in the north. property and timeshare. a mall owner. including Woburn Enterprises. bought in 2002-03 for £294m. With earlier proceeds and past profits. In 2004. which has given away £65m to supporting youth projects in London and the Home Counties. 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. We can see around £64m of net assets in a number of companies owned by the Noé family such as Agra and Landmaster Properties. 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 . the car dealer. the Northern Trust Group. But the downturn has caused some problems for Noé – St Katharine Docks. merged with F&C Asset Management. Noé sold its Fosse Retail Park for £360m. and elsewhere the business is thriving. In 2004. Petchey commutes to his office in Ilford daily. His main holding company. In all. Based in Chigwell. it launched its first open-ended property fund for private and institutional investors in July. Petchey received £72m in cash and £15m in shares for his stakes. his quoted investments have yielded around £400m of wealth. just a year after buying it for £307m. and property companies Warner Estates and Rugby Estates.5bn of real estate under management from the UK to Israel to India. Petchey sold around £225m of stakes in six companies including a pub chain. Noé. A canny East End investor and property man. At Rugby he took a 25% hit on selling his stake. is known for his shrewd reading of the market. On chairman Leo Noé’s watch. Petchey has also helped more than 40 schools achieve specialist school status.5m. Noé has a 55. Today. he said that he was considering an £80m sale of his leisure business to raise cash to reinvest in property while values were low. His expertise was highlighted in July 2008 when his company. he built a fleet of taxis. we can see more than £37m of stakes he still holds in quoted companies. Last year. we value Noé. earning himself an OBE. but long ago sold that stake. And the separate Devonshire UK Opportunities Fund.estates gazette rich list 2010 the Moores family for £161m. Timeshare and property interests take Petchey to £500m in the current improving climate.1m. launched in May 2009 to take advantage of the downturn. He was the sole shareholder in two Isle of Man companies which were sold to the quoted Saville Gordon property group in 1998.estatesgazette. which is in £300m takeover talks. 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. Using his £39 army gratuity. which created a business with £8. 57. Aston Villa football club and Reg Vardy. and the extent of their deals and investments indicate more substantial wealth. 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. Noé and business partner Ivor Smith collected £60m in cash and loan notes in the deal. Petchey has no formal education to pull off his deals. Early in 2006. had £130m net assets in 2009. at £500m. 16 www. It will be a sizeable fortune he gives away. In all. He later expanded into used cars. were sold for £378. a string of individual sales now seems more likely. However. centred on the square of the same name. office provider Workspace. In 2006 and 2007. for example. But this is the first deal to make a splash for years. For the Bedford Estate is probably the quietest and most conservative of the inherited London Estates.com Jack Petchey reckons the recent recession was the worst he has seen in his 85 years. But Petchey has plenty to play to make up for such losses. Hemmings is now easily worth £500m. The 340-year-old Bedford Estate in London owns around 180 buildings in Bloomsbury.8% stake in British-Israel Investments. REIT. He once bought Watford football club from Sir Elton John. He first earned money running errands before working after the war as a taxi driver. is expected to start investing before Christmas after reaching its first close. breached its loan-to-value banking covenant this year and negotiations are ongoing with debt servicer Capita. a major development opportunity owned jointly with AREA Property Partners. 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. until they sold out to United owner Malcolm Glazer in May 2005. www. But he can easily afford the outlay. National Parking Corporation. Consolidated Property Investments and later Metrose Property. The recent marriage of his daughter cost McManus around £5. he had a £227m stake in premiership football club Manchester United. Although we can see just £12m net assets in three family companies. Estates Gazette put a £200m price tag on these at the top of the market. overruling a local authority decision. JP MCManuS raCeS to a Fortune 34 JP McManus Sloane Capital £490m 2009: £430m (+£60m) A former bookie. Sloane also has a castle in Dublin.5m. McManus. netting a £90m profit.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. 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. Irish racing tycoon John Magnier. 48. He is reckoned to have made £250m over the years from playing the foreign exchange markets. But it is the art treasures inside. It will create 1. plus the recent property company sales. McManus was active in the property boom through Sloane Capital. Recently. They sold the parent company.1m in his will.but he has waited for prices to fall before moving into action. We can see £2m net assets there. In 2004-05. including Woburn Enterprises. they divested themselves of further firms. the new £200m Center Parcs holiday village on his Woburn estate is under construction. he joined a group of wealthy investors who have put nearly £20m into buying up New Zealand property. that are particularly valuable. Sloane bought a prestige Paris office and retail site in July 2007 for £439m. Planning permission was granted after a public inquiry. The duo have been steadily buying shares through their Elpida vehicle since late 2007 and now have a stake worth £220m. Unilever House in London and the Hilton Hotel at Canary Wharf. He is at least trying to continue the entrepreneurial activities of his grandfather and father. With a share of the Sandy Lane Hotel in Barbados and an adjacent £21m villa. His late father left £39. He still has stakes in some small property companies with Gosling as a partner. which were set up by his grandfather to pay a £4. But huge dividends from National Parking before its sale. Harrow and Harvardeducated Bedford.500 jobs in rural Bedfordshire. Bedford Estates owns 170 properties in and around Bedford Square in central London. Allowing for any inheritance tax following his father’s death. is also one of the top racehorse owners in Ireland. in partnership with Magnier and Aidan Brooks. the 14th duke. He inherited the title and estate from his father. He has various and successful business ventures under his control at Woburn. the Limerick property developer. with more than 100 horses in training and a stud in Co Kildare.5m bill for death duties.estatesgazette. 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. 59. who died in 2003. have been quietly building a stake in the troubled pub group Mitchells & Butlers. 89. Bedford also has his London estate to fall back on. Bedford is also trying to spruce up Bloomsbury with better quality retailers. collecting around 20 November 2010 17 . we stick with a £490m valuation for Bedford. is well versed in the management of the extraordinary 13. based in Geneva. JP McManus and his business partner.000 Woburn Abbey estate and house. It remains particularly valuable. With Magnier. Nearer home though. £290m each. in 1998. for £189m. Our art expert puts a £300m value on the total collection. McManus. the house and grounds must easily be worth £100m. keep Hobson at £470m this year. Hobson. should have made around £97m from those two deals. is easily worth £490m. but we assume that much of the estate had been handed over some years ago as part of the family’s tax planning. including 24 Canalettos. 18 www. which dates back to 1931. A lot of other building companies were not interested. Later. He is president of naval charity. Bramall is now financing developer 4Urban. 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. netting around £290m each at the time. but Bramall realised that refurbishment was much more profitable than new-build. 68. . just a month before the credit crunch and property crash. 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. the White Ensign Association. Projects taken on so far include a £5m retail redevelopment. is one half of the duo that made a fortune from car parks. in Bingley. after a stint with Taylor Woodrow. The navy and the sea are consuming passions for Gosling. we cut that back to £430m. Formed in 2007. with £92m net assets and after hefty charitable donations to the Gosling Foundation. In all. Other assets and past dividends take him to around £450m. 5Rise. Gosling had a 40% stake in a property company. Gosling and Hobson sold their Metrose property operation for £112m. while its net assets also fell slightly to £54. the company’s aim is to form strategic partnerships with financiers and the public sector.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 2007.4m sales. However. Bramall’s work was recognised when he was awarded the title Master Entrepreneur in 2004. and a retail and office complex in Harrogate. when it was established by Bramall’s late father and a partner. Allied Commercial Holdings. His yacht. In 1968. allowing for tax on the sale proceeds and any debt built into sale prices.6m to £2.estatesgazette. 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. the 245-ft Leander. he started the National Parking Corporation in 1948 as post-war Britain started to recover. was named after HMS Leander in which Gosling served as a signalman after the war.com 20 November 2010 Gosling. we keep 87-year-old Dellal at £450m in the current uncertain economic climate. of course. With asset prices continuing to recover this year. he went on to become a major property player. Dellal showed his mettle when his consortium sold Shell-Mex House in London for £490m. They built it up until 1998 when they sold the business. With partner Ronald Hobson. he should be worth at least £450m. Dellal became a father again for the ninth time in his late 1970s. A dealmaker whose prowess is only matched by his astonishing virility. seeing the work as dirty and complicated.1m on £3. The business started to move forward in the 1970s when local authorities started to refurbish their housing stock. In July 2007. which was sold in 2004 for £77m. selling his Dalton Barton bank for £58m. Bramall has also helped underwrite the Championship team. As one of the owners of Doncaster Rovers. So affording Leander is no problem for Gosling. who still has a £1m stake in a small property company called Hildane Properties. Bramall. and Keepmoat began to carve out a niche reputation. Consolidated Property Investments. 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. saw its losses fall in 2008-09 from £3. It had been bought for £327. 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. aside from occasional forays into the property market. Dellal’s main company.6m. Bramall joined what was still a modest operation. More recently. He made his mark in the early 1970s.5m in 2002. made his money with Doncaster-based Keepmoat. is a retail park on the site of the former truck plant in Bathgate. now the largest private landowners on the island of Jersey. Another Scottish development. the firm has been reorganising its structure and no accounts have yet been filed for the new Evans Property holding company. Born within the shadow of the old Dudley steelworks. but this diversity has helped Gallagher come through in good shape. The recession has inevitably slowed things down. started Evans of Leeds as a transport firm. Brightsea EP Ltd. Instead. including Clubhouse Investments. Poland and the Czech Republic. There are also £25m of net assets in two more separate Richardson companies we can see. but moved into housebuilding and property. is heavily involved in development work all over the north of England. Germany.com 19 . Countywide Developments. right in the depths of the economic crisis. With these deals in the bag.estatesgazette. sale of a retail park near Walsall in the West Midlands to JP Morgan Asset Management in April. The brothers sold Merry Hill in 1992 for a £50m profit.3m profit to a £1m loss in 2008 while the net assets fell slightly to £145.2bn net assets in 2008-9. It is owned by companies with the name Brightsea followed by initials (for example. in association with construction group Carillion. Gallagher UK. Mamas & Papas. Don Richardson had made a name for building shopping centres. The Richardsons’ main company. we reckon the Richardson family. they moved into transport and property. 6% yield. It also owns property in the UK. Luxembourg. Yet after the acquisition of the European assets. the parent of Richardson Capital Property Investment Group. 74.3m for a prime slice of real estate in Leeds city centre in June 2009. Brightsea FP Ltd). pulled the £118m. The Evans family took the company private in 1999 in a deal which valued it then at £164m. Swiftfire. Since then. Later. But shopping centres from afar as Rome or Salzburg by way of Broadstairs. 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. Recently.40 Tony Gallagher gallagher uk £425m 2009: £500m (-£75m) Midlands developer Tony Gallagher capitalised on renewed investor demand earlier this year. We can see £288m of net assets in the 2008 and 2008-09 accounts of five of Gallagher’s main companies. The purchase of 1 Park Row defied the recession and showed that Evans had the support of its bankers at Barclays who provided £13.2m. GW305. it will complete a redevelopment project at the Junction 9 park to provide 65. With twin brother Roy. Gallagher also has various other interests in a substantial finance/consultancy business and the financial markets. 59. 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”. We value the business on the net assets. which has been let to Next. We still value him conservatively at £425m.5m to help fund the purchase. But for now. 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. Boots and TK Maxx. led by Monaco-based Michael Evans. Liverpool and Nuneaton have been on the Richardsons’ menu in recent times. www. The low-key Evans family. He was still hard at work in his 90s. went from a £2. selling several retail parks off market over a three-month period for a combined value of more than £150m. Between them they had a huge £2. Wixams First and Ashflame. refusing to go into the family’s tailoring operation. retail outlets and pub sites across the island.000 sq ft of space. Their business – C Le Masurier – is celebrating its 175th birthday this year. We add £50m for other assets and past dividends. and taking account of other deals and £54m of salaries in recent years. they have been involved in scores of flagship projects in the Midlands. The late father of Michael Evans. Indeed. 80. 20 November 2010 The death of Don Richardson in September 2007 robbed the Midlands of one of its greatest developers. the twins left school at 14 and started trading in ex-Army vehicles with their father. He has a substantial investment programme in Europe and has acquired in excess of three million sq ft of retail space in Germany. we keep the family at a conservative £400m. Evans Property Group paid £21. Gallagher’s vast spread of activity includes extensive residential developments such as a sustainable new town in Bedfordshire called The Wixams. 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. most notably Merry Hill in the Black Country. now led by Roy alone. have large tracts of St Helier. 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. is easily worth a net £400m. Sullivan’s property portfolio and other assets should take him to £400m. The valuable quarrying assets were reckoned to have a potential sale price in excess of £200m at the height of the boom. . made a £528. 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 forward sales of £108m represented an increase of 100% year-on-year. His dividends and salaries over the past 12 years total £55m. the Edinburgh-based builder. It said it was seeing a gradual improvement in the housebuilding market. But it was soft porn. 61. that have brought him to public prominence. He owns the biggest chain of licensed sex shops in Britain. Roldvale. Sullivan bought a 50% stake in West Ham at the start of the year in a deal valuing the East London club at £105m.com warned that mortgage availability would be crucial to restoring stability. These are involved in road building. In 2008. Sullivan had 16 years at Birmingham and made around £20m from selling his stake. Bermuda and Puerto Rico.400 as the housing market slumped and its figures became a sea of red ink – compared with a profit of £81m in 2007. They also have advanced cement works and prime quarrying and asphalt assets.000 loss in 2009. Lagan Homes and Lagan Developments. Transaction volumes for the year were up 35%. The ink had barely dried on his sale of Birmingham City. can’t complain. 61. We can see part of it in Sullivan’s separate Conegate Holdings. at the start of the year. His Sport Newspapers. He will be expected to do the same with his new club even though his other business ventures are having a tough time. was sold in August 2007 for around £50m. Together with business partner David Gold. Kingscourt Bricks. but he ploughed many millions into the Blues over the years. Past dividends (£43m from 19972006) and other assets take the Miller family to £385m after tax. Its losses had narrowed from £170m in 2008 to £72.8m in 2009. We now value the Miller family stake at perhaps £350m. who rank among the top construction tycoons in Ireland. took over the operation established by their father in 1960. as well as Northern Ireland. publisher of the lurid tabloids. a property company which saw its net assets rise from £39.estates gazette rich list 2010 Britain’s biggest privately-owned housebuilder.4m last year.000 to 1. Miller Group had to cut its British workforce from 2. HBOS bought a stake in Miller in a deal which valued it at around £500m. property development and waste management. 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. Michael and Kevin. They had £203m net assets between them. and latterly football. but 20 www. 45 Keith Miller & Family Miller group 2009: £280m (+£105m) £385m A fairly upbeat trading statement came from Miller Group.estatesgazette. and he has a £300m-plus portfolio. grandson of founder Sir James Miller. we reckon the Lagan assets are worth perhaps £350m. He just can’t leave football alone. We can see around £20m profit on £400m sales in various Lagan companies in 2008-09. Property is where Sullivan has been active. his main company. Lagan Cement. the 90-strong Private Shops empire. The Lagan brothers. took over the helm in 1994 and oversaw the company’s rapid growth before recession hit. Chief executive Keith Miller. But on the current figures. But Sullivan. though. They have steadily expanded into constructionrelated businesses trading within five groups: Lagan Holdings.5m to £136. In April 2008. 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. It netted £727m for Wilson and his family trusts in a mix of £304m cash and Barratt shares. His new company. while profits rose slightly from £36. that Lyons and his partners sold 50% of Earls Court & Olympia to Liberty in a deal which then valued it at £380m. Falling property values and the strength of the euro against sterling forced the company to renegotiate loans with three banks. It is a leading developer of industrial estates. and in May 2007 Wilson. First.5% stake in Ringmerit. 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. In all then. who is regularly listed by Field magazine as one of the 50 best shots in Britain. north London. March 2009. there are more than £290m net assets attributable to MacDonald-Hall. He went on to set himself up as a subcontractor and founded housebuilder Redrow in 1974. in April. which was the subject of a bidding battle in the summer of 2006.estatesgazette. Lyons. which had over £126m net assets in 2009. Morgan paid just £10 to Sir Jack Hayward to take over at Molineux in August 2007. taking his stake to around £114m. just a month before the credit crunch struck. His remaining Barratt stake is now worth £19m as the shares have drifted downwards recently. 57. www. He also has half of Proudreed. Morgan floated the company 20 years later and then sold most of his stake before leaving in 2000.5m in 2009. It was in July 2007. which made a healthy£2m profit on £6. Morgan sold £240m worth of shares when he floated Redrow in the 90s and afterwards when he left the Redrow board in 2000. Lyons is also active in pubs and restaurants and plans to roll out more in European capitals. made a £1. Third. and his proceeds from the recent takeover of the AIM Group. which is now in its second season in the Premier League. sold the company to rival Barratt Developments in a £2. is the proud owner of Wolverhampton Wanderers. one of Britain’s largest private real estate companies. Liberty International. Wilson joined his dad’s small Ibstock building business in 1961 after graduating from the Leicester Polytechnic School of Building.2bn deal. we value Lyons at £350m this year. £98m of share sales and dividends over the years at Wilson Bowden. with £130m net assets in 2009. in February. so his stake there should exceed £65m. He returned as chairman in 20 November 2010 David Wilson just can’t leave the building and property business. a property investor with £23m net assets in 2008-09. It has nearly £77m net assets and should be worth at least £75m.2m sales in 2008-09. EC1. Davidsons Developments. With past dividends. working with Brett Palos (Sir Philip Green’s stepson). He also had a £100m stake in the De Vere leisure group. Morgan can afford it. determined to turn the ship around after the mistakes of the boom years. selling it a year later for £120m. bought full ownership of the Earls Court and Olympia complexes in west London from Lyons and his partners. Property man Caspar MacDonald-Hall.8m. a Southampton property investor.8m sales in 2008-09. It was always regarded as one of the top quoted housebuilders by City analysts.5m to £38. saw its net assets fall sharply from £579m to around £420m in 2008-09. take the Wilson family to £350m after tax. Morgan has seen the share price revive in recent months. Wilson Bowden prospered and was floated on the stock market in 1987. Davidsons is being relocated in premises that were once used for his old Wilson Bowden company. Morgan also recently shared the £75m sale proceeds on a Spanish development. which it bought in 2005. With the recent deals and Earls Court & Olympia sale. He started out labouring for his father’s small civil engineering company after a move to a new school in Liverpool proved a disaster. Lyons also owns Anthony Lyons Investments. 68. After allowing for reinvestment of his Redrow money. Morgan is worth perhaps £350m after tax. 43. bought the O2 retail and leisure centre in north London for £92. the property entrepreneur sold his home in Hampstead. but he promised to invest £30m in the club. Second. Anthony Lyons Steve Morgan. The cash element of the deal.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. He will rise higher if Davidsons proves as successful as Wilson Bowden. the FTSE 100 property company. Then there is a 45.com 21 . and the £75m for Davidsons. for £43m to a private Russian investor in the most expensive Hampstead residential property sale ever. He is also director of St James Capital.5m profit on £30. he should be worth £350m. 59. Earlier this year. and his first job after graduating was in the public sector. A former sandwich and later hamburger salesman. But in this uncertain climate. A lavish show flat was unveiled 22 www. making Dixon a billionaire on paper. 52 £330m Mark Dixon Regus 2009: £382m (-£52m) Regus. Merrill Lynch cashed in its chips in 2005 as part of a refinancing of the company. It is also expanding overseas and now has more than 1. we value him at £330m after tax. With other assets and the proceeds of a £61m share sale before the flotation and another £35m last year. It also operates meeting rooms and video conferencing suites. with the Greater London Council. “I’m very glad we did the buyout. “This is my business now. His portfolio in Soho and around Holborn also includes Tin Pan Alley. one of the last undeveloped sites in central London. We can see £204m net assets in Consolidated Developments’ 2008-09 accounts and other operations. stresses that Regus is no longer just a serviced office company. a roof-top bar and seven flats. 37. Dublin-based Green has joined forces with the private equity firm TPG Capital to target commercial real estate opportunities in Britain and Ireland. 60. and Christian. 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. He then moved to St Quintin. Dixon formed Regus in 1989. Vernon. a 6.000 centres in 450 cities. 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. the world’s largest serviced office operator. Kirschel. Green was taken private via a £700m deal backed financially by Merrill Lynch and HBOS.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. Consequently. Dixon nursed the business back to health.5m buying a building next to Centre Point to turn into an innovative music centre.com 54 Laurence Kirschel Consolidated Developments 2009: £300m (+£25m) £325m Before the recession. 36 . It floated on the stock market in 2000. 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. went to university in London. Despite what he has described as the “fragile” nature of the UK recovery.” said Vernon. The shares soared initially.are developing the spectacular One Hyde Park residential scheme of 86 flats near Harrods.estatesgazette. The writing was on the wall for us (as a public company) and I think predators would have emerged. The Candy brothers – Nick. But his wealth collapsed six years ago when the shares went into freefall after hasty over-expansion. three shops. a long-established firm of chartered surveyors. Vernon set about selling £1bn of assets to pay down debt and give his backers a return on their money. This was positive news in what has been a tough market for the firm founded by Mark Dixon. But these asset values do not take account of Kirschel’s substantial holdings in Soho.” Green Property still has a strong portfolio of assets. 51. Dixon. The Qatari Royal family are investors in the development.000 sq ft restaurant. His stake is now worth £240m. Laurence Kirschel’s Consolidated 20 November 2010 . hopes to transform Tin Pan Alley into a new cultural quarter for London and spent £14. and offers business support to people who work from home. We mark him down to £325m in the current climate. we value Vernon at £350m. Nine years later. He joined Green in 1993. Regus has accelerated its expansion plans as the recession powers a shift towards flexible working. Developments drew up plans for a scheme in London’s Soho which would comprise a 35-room hotel. 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. he is doing fine. 47. Vernon’s personal stake in the business has increased from 2% to 32%. recently signed an agreement to provide GE’s workforce with space across its portfolio. 7m sales in 2009. and his art should easily take the low-key Hyams to £320m in the current climate. but has given more than £120m to charity. Surrey. Morrison’s property company. The estate will add to Townshend’s already considerable portfolio. Since 1998. Northern Ireland’s top developer. www. showed £296.14m in 2005. 58. It now has seven clothing stores across Northern Ireland.6m sales in 2009 and showed net assets of over £391m. We value him at £320m this year. including Fairhill Shopping Centre in Ballymena and a large retail warehouse development outside Newry. It. 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. and sale-andleasebacks. progressing to renting his first retail shop in Ballymena. By 1998 he had moved into property and one of his sons took over as MD of the retail business called SVM Textiles. Hyams is also involved in the £200m revamp of Newcastle city centre. her Ilchester Estates company bought the Yeoman Industrial Estate in Bournemouth for £13m. and Ilchester Estates. Over the summer.5m net assets in 2008-09. with four smaller sites having closed recently. Townshend. Best known for the 1970s Centre Point 35-storey tower in central London. we raise our valuation of Townshend by the £20m net asset figure of Cygnet to £320m. This is.000. We value the company at perhaps £320m. is still involved in business even at the age of 82. We value Morrison. IM released capital with the sales of a portfolio for £23m and its stake in Wolsey Place in Woking. the son of an East End bookmaker. It made a healthy £32. His estate. 55 Charlotte Townshend addison Developments 2009: £300m (+£20m) £320m Harry Hyams 55 £320m Bob Edmiston iM Properties 2009: £300m (+£20m) A new investment operation. He has a number of other shopping centres. Addison Developments. Edmiston has built the IM Group into one of Britain’s biggest importers of Far Eastern cars. with nearly £254m there. 20 November 2010 Bob Edmiston’s IM Properties is determined to make the most of its cash-rich position in the current market. one of London’s top developers in the 1960s and 1970s. Its IM Properties subsidiary made £23. he received £150m. for £68m. He expanded to four retail stores within a short space of time. Cygnet Industries. He has stakes in six small property companies with around £17m of net assets. With other assets.com 25 . An accountant by trade.4m profit on £43.000 acres in Dorset.4m. has 20 choice acres round London’s exclusive Holland Park. When it was taken over in 1988 by the MEPC property giant. We can see six farming and estate companies including Cygnet. In July 2008. such as property and choice bloodstock. who Sam Morrison recently sold Newry’s Damolly retail park to newly-formed REIT Metric Property Investments for an initial payment of £28. has been formed by Charlotte Townshend.estatesgazette. started by selling leather jackets from the boot of his car. too. 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. Ilchester Estates carries out other property developments in Britain and also sold a complex of Essex offices and shops for £5. Hyams made a further £98m when MEPC itself was taken over in 2000. He also made £48m from selling a Co Antrim retail park. joint ventures. The stores concentrate on high end designer fashion. has had nearly £79m in salaries from IM Group. as part of a strategy refocus. his real coup was to buy a stake in the Oldham Estates group in 1959 for £50. small beer for Hyams. 55. the net assets in the small Hyams companies.8m profit on £351. In 2008-09 it showed nearly £20m net assets. at around £296m. and 15. has a strong asset base.55 Harry Hyams Walton investments 2009: £300m (+£20m) £320m Harry Hyams. where she has her main home. Edmiston. The company plans to pursue new development opportunities through direct land acquisition. Corbo. of course. which together showed £39m net assets in 2008-09. 64. Morrison. 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. Bill Ives. signed a three-year sponsorship deal in December 2009 with Championship football club Scunthorpe United. made nearly £3m profit on £113m sales in 2008-09 but. Red River Capital. Adding hotels in France. made a healthy £36. and Sir John’s investment in the Model Frontiers fashion agency. Ives started Rainham in 1973 as a new and reusable steel supplier. 63. Rainham Steel Holdings. which features works by Louis Le Brocquy and Yeats. is one of the biggest employers in Scunthorpe through his steel stockholding operation. He has built a £7m mansion on the course and others in Spain and Monaco. he should be worth £295m. just as the property bubble burst. The company then diversified and started to target builders and builders’ merchants in the 1980s. adding in directors’ pay to . has seen the value of his remaining small stake in his former employer. netting Beckwith some £17m for his stake there. 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. 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. moved into new areas of investment and has two main investment vehicles. Its value has nose-dived to £25m in the past year. He became a director and shareholder in Ballymore International. aka The Iron. 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. Smurfit Kappa. set up in 1994. one of Europe’s largest urban regeneration companies.6m profit on £65. Pacific Investments. Red River Capital invested £3m in the Thames River Capital hedge fund and “his return on the deal would make a private 26 www.7m when he left the firm in 2007. Pacific Investments and Red River Capital. But it is outside of his former day job that Smurfit claims to have made his most money. He has invested in property and theatres.7m profit in 2008-09. But the brothers have also invested in sports-related businesses. which they sold on at a profit of at least£50m. In all. of which he owns half. the tax-haven where he is resident. 67. He plans to give some of it to the Irish National Gallery and the rest to his six children from two marriages. a Dublin technology firm. Peter. and has postponed plans to replace his £14m 164ft yacht with a bigger one. Ives. Smurfit invests widely in growing Irish private companies including AEP Networks. Further sales of properties since 2005 have also added several million pounds to the Beckwith coffers. 74.” the Financial Times reported in July 2006.estatesgazette. the It girl-about-town. Old Harrovian Beckwith and his brother Peter made their first fortune in property. while Pacific Investments made £11. Beckwith’s company. the Ryder Cup golfing venue. has controlling stakes in everything from warehouses in Asia to property managers in the City of London. 65. founder and owner of Rainham Steel.5m sales in 2008-09. 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. He received £7. Both are owned by Sir John and his trusts. a straight-talking Eastender and Conservative Party donor. His more low-key brother. Sir John. Smurfit. He has assets of about £205m. is best known perhaps as the father of Tamara Beckwith.com equity financier’s eyes water. The parent company. Thames River was sold in April 2010 for £54m. This includes a £40m collection of art. rebound to £70m.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. at £250m. the Iliffe family company.8m. The millionaire great-grandson of newspaper publisher Lord Iliffe bought the island for £2. It came to naught but reflected Salisbury’s passion for the union and his love of high Tory politics. He plans to develop a number of other Hilton hotels in the UK and Europe.6m to £1. 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. The London estate. the two stately homes with their surrounding 10.the bottom line takes the profit to around £13m. We can see more than £500.000-acre park and woodland. 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. With other banking. 44. On its figures.300 acres and the art collection keep Salisbury. But it is.com 20 November 2010 27 . Edward Iliffe. Hatfield also has a 3.000 of net assets in smaller companies such as Perlpart Developments. ownership of Hatfield House that still puts Salisbury into this list. which is best known for its legendary gents’ woollen topcoats favoured by realignment that would see Northern Ireland’s two main unionist parties. Lewis. Rainham is building a huge warehouse facility and Ives said that the group would start to hire again as soon as the economy recovered. Salisbury’s main farming company. and a further vast acreage of farmland. Gascoyne Cecil Farms. In January 2010 he hosted a weekend of talks at his Hatfield seat aiming for a historic Marquess of Salisbury Earlier this year.000 acres of prime development land in Florida. he has 4. won an appeal to build an octagonal eco-friendly home on Green Island in Poole Harbour. with the intention of amassing a portfolio of over 40 hotel properties by 2012 . His Welsh grandfather was a successful entrepreneur but his father gambled away the family’s money. Until we can see them. saw its profits plunge in 2009 from £24. the family estate in Dorset from where Salisbury’s son.4m net assets in its 2008-09 accounts. Property companies and other assets easily take Ives to £266m.6m profit and showed £112m net assets in 2008. Ability Group has invested more than £300m in hotel assets over the past two years and expects to invest a further £1bn. It is owned by Ives and his family trusts. Panayiotou. It will be managed by Hilton and takes Ability’s hotel portfolio to seven. In addition. In addition. 64. is worth at least £100m. America and Spain. The £60m development on the Duke of Northumberland’s London acreage has been built by Andreas Panayiotou’s Ability Group. 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. Rainham is worth £120m. but we cut that in half to allow for any tax demands on any future sales. American land. The art is easily worth £125m. although he did not expect to start doing so for another two years. Ability Developments itself made £3. hi-tech and property assets in Britain. 65.2m 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.estatesgazette. there is Cranborne Manor. sells his organic sausages. Among Hartley’s investments is Leeds-based J&J Crombie. where gas has been discovered. 62 £250m 2009: £225m (+£25m) leWis inteRests aRe sPReaD faR anD WiDe generations of city slickers. The total value of Panayiotou’s portfolio and assets is put at more than £600m. This year it will be lucky to get into the black. of course. Shrewdly. made a £129.000 profit on £2. 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. it is a treasure trove of hugely valuable paintings. Hartley Investment Trust showed nearly £37.9m net assets. Yattendon Investment Trust. merge with the Conservatives. Lord Cranborne. we are cautious and value Panayiotou at £250m. Its www. Despite this. Completed in 1612. the Ulster Unionists and the Democratic Unionists.5m. and forestry in Russia. is worth perhaps £250m in the current climate. principally old industrial sites in Yorkshire. His application was originally rejected on the grounds that it was too big for the island. Lewis was not born into great wealth.2m on sales down sharply too at £97. 72. Salisbury is also developing the family’s London acreage round Leicester Square. His British property portfolio. was sold in 2005 for £75m. Yattendon had previously sold its Birmingham papers to an American publisher for £60m in 1987. a property company.9m. working with Manny and his son Gerald at Wolfe and Asda Properties. Moran bought the freehold in 1988 for just £100. add £20m. Davidson. It also owns Channel TV. has made even more in property since then. 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. Moran. who had a controversial career in finance. this activity followed on from restoration of the 15th century Crosby Hall on the banks of the Thames in Chelsea. Manny floated the business in 1985. Moran. Davidson has also owned other choice assets.7m profit on turnover of £7. estate assets and past dividends. Stanley. Rose spent more than 12 years with the Davidson family. His www. taking the Davidson family to £220m after tax. The takeover of the Leopold Joseph merchant bank in early 2004 netted Davidson £5m for his stake. saw its net assets hit £210m in 2008-09. and has property and marina interests.000 and has since spent around £50m on restoration. 67 £220m Christopher Moran Chesterlodge 2009: £144m (+£76m) Christopher Moran. The family then went on to build the quoted TBI group. A Spanish development. The private palace was built by City merchant Sir John Crosby in the 1460s and was later owned by Sir Thomas More. and Peter. 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.com Manny Davidson Trust bought a portfolio of Guildford high street shops for £13. involved in property and then airports. Thomas can afford it. 62.estates gazette rich list 2010 net assets came in at £240m. who made his fortune in Lloyds and on the stock market in the 1980s and 1990s. We value it at £200m in today’s climate.45m in December 2009. Moran’s main holding company. owner of Luton airport. The 200-acre championship standard course will be designed by Welsh golfing legend Ian Woosnam. With property. For Moran. we value the Iliffe family at £240m. including more than 40 local newspapers.estatesgazette. and Wolfe Securities. was taken over in a £551m deal by the Spanish infrastructure company. 67 28 Manny Davidson & Family Bl Davidson 2009: £200m (-£20m) £220m At 79. There was a near £106m payout for the family late in 2004 when TBI. in which Peter had a 40% stake. built up a large snack and pie business which they sold to GrandMet in 1988 for £75m. By his own admission. a friend of Thomas. The Thomas brothers. It showed £440m of net assets in 2005 when it made a £12. 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. The family money comes originally from the much more mundane world of pies.4m profit. has been helping the NHS with designs for a £110m cancer centre to be opened by University College Hospital in central London by 2012. Abertis. when it made a £1. Knighted in the 2006 Queen’s Birthday Honours for services to business and charities in Wales. he is “astronomically wealthy”. 69. It still has interests in media and TV. before taking it private in a £232m deal with British Land in 2001 which saw it renamed BL 20 November 2010 . 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. 67. The family also has commercial property investments. Other assets such as Fungo. Chesterlodge. Manny Davidson is still active in the property market. should easily be worth £220m. Another £40m in other Thomas ventures take the family to perhaps £225m. From its profits the Allens built a property portfolio through which they netted around £190m when they sold their Bewley hotel chain in 2007. The Ainscough family had around 90% of the shares worth around £230m. 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. Alistair. 58. The net assets rose from £117.6m in his British will. 73 67 Robert Rayne & Family Derwent london 2009: £125m (+£95m) £220m Cleveland Cable saw its profits fall sharply from £27. won consent for the youth facility in May this year. own all the shares in both. the family demerged its investment division into a new company called LMS Capital and the Rayne family has a stake there now worth £24m. 58. He and his cousin Bill. A property operation.1m. including Belfast’s Waterfront. They are now investing heavily in property through Ainscough Strategic Land. is now devoting more of his time to extensive charitable works. including the Quays in Newry. 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 2008-09. we value the Rayne family at £220m. His death robbed London of one of its shrewdest property developers. He added to his US interests with two investments in the New York commuter belt valued at more than £125m in July 2007. a Wexfordbased meat processor. 68. such as Ainscough Investments. With personal property and assets included. which excluded assets held in France. After tax and allowing for other assets. They should easily be worth around £208m. into a property business and pioneered development on the fringe of the City. owned by brothers Bert.8m to £122. and Michael Powell. Taking into account some hefty charitable donations. has also been active overseas. showed more than £71m net assets in 2008. 53. who died in 2003.com 20 November 2010 29 . We value the companies together at that figure. the 61-year-old son of property tycoon Lord Rayne.1m on sales up from £217m to £190.estatesgazette. owner of Wigan Athletic football club and the DW Sports Fitness retail and leisure chain. He left £119. or even three. 71. Lord Rayne turned his family’s tailoring operation Bert & Maurice Allen Bewley hotels New entry £208m Slaney Meats group. Cable Properties & Investments. A chartered surveyor by trade. are funding the £6. which looks for sites to hold and develop on a long-term basis. Local football supremo Dave Whelan is also involved with Ainscough. The company also bought a shopping mall in Connecticut. He is a visiting professor at the University of Ulster. Past dividends and other smaller companies take them to around £209m. 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. Rich by star sign Note: there are more than 250 in total as some entries include two. 52. despite the collapse in asset values. Ainscough Crane Hire was founded in 1976 by Gerard Ainscough. O’Hare has acquired a mixed bag of investment and development assets in Central and Eastern Europe. The Wigan-based company was run by his three sons Martin.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.5m Wigan Boys and Girls’ Club. The entrepreneur left his family building firm in his native Newry in 1997 to work on his own property developments. until its sale for £255m in October 2007 to its managers. he should still be worth around £220m.2m to £6. the Millford Retail Centre. The brothers reinvested some Sir Stanley Thomas Martin Ainscough. showed nearly £72m net assets in the same period.45bn. and Maurice Allen.Whelan. the family should be worth perhaps £200m. O’Hare. After war service with the RAF. The business is chaired by Robert Rayne. he had previously worked on projects in Northern Ireland through the 1990s. 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. which include various Ainscough companies. Between them the two companies showed nearly £194m net assets. founder of Wainhomes. for £50m. James and Brendan. www. In 2006. David Mabey.com 76 Joseph Brennan & Family Joseph Brennan Bakeries 2009: £170m (+£27m) £197m Profits at family-owned Joseph Brennan Bakeries. take the Brennan family led by 68-year-old Joseph Brennan. In July. before both realised it wasn’t working and he went to college to do a degree in building. The main family operation. Oglesby. Clancourt started the largest single speculative development in Dublin for many years – a £200m scheme near St Stephen’s Green.estatesgazette. 75. In the current climate. 2009: £200m (-£4m) £196m The Kenny family own most of Clancourt Group. such as Century Finance. approached £3. we value it on the net asset figure. Limerick’s largest shopping centre. 71. has been developing and managing prime office buildings in the city since the 1960s. Other assets.1m sales in the year to September 2009. Its net assets came in at £146. 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. The company is unlimited but its main subsidiary showed £247m net assets in its last filed accounts for 2005. In the year to September 2009 it . After leaving school at 16. to £197m in today’s market. Manchester. South Dublin-based Charles Kenny.5m to £12. Bruntwood is easily the busiest developer in Manchester.6m on sales of £45. 30 www. has unveiled plans for a £38m expansion aimed at making it the biggest UK manufacturer of wind turbine towers for onshore and offshore sites. Mabey Bridge. property and construction-related operations. 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. 49. Other assets plus smaller but separate Bruntwood operations take the Oglesby family to £200m. is now one of the most high-profile property tycoons in the North West. 77 David Mabey & Family Mabey holdings. He owns more than 80 office buildings in Liverpool.1m. The Brennans also have some substantial property assets in London. owner of office blocks in Dublin’s Harcourt Street. The expansion will create 240 jobs. including The Crescent.7m in its last accounts filed for 2007. saw its profits increase slightly £11. including the Versace shop in Bond Street and the Hamley building in Regent Street. Leeds and Birmingham. it exchanged contracts to buy the City House development site in Leeds city centre for £5m. used to chair the family-owned operation. we value the Kenny family at £198m in today’s difficult economy. In 1970.6m on £97. steel fabrication. The group has also been active in Limerick where it sold the Parkway Shopping Centre in 2006 for a sum reported at £38m. Bruntwood . forming Bruntwood five years later. he moved from Scunthorpe to Manchester. mostly in Chepstow. Oglesby was an apprentice plumber to his father. One of its subsidiaries. The Reading-based firm has 13 offshoots that specialise in plant hire. Dublin’s biggest bakery.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. 78 consent in May.went from a £217. we reckon this fanatical Liverpool supporter should be worth £190m today. is the ultimate owner and value the family at £195m with past dividends. which have totalled nearly £68m since 1996.2m profit. 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.000 net assets in 2008.com 31 . is bankrolled by tycoon Alan Murphy. The shares recovered after the crash but in early 2010 they started to drift down again. and two years later. 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. 37. We can see around £134m net assets in a dozen Sellar companies. while working up revised plans for the muchdelayed Altair in Altrincham. But we assume that the Gorvy family. £6m in 2008 and £22. it is also gearing up for a major new scheme in Salford. with sales rising sharply by £16m to £684m. after AM had grown sharply on the back of £30m investment in new equipment. we cut the Mabey family back to £196m. would normally take the Mabey family to £200m after tax and spending.5m in a 2009 share buyback) make the family very well-heeled. Nikal. which showed just £377. Accordingly. the rest for £50m.000 loss to an £18. In 1991 his quoted property group went bust and he lost £28m. Murphy sold part of his stake for £100m. offices and shopping centres. CLS – a former investor in the Shard of Glass development at London Bridge – has been active recently as a seller in the UK.3m. the £25m Soapworks. But he has fought back since then. But its Mabey & Johnson subsidiary was fined £3. and the separate Hare Hatch Holdings with nearly £28m net assets. Hanover Acceptances. we value the Sellars at £190m. even though it was the parent company which owned up to its subsidiary’s wrongdoings. has been on the board of CLS as chairman since 1994. whose wealth though came from more prosaic sources. who works with his son James. The low-key Mortstedt. Sellar. Dividends. with £206m net assets. With the tower now very much a reality. after becoming involved in the wholesale paper trade. has a 20% stake in the tower. Europe’s tallest mixed-use building – designed by architect Renzo Piano – which will soar 1. The business. We value the Mortstedt family at around £186m. which turned big reels of tissue into toilet rolls. in 1997. It should be worth £180m in the current climate. As the recession subsides. The 87-storey tower is part of the £2bn London Bridge quarter and is the culmination of years of labour for developer Irvine Sellar.016ft above London Bridge Station in 2012. he now owns a property investment portfolio comprising hotels. went from a£3. the company should be worth £140m in the current climate. He sold up and in 1982. 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. 72. 20 November 2010 www. Through his Sellar Property Group. is owned by a Luxembourg-based parent called Quadriga Holdings SA. Not bad for a former market trader who became king of Carnaby Street fashion before selling up in 1980 and moving into property. which won planning Construction is well under way at the site of the Shard of Glass. With £206. He worked for Carnation foods and Gillette before opening his own supermarket.7m loss in 2008 to a £26m profit in 2009.4m net assets. a Swedish national. well represented on the board.5m recently for breaching UN sanctions against Iraq and systematically bribing foreign officials with so-called “white man’s handshakes”. 62. which is backed by four Qatari banks. though sales were down nearly £24m at £153. 70. while also buying other assets in Germany. France and Sweden.estatesgazette. Murphy started AM Paper. on property developments. Share sales of more than £93m (including £27m in 2006. With the property deals and personal assets. Fifteen years later. 000 sq ft Glasgow HQ of Bank of Scotland on the market at £40m. But in practice with our treatment of aristocratic art works. and started working for Bovis in 1964 at the age of 16. we cut that back to take account of any likely tax bill should the new duke want to sell. Scarborough Group International. At the end of July it put two properties. He trained as a quantity surveyor. 59. 20 November 2010 . 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. the first 50% stake was sold to Liberty in a deal that valued the exhibition operation at £380m. His Scarborough Group has a substantial stake in the Chinese property company Top Spring Group. Cheshire. In his case it would be 40%. The company. founded in 1982 by Stuart Wall. McCabe has the firepower for this.5m. He sold the bulk of his property empire to Valad. Three years later. it bought Modus from the administrators for £37m.estatesgazette. 32 www. It also provides affordable accommodation for key workers such as NHS staff. McCabe.com He joined the Teesland property group in 1971 and nine years later formed the Scarborough Property Co. showed £88. which is involved in developments in 11 major and fast-growing cities across China. we value the McCabe family at £180m. owns it all. including a controlling stake in a Chinese football club called Chengdu Blades. made a loss of £24. the property arm of the Buccleuch family. 82 Kevin McCabe & Family Scarborough 2009: £175m (+£5m) £180m Kevin McCabe’s Scarborough has had a frenetic year. Coffer’s property investments operation. recovered from an £18m loss to a £7m loss in 2009 with sales down sharply at £40. McCabe put the 100. With the dividend and his Chinese investments.6m and net assets down £10m at £108. an Australian property group. renewable energy. The immensely popular 9th duke. has significant leisure interests in China too. acquired through the Modus deal. In July. Europe’s largest landowner. planning permission was granted for a three-acre former site in Congleton. The group has been re-orientating its business. In February.6m in 2009 but. While the family’s huge land holdings were never very valuable and cost a huge amount in upkeep. 56. in June 2007 – just before the property crash – for £865m.7m we can see paid out to his family and trusts in a special dividend from the Scarborough Group in 2007-08. one in Exeter and one in London. the move was one of the highlights in his career. With a career spanning more than 35 years in the property and leisure sectors. which included debt. its new parent company. we still value the new duke at £180m. In all.3m. on the market with a £53m price tag. should be worth perhaps £180m in the current climate. a 6% yield.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. which included the Spratts game food brand. Meanwwhile. with net assets of £209. St James Capital. left £320m in his will. so we reduce our art valuation accordingly to £134m. 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. Wall. tourism and sustainable food. The art treasures and antique furniture were valued in the will at £224m. selling its estate agency and game and country enterprises operation. Even after that. it is building a rural property management operation and concentrating on commercial property activities. and in April the group went through a financial restructuring.4m net assets in 2008-09. McCabe’s proceeds from the original sale should have been the £142. In the same month. This highlights the ambitions of the Buccleuch Group. bought the centre in May 2004 for £245m. which extend beyond the huge land holdings of the 10th duke. 62. diversification into property is paying dividends. The largest firm we can see at Companies House is Compco Holdings. After tax on the Rotary proceeds and past dividends. was taken over by Australian firm Hastie Group in a deal worth almost £100m in February 2008.000 beds in 19 locations across the country. have grown a large portfolio with investments in the care home.5m profit on £152. Steinberg has a 40% stake in its parent. It showed £95. which operates 27 acute clinics with around 6. Shamus Jennings. Foster had an 85% stake until he sold a 40% share to 3i. young Norman Foster performed well at school but left at 16 to work in the Manchester City Treasurer’s office.estatesgazette. 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. 78. and we value it at £80m in the current depressed climate. Now regarded as one of the world’s top architects. 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. The deal valued the business then at around £300m.Coffer continues to lead leisure agent Davis Coffer Lyons and there are various other Coffer Group companies with juicy assets. In all. Coffer. Terrence Cole’s partner. warehouses and distribution space. But his other directorships should easily keep him at a very conservative £175m.1m sales in 2008-09. is part of the Aurora space programme. too. the London-based property company the pair set up in 1978. the redesigned Reichstag in Berlin. the Rotary Group. a successful developer. retail and office sectors. With past salaries and property assets he should be worth £170m after tax. In 1967. Born in Stockport in 1935. in May 2007. which showed nearly £143m net assets in 2008-09. 63. is also a serial director with more than 375 companies to his name. Lord Foster One of Northern Ireland’s leading companies. 51.2m net assets in 2009. Steinberg and Tory party donor Cole. It comprises at least 40 companies that develop and own property across Europe. residential. The group also includes Industrial Securities. But his other assets take him to a conservative £175m. 20 November 2010 www.com 33 . Cusp. Though the company made a £38. The Jennings family also owns the Cusp property group. Cole has a 40% stake in its parent. Cole’s holdings are diverse. But Ballyrogan Holdings (Rotary’s holding company at the time of the sale) is still owned by the Jennings family. which showed nearly £143m net assets in 2008-09. With 360 directorships listed at Companies House. a London-based company set up in 1978 to acquire real estate throughout the UK and Europe. should be worth at least £175m. the Jennings family should be worth £166m. Ballyrogan made a £1m profit and showed nearly £43m net assets in the year to September 2009. The mission. 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. Cusp reckons its property portfolio is worth £500m. 56. Foster should have received around £120m and be left with a stake worth £135m at the time. he set up his own practice which later became Foster & Partners. industrial. runs Marcol. 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. Mark Steinberg. Germany’s biggest rehabilitation care provider. is working on the £100m St Anne’s Square development in Belfast. which specialises in business parks. It was a typically astute move by the pair who run Marcol. 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”. the Hearst Tower in New York and the Gherkin in the City. he is best known for projects such as Hong Kong’s new airport. We knock off the £2m he recently donated to Yale University’s School of Architecture to fund a professorship in his name. Steinberg. The largest company we can see is Compco Holdings. the private equity giant. is now chairman. Fulham Broadway and Hammersmith . 78. 52. In March 2010. He owns a private dock on the Thames and another waste company. smaller companies with net assets totalling at least £100m. Essex-based Widdowson should easily be worth £165m in the current climate. the Englander family owns Holborn Links with over £131m net assets in 2008.6m to £6. 76.5m. He has also accumulated a war chest for property investments.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. This includes the awardwinning £40m Calthorpe House.000 acre Norfolk estate in September 2008. 44.5m for a 30% stake in September 2006.000 tonnes of scrap metal and made £11. In 2008. undisclosed sum. Widdowson has diversified into property through Kenninghall Holdings. The shares are largely owned by Berkley. left school at 16 and worked on stalls as a market trader.5m in the year to June 2009. His father founded GD Metal Recycling. 20 November 2010 John Berkley chairs the Berkeley Leisure Group. He can afford it. In all. which covers 1.7m to £69m on sales of nearly £149. Barclays Private Equity invested £113. also has interests in America and property in Europe.estatesgazette. and his family. His trusts made around £40m profit in 1999 by selling off 300 acres in Hampshire for development. we value the business at £200m in the current climate. Jerrold Holdings specialises in secured lending to both residential and commercial customers.4m profit . 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. The family also has several other separate. Cautiously. In February 2006. has 138 directorships and a complex web of companies. who take little out of the business. and allowing for overlapping stakes. but reckoned to be up to £120m. Past dividends should add £25m. the company appointed Franc Warwick to find a buyer for its Victoria Place. 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 worth of freehold properties but states in its 2008 annual report that they are worth around £100m more than the book value. Through Citywise. The company has been involved in an ambitious development programme in the Calthorpe estate. We still value him at £160m. 93 Frank Boyd & Family killultagh Estates 2009: £115m (+£45m) £160m William Ewart Properties is one of the largest property companies in Northern Ireland. with around £15.2m on sales of £15.85m loss in 2008-09 when its net assets also fell sharply from £21.9m (the 2007 figure had been inflated by the sale of an asset). Moser.com Calthorpe Holdings plunged into a £12. Widdowson kept a 22% stake in the company. But it was Gary. he sold the renamed Metal & Waste Recycling to Barclays for an 36 www. a largely familyowned mobile home operator and property developer based in Yeovil. We value them at £160m. The company has £56. which processes about 700.550 acres of leafy Edgbaston.8m profit on a turnover of £189m in 2009.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 estate would now be worth perhaps £80m. its profits fell sharply from £18m to £5. 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. Anstruther-Gough-Calthorpe. 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. That values the Moser family stake at £140m.7m of net assets in 2009. who became the scrap metal king of London. the £110m Edgbaston Galleries development and a £100m University Science Park plan for the former BBC site at Pebble Mill. with one depot in north London. 61. Morrisons. But there was some relief in March this year when it secured food retailer. when it made an £8. the Englander family is easily worth £162m. Jerrold Holdings saw its profits rise slightly from £68. as a tenant for its Galleries development. 56.7m sales in 2008. voted Northern Ireland’s top property man in 2006. and has developed into one of the leading property companies in Northern Ireland. 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. the family started selling stakes in the firm to Sun Alliance. Other assets such as farms. has been sold to Network Rail for £95m. the net assets of the Kingmoor Park Properties operation fell £14m in 2008-09 to around £20m. Brian Scowcroft’s business interests seem to be faring pretty well. which 20 November 2010 www. the Scowcroft family had made around £150m from the sale. in November 2009. we value the Scowcroft family. its 25% stake was sold to its partner.estatesgazette. is also a restaurant tycoon. with a £300m price tag. 61. at Victoria railway station. Land Securities.2m net assets in its 2008 accounts. when it had net assets of nearly £80m. while we can see £182m of net assets attributable to Boyd and his family. In all. at around £160m. chairs the family-owned John Lynch (Builders). helped create more than 1. In all. His Lebreh operation had £111.8m profit after an £8m loss the previous year. which includes sites in Stockport and Leigh.1m in 2008. Scowcroft. It should be worth £110m. One of his other companies. and we still value the business at £60m. a qualified chartered accountant. started out as an electrician and owned an electrical contracting business in Belfast. They each own 50%. Boyd. The group was involved in the planned 1m sq ft Trinity Leeds shopping destination but. Even so.com 37 .Broadway shopping centres in London. with it. William Ewart’s net assets though fell from £282m to £238. was boss of Swinton Insurance. It showed its financial muscle in September 2005 when it snapped up the Fareham Shopping Centre in Hampshire for £110m.300 jobs. It is the flagship in Scowcroft’s business park portfolio. In all. Janet Lefton. 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. 53. In 1988.4m net assets in its 2008-09 accounts. We can see another £12m of net assets in other Boyd companies. 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.1m loss on £64.5m sq feet of new or refurbished buildings at his Kingmoor Park on the site of an old RAF base. investments and properties take the Lynch family to around £152m in the current economic climate. Caddick had bought the stake in 2007 for £75m. 54. with the success of Kingmoor Park. which includes his low-key sister. He has ploughed around £7m of his own money into the 400-acre Kingmoor site and. 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. Herbel made a £4. Killultagh Estates. an Ayr-based property-to-construction group which has been built up over the past 39 years. is owned by his trusts. John Lynch. as well as an operation in Wrexham. The business has also opened in the Irish Republic and Scotland. significant land holdings of around 280 acres of development land in Scotland built up over the years are currently worth around £100m. But under Lynch’s shrewd management. 52. By the early 1990s. Caddick is expanding fast in retirement homes through its Oakbridge Retirement Villages joint venture. Killultagh Estates had £51. went into industrial sites as he had the capital to acquire the land cheaply. we cautiously value the family at £160m in the current climate. holds the largest Kentucky Fried Chicken franchise in Europe and also acts as a franchise for Haagan-Dazs ice cream. Before his property work. He has over 100 tenants occupying around 1. 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. Founded by Herbert in 1981. Scowcroft. The group had £11m net assets in December 2008. Herbel prospered through The Troubles as few rival fast food chains dared venture into Belfast and other Northern Ireland towns. the earlier Swinton proceeds and personal assets. when it made a £3. Herbert. based in Belfast. Herbert and his family are easily worth £160m in the current climate. Victoria Place. Herbel Restaurants. or even three. We cannot accept that valuation and. W1. In the current climate. 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. O&H Holdings.estates gazette rich list 2010 plans to build three retirement villages in the UK each year. Caddick Group made a £2. The parent company has been reorganised but we assume that the Gabbay and Shahmoon families own half. 20 November 2010 Eli Shahmoon. Castle Donnington and the Dove Valley Park in Derbyshire. even in today’s still difficult market. 66.4m.9m profit on £11. Past salaries. These include industrial parks. private healthcare and theme parks. Leslau redeployed the money elsewhere in budget hotels. Birmingham.38% yield. These assets have been secured on long leases with regular upward rent reviews.4m sales in 2008-09. The Shahmoon family owns half of the business. and Leslau has a near 52% stake. 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. north London. 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. established more than 40 years ago. After training as a chartered surveyor. Its investment properties include three in central London – in Harley Street. Prestbury Investment Holdings had £65m net assets in 2009.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. hefty dividends of more than £40m since 2000. 51. In the current climate. The son of a jeweller. we value the business on the net assets. in the current climate. Clowes owns all the shares in the company which made £1. The company is now worth £224m. he started his Prestbury operation. 43. Wednesfield. Eaton Place and Edgware Road. retail and residential development. It has nearly £59m net assets but reports in the property press suggest that Clowes is looking to sell up for £300m. easily take Leslau. industrial land in Corby. Leslau correctly anticipated the property slump. is the partner of David Gabbay in the London-based property-to-construction group. In his 20s.8m loss on £64. people from the same family 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s 11 65 83 77 38 4 1 1 . all of which hold up well in recessions. The profits from past deals. he teamed up with Nigel Wray to build Burford Group into a £1 billion business. It was the first flotation in London of the year and raised £20m more than planned. Clowes Developments. Other private assets and sale proceeds take the Caddick family to around £150m. we reckon Gabbay. In all. O&H Holdings saw its net assets fall sharply from £478m to £255. Max intends to exploit the weakness in the UK property market by picking up bargains. and the pair sold off properties well before the start of the credit crunch. dividends and other assets should take the Shahmoons to £150m.1m – a 6. which showed around £255. But the lack of England test matches at Headingley until 2012 is likely to hit its finances hard. has an impressive record of commercial. Rich by decade born Note: there are more than 250 in total as some entries include two.estatesgazette. 38 www. The Caddick family – led by 60-year-old Paul Caddick – and trusts own more than 90% of the shares. his Max stake.6m sales while net assets came in at £42. 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. and his family must be worth around £150m with past salaries (more than £30m from 2001-08). valuing Leslau’s stake at £20. which he co-owns with Wray.5m net assets in its 2008-09 accounts. Leslau grew up in a modest three-bedroom house in Cricklewood. to £150m. to Threadneedle for £24.5m. In 1997. he was a part-time model and appeared as an extra in pop videos. we settle for £150m for 70-year-old Clowes. and his personal property assets. In the year to August 2009. we value it at £100m.5m in 2008-09. estatesgazette. 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. He has a number of property businesses and assets which underwrite Ogden’s passion Sir Robert Ogden Ogden Group. London & City made £689. gave each of his three children a 14.8m to £143.000 profit on £48. made his fortune through coal. With other assets. based in London. 63.5m. 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. He worked in the London Stock Exchange before returning to Ireland to join the Rohan Group. UK Real Estate. In all. But his long association with the industry ended in 2006 when he sold his coal washing and processing business – A Ogden & Sons – for £24. which was set up in the 1960s by his brother.3m to £7. where he is also a director.1m when it showed £125m net assets. despite the banking crisis. With the Eurostar trains now using the St Pancras international terminal and a huge regeneration underway. bloodstock auctions in late 2009). he started trading in property and. concentrating on the north side of Dublin as well as a range of other interests in Ireland. Rohan also has a strong UK property portfolio.6m sales. owner Ken Rohan. In 1986. the 74-year-old Ogden is easily worth £150m. he should be worth £147m in the current climate. Newmarket. Rohan is involved in the industrial sector. Capstick-Dale.com 20 November 2010 39 . We value the business on the net asset figure. Capstick-Dale has very low borrowings and has been able to buy sites in the downturn at huge discounts. through his main company.8% stake in the company. with more than £68m net assets between them in 2008. a 66-year-old veteran property man from Wicklow. 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. 48. but its net assets jumped from £138. in 1989. Harris. Since then.hOrSES arE hiS PridE 99 Sir Robert Ogden received a crushing blow in 2009 when his race horse Exotic Dancer died at Aintree. a London-based property operation. 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. Nick Capstick-Dale Graham Harris owns London & City Group Holdings. three months before the property crash. In 2008-09. should easily be worth £145m. he is in the right area at the right time. he has been assembling an impressive long-term portfolio. with other assets and recent dividends. We can see another £3m net assets attributable to Rohan in other smaller companies. A year later he was buying back some of his assets at a 40% discount. learnt about property working for an estate agency for four years. Ogden. now with around £150m net assets. 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. John. including Condor Aviation. he sold all his properties. Ogden now runs a number of companies from his Yorkshire base. but he has another stable star in the shape of Voy Por Ustedes. www. In May 2009. Ken Rohan became managing director of the group in the 1970s. He spent nearly £4m in June 2006 buying The Lighthouse building at the junction of Gray’s Inn Road in London.3m. It follows on from CapstickDale’s new Covent Garden-style leisure-to-retail complex which he built in the heart of the area. It has no funding problems. Ogden Properties and Nevison Properties. But with many other private interests and the fine collection of horses. Britain and Barbados. £150m 2009: £115m (+£35m) for horseflesh (he was a big purchaser at the Tattersalls. a long time racehorse owner. Profits fell in 2008 from £16. when it showed nearly £43m net assets. Marshall reckons that with a solid balance sheet and a good relationship with the banks. which has recently been valued at about £120m. The Hampshirebased operation. and in July secured its first tenant. Marshall Holdings’ net assets rose from £153. 71. Ronson earned a £12. moving from a £28. which was floated on the stock market in 1982. Ronson is cautious in his plans.500 retirement homes by 2020. wanted to cut its price in the light of the credit crunch and subsequent collapse in the housing market. the 794 ft structure will be ready in 2011. the parent company.3m to £5m on sales down from £114.9m salary in 2007.5m profit.4m.2m sales in 2008. Marshall Holdings is well positioned to take advantage of any upturn. 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. On the back of this huge generosity we clip him back to £145m. He grew the business but left in 2004 after backing a first rebuffed bid for the operation by his sons.9m profit on £197. it is easily worth £60m. As a result. and the Oman government backed him in late 2006 to finance what he calls a “six-star” scheme. Then he became embroiled in the 1986 Guinness scandal. Next to the tower he is developing the 24-storey Heron Plaza. spot a bargain or make a turn. is run by brothers Spencer and Clinton McCarthy. Despite the economic climate. put in £44m of his own money. He set up McCarthy & Stone. The potential buyer. But he is now looking to turn that into a 5-star hotel development rather than yet more offices. Heron nearly went bankrupt. Not that he needs publicity for when he does a deal the rest of the market sits up and takes notice. Outside Heron. At the same time. it is defying the downturn by buying 60 new sites. Even so. In the 1970s and 1980s Ronson built his Heron property empire and a £600m fortune.7m to just under £160m in 2008. John McCarthy. runs the company started by his great grandfather in 1901 in a very low-key manner. This is why Ronson is regarded in property circles with awe for his ability to do a deal. demonstrating its resilience.2m at Chris Marshall’s Leeds-based company. The planned £100m sale of the business had been abandoned in May 2008. It is easily worth £130m. Ronson. .8m to £107.estates gazette rich list 2010 rOnSOn FlyinG hiGh with hErOn £74. They learnt all about the retirement home market from their father. 71.8bn bid for the Distillers drinks company. Ronson revealed recently that over the past 25 to 30 years he has given away £35m to charities. 46. Credited with being the most successful speculative developer in the region. Hyde Housing Association.estatesgazette. Ronson has the Snax 24 petrol retailing business which made £1. His sons are very much in the driving seat at Churchill Retirement. We add £6m for past dividends to the Marshall family.5m profit. a victim of the early 1990s property downturn. made a £22m profit and showed £434. Heron International. Marshall Holdings. 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. Marshall. we value the McCarthy family at £140m.3m net assets.5m net assets in 2008. The Caterham-based company has more than £77. 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. With strong cash reserves. McCarthy stood down as chairman and sold his stake for 20 November 2010 Croudace Homes recovered in 2009. With the earlier sale proceeds and other assets. which in the year to May 2010 is expected to 40 www.4m loss into a £1.com make a £4. But Ronson emerged from prison and rebuilt the operation – something he makes much of in his 2009 autobiography. After seven years in construction. 3m on the deal. arrived as a partner and bought out the business entirely in 1950. office and industrial sectors. It was seen as a cashrich buyer taking advantage of falling property prices. following the retirement of Michael Croudace Homes is but one part of the property-tohousebuilding operation run by the Brotherton-Ratcliffe family. but the net assets fell sharply from £149. who served in the RAF with distinction during the second world war. The business.3m profit in 2008 when they showed over £89m net assets. which was started in 1950. That stake is now worth £46m. 41. 20 November 2010 Tony Bramall spent £18. slightly below the net asset figure. But we value Broadland at £120m. including £35m of dividends from Horton as chairman in 2008. now leads the Horton family on the board of Hortons’ Estates as deputy chairman. which are faring well. The takeover price valued each share at 197p. We value the company at £115m. two property and farming ventures. Croudace was actually founded in 1946 by Oliver Croudace and initially involved in minor contracting works. saw its profits fall to just £2. he began his life-long association with the car trade in 1963 when he joined his father’s Sheffield-based car dealer. the family had £36m of dividends before tax. the Scarborough property operation. later taking over the reins. Bramall’s proceeds should have been £18m. Bramall & Jones. slightly below its £127m net assets. 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. The family-owned company remains one of the Midland’s largest property investment and development companies with a portfolio across the retail.8m sales in the year to September 2009. But the business still remains in family hands and is now run by his son Anthony. Britain’s second biggest quoted car dealership.estatesgazette. which Bramall had opposed.2m. picked up 10% of the company “many years ago” when the shares were trading at just 9p.5m in February 2009 acquiring a Leeds office block using his own money and no debt. the Bramall family is easily worth around £132m after tax and reinvestment of sale proceeds. we value the three businesses at around £120m. John Guthrie chairs Broadland Properties. Li Ka-Shing. Bramall.2m on £27. the two made around £8. However. Bramall’s money comes from the car trade. in the period from 1996-2009. But retirement did not beckon then and in 1990 Bramall put £1. he sold the Harrogate-based operation to the much larger Pendragon in a £230m takeover. Guthrie was the biggest winner from the May 2005 sale of the Merchant Retail business to Hong Kong billionaire. Other assets. 111 John Guthrie & Family Broadland Properties 2009: £120m (+£15m) £135m A chartered surveyor by training. He died in 2009.3m sales in the year to September 2009. Aside from Croudace Homes Group. collecting £45m for the family stake. www. and nine years later Bramall agreed his first takeover by Avis.3m profit on £15. After training as an accountant and working in a Sheffield estate agency. We can also see another £34m of net assets in the 2009 accounts of Bramall Properties and Winterquay.com 41 . aged 90. take the family to around £135m after tax. The move effectively scuppered rival Pendragon’s £245m bid for Lookers. also had another car dealership. for £222m cash. Between them. that was sold for around £24m in March 2010. adding more than £20m for past dividends and other assets after tax to the Horton family. In the light of the failed sale. He raised eyebrows in the car trade in April 2006 with his third foray by paying £56m to acquire a stake in Lookers. netting £76m for his stake.FaMily BiG in MidlandS 111 £135m Other assets.5m into his second car venture. Peter Horton. 60. so Guthrie made a profit of around £22. In January 2004. The company was floated in 1978. 1993-2005. leisure.8m to £116. 74. 74. Guthrie. such as White Rose Finance (£5m net assets) should take the Guthrie family to perhaps £135m after tax. called CD Bramall. In all. Jack Brotherton-Ratcliffe. 65. Last year.9m profit on £31. The brothers have more than 80 companies. 53. the acquisition of properties and developments. 49. They started by buying and redeveloping industrial space in Shoreditch. we value Davey. . owns it all.estatesgazette. Cyprus. The company’s net assets came in at £127m. Dennis spent more than £23m acquiring the 403-bedroom Le Méridien Beach Plaza hotel in Monte Carlo. Dennis. In the 1990s. down again on the previous year. after two days. allowing for any debt in the business. 47. at around £131m. Davey’s business assets should be worth more than £80m. 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. when it made a big loss of over £43m. Boultbee.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. a London-based property operation. on the fringes of the City. they developed office and industrial space in the Midlands.000 to take on the property world. After narrowly surviving the property crash. it sold Helsinki’s Kamppi shopping centre for around 20 November 2010 £390m. 2009: £131m (No change) Julia Davey was an estate agent before she branched out into the renovation and sale of apartments. After 10 years of hard work.3 acre site on the Isle of Dogs for £47m in September 2006. known 42 www. The brothers – Steve. Smaller companies add another £5m net assets. The group made a £2. in parallel. It is in the Nordic region that their company. Cautiously. They sold their cars in 1987 for £5. decided he liked the business. In nearby Antibes. 66. We add £4m for his stakes in smaller companies such as the Good Vibes gym chain and his past salaries. We add another £51m for her property and personal assets. he bought the site for just £2m. the biggest being Boultbee Construction with £126m net assets in 2008.6m thanks to a strategy of selling off assets. they turned to retail. He switched to property on the advice of an estate agent friend and. she built the Angel Group. 117 Cyril Dennis & Family Rumford Investments 2009: £130m (No change) £130m In March 2009. and Israel. we value the pair at £130m. It is also building up a chain of smart boutique hotels and top level wedding venues. He sold a 3. Currently. has done really well in recent years. Pearl. his Structadene business saw its profits rise from £4. and Clive. It has £64. he is converting the former Le Provençal Hotel into 60 apartments after it had been left empty by its previous owner for 34 years.3m net assets and. the Angel Group is involved in major projects in London and other developments in Eastern Europe. which has started to move into government accommodation contracts and. with other companies such as the £7m Angelic Interiors. a chartered surveyor – grew up on a farm in Staffordshire.5m sales in 2008-09.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. though their father was a stockbroker. 115 Julia Davey Angel Group £131m as Number One. In 2008. a mechanical engineer and intrepid polar explorer. at an advanced stage. Nine years previously. We value Structadene on the net asset figure. has a good pedigree in shrewd property deals. The funds will be reinvested in central and northern Europe.5m to £23. The banking crisis in late 2008 forced the Boultbee Brooks to replace £80m of facilities previously provided by the failed Lehman Brothers. With a planning application for a landmark 42-storey tower in London Docklands. adding £5m for past dividends and other assets. we value the business on the net asset figure.estatesgazette.8m on sales of £10. 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. After a spell advising the Berisford Group.5m maintenance contract for a social housing provider in February 2010. both 68. We value the estate on its £123. 76. a Sale-based industrial and residential developer. adding £30m for other assets. held by the Dennis family and trusts. netting a profit of £50m in the process. 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. London’s Park Lane and the United States. and has been in business since 1932. since 1999.Dennis has also secured approval for a development at Peruvian Wharf in the London Docklands at the fourth attempt. It is also involved in property development and golf club management.4m to £125. The business is run by John Dunsdon. it made a £4.3m profit and showed nearly £82m net assets in 2009. We assume it is owned by the Hindle family and. and has net assets which fell from £155. acreage in Lincolnshire. With the developments in the pipeline and the profit from the Isle of Dogs sale. Nevertheless. We value the company below its net assets at £100m in today’s climate. has worked on schemes from London Docklands to Glasgow.4m for past dividends to the Kraus family.7m. 58. Brookhouse Group.000 profit in 2008-09. But with the property downturn easing.2m. A £67m development in Liverpool was also completed in 2006 by Dennis.com 20 November 2010 PÄl Hansen 43 . is here as the senior www. He began his career attending auctions at the Fur Trade House in the City of London. This explains why the company is on a roll. which he sold in 1987. which was recently touted as a possible location for the UK’s first giant casino.6m and sales were up slightly at £13. own Pall Mall Investments (London).8m to £3.800. net assets of £139m and a rent roll of £14m. The modern Seddon Group was created in 1957 and it is now run by the third and fourth generations of the family. which made a £908. Today. we keep the Dennis family at £130m. including Rumford Investments. The first non-family member now chairs the company but John Seddon. Dunsdon is renowned as one of the shrewdest operators in the property auctions market. who founded Coldunell in 1959. 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. In 2008-09.6m. taking into account other company assets. we can see around 50 small companies.6 net assets. It is part of the Cheshirebased Seddon Group which was founded in 1897 by two Lancashire bricklayers. we value the family on the £130m net asset figure given on the company website. 75. Somerset. Sutton inherited the title from his father in 1981 and runs the property-to-farming group. We add £1. He began his development work as the half owner of an Essex housebuilder. PÄl Hansen Mathias and Miriam Kraus. Dennis sold 75% of the portfolio to Legal & General for £116m. The company reports that it has a £240m property portfolio. dealer father.2m to £112. he built up his own property business with a portfolio spread across the UK. while Inspired Developments is the group’s regeneration division. is owned by a Luxembourg-based trust. the company gave the Conservative Party £2. They have around £50m net assets.8m to £2. It is run by veteran property man John Hindle. before it moved to the Connaught Rooms in Bloomsbury in the early 1970s. 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. He has owned the site. the birthplace of modern auctions. Its net assets also fell from £125.2m. and owned by his family and trusts. The Suttons have valuable Clive Boultbee Brooks Seddon Property Services landed a £19. a North London-based property group. But this is difficult to firm up as the parent company. doubling its turnover and taking on 400 more staff since 2004. In 1994. 8m net assets in 2009. The pair spent £90m buying out the Northern Ireland property holdings of Dublin-based Dunloe Ewart. His art collection and other assets. with a 50% stake in William Ewart Properties. Paul Raymond. Andrew Creighton has become one of Northern Ireland’s leading developers. he now runs Edinburgh House Estates which.2m profit on £2. Roberts is best known as the man behind the philanthropic David Roberts Art Foundation in London. the wider Seddon family should easily be worth £126m. We value the company on its £85m net assets figure. along with an area around Cathedral Way which has been touted as a new retail extension.4m net assets and a £3. including Lanyon Place. 75. The Thames Valley and Buckinghamshire is fertile territory for Shanly. In all. despite its name. But other Shanly companies. who founded the upmarket Michael Shanly housebuilding operation in 1970. But cautiously. and Dorgan Properties with £1. In 2009. are directors of J Leon. The Seddon family also own Seddon Properties. the company and family are very low key. With low borrowings and a strong balance sheet.com A former plumber.8m net assets. and Robert Slowe. we value Creighton. 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. Edinburgh House Estates (Holdings). We can see other companies owned by Creighton. a former electrician. the Seddon Group made an £8m profit on £253m sales. Raymond’s property business grew as he moved into upmarket Kensington and Notting Hill. This formed the basis of William Ewart which. With partner Frank Boyd. and three London-based properties. should take Roberts. Aside from property. to £120m easily. who started out on his path to riches through top-shelf magazines and Soho clip joints. 49. the firm made a £4. The charity also helped the local Age Concern charity with a new kitchen. gaining around 12 properties. Its parent. 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.7m sales and showed record net assets of £177m. such as a stake in Bawtry Properties. including Sorbon Homes.3m profit on turnover of £52. which showed £41. the company is easily worth £120m in today’s market. a family-owned property investment and holding company. in 2008. the Michael Shanly Charitable Trust stepped in to ensure that an outdoor activities centre costing £3m could be developed in Marlow. Creighton came to prominence in 2002 through one of the biggest property deals in Belfast’s history. 54. 125 Michael Shanly Michael Shanly £122m 2009: £82m (+£40m) In January 2010. 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. We value the businesses slightly below the total net asset figure at £110m. add around £79m further net assets in 2008. when its net assets fell from £165m to £141. made a £1.3m profit on £6. the Thames-side town. Based in London. 64.2m. 73.8m profit. 20 November 2010 . A former chief executive of Bourne End Properties. and add £12m for Shanly’s past salaries and other assets. He chairs and owns at least 13 significant but separate building or development companies. It has £60.estates gazette rich list 2010 family member representing the family and trusts which own the company. We add £5m for dividends and other assets to the wider Slowe family. the Howden Sirocco site. which made a £3. is a London-based property operation.9m in 2008.1m net assets. but he never failed to buy up any building in Soho that came on the market.5m net assets and turned in £2. Windsor House.1m sales in 2008. more than £125m of net assets are attributable to him. In 2009-10.8m sales in 2009. His main operation is Sorbon Investments. With other assets. showed £232. 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. Roberts has a near 78% stake worth £110m in the current climate. 44 www.estatesgazette. at £120m in today’s climate.6m profit on £13. including Hazelhaw Properties with £1. would inherit his estate.estatesgazette. in the company. Paul Raymond Publications. most commentators think there is a lot more tucked away for the family. we still value the granddaughters and family at £120m until we can see more. 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. It was the heavyweight backing of Qatar which enabled Elliott Bernerd.com 45 . Raymond was always determined that Fawn and India Rose James. It has £372. but £12. we can see some asset-rich companies where he is a director. Gredley. led by Gestrix. but India Rose is still too young to join the business.6m loss in 2008-09 when its net assets fell from £116. Smith also had a £24m stake in AIM engineering. Gredley’s racing interests. Chelsfield teamed up with London & Regional to buy a 50% stake in Elizabeth House in SE1 for £85m. having finished a degree in social anthropology at St Andrews University. Profits soared to £15. who has been fighting cancer.9m to £102. lost £101. Today. however.3m net assets in the magazine business. turning his £56m into £82m. His silks – yellow. made £16m profit on £26.7m of loans. But it is racing where he has made his name in the wider world. Bernerd. In December 2005. the old site will be redeveloped in a £500m scheme. he also took a one-third stake in a £400m European property fund and acquired a minority stake in 47 cinemas in Poland.1m in 2009.7m profit. It also shows only modified accounts now. Proudreed. When the Americans leave for a new embassy south of the river. 24. on the net assets. AIM was subject to a management buy-out in June 2010. Another dissolved Versteegh company – Anglo Scandanavian Estates – showed more than £95m net assets in 2006. the daughters of his late daughter Debbie. Sir Stuart Lipton. with a raft of heavyweight backers. He kept the rights to the name Chelsfield and naturally started again. 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. But in the current climate and after the hefty losses at Chelsfield Partners. In addition.7m. pocketing £45m from selling part of his stake. In all. previously ran another Chelsfield operation. www. Bernerd also has the separate Chelsfield Investments International.8m profit on £31. Commercial Estates Management. But with the huge asset base in Soho.Soho Estates Holdings.3m in 2008. a £13m dividend in 2002-03 and smaller companies we can see with net assets of £2m. which he founded in 1986.8m sales in 2009 and has more than £130m net assets. Bernerd sold the business. Every Christmas for the past seven years. The firm made £12. we keep the Versteegh family at around £120m. He also takes several hundred to Great Yarmouth on an annual summer day. which showed £191m net assets in 2006. and in June it worked with Olayan Group to buy £580m of Knightbridge assets. He reinvested the rest. is also a shrewd property developer. Smith’s stake there should be worth £65m. His Unex Group operation showed a £10. white cap – are among the most familiar on the turf.8m net assets. Chelsfield. Fawn. became a director of the Raymond companies in 2007. 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. we cut Bernerd back to £120m. floated on the stock market in 1993 and then took private in May 2004. but its parent had £4m assets in 2009. 64-year-old Smith is worth £119m. lopping off a further £1m for his generous donation to the Saving Faces charity. he has treated 700 pensioners to a three-course lunch. 77. Cautiously. In March. Five months later. which makes aircraft seats and safety systems. take him and his family to around £118m after tax. the property company of Elliott Bernerd and another property veteran. to beat off competition to land the American embassy site in London’s Grosvenor Square in early 2009. Chelsfield Partners. Gestrix showed only modified accounts in 2007. owned by Gredley and his family trusts. 65. The 50-year-old low-key Swede started managing properties for Scandinavian companies in the UK through his London-based property consultancy. We add £5m for other assets such as his Hampshire stud farm and string of racehorses. also disclosed that at 31 December 2008 it was in breach of certain financial covenants on £155. which he owns jointly with Caspar Macdonald-Hall. the main Raymond company. and were carried to victoryin both the Oaks and St Leger by his famous horse User Friendly. In the current climate. We value the company.3m sales in 2008. which is involved in large projects in Italy and Gibraltar. His will left £75m to his granddaughters. 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. there are £27. worth around £56m. black and yellow striped sleeves. 2m. 61.500. As a result. a managed office business. 132 Stuart Monk & Family Jomast 2009: £99m (+£19m) £118m Stockton-based Jomast saw its profits come in at £3.4m. He cast a slide rule over UK Coal. ranging from leisure to health care. In October 2009. I can get more than my money back on the well-let. Farmer. Meanwhile.4m net assets in their 2008-09 accounts. Kirch has not retired from what he likes best – investing in companies. later selling the company to Ford in 1999 for £1bn.” And in July it was revealed that Khalastchi. Flodrive and Strandpark Properties. netting £15. In 2004. should now be worth £115m after tax. the Edinburgh football team. but these are no longer recorded. Farmer has not neglected business and recently sold choice Edinburgh properties for £2. He made his fortune in London residential property in the 1960s.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 can see half a dozen small property companies controlled by Farmer or his trusts with around £17.” he said. Such moves are typical for the shrewd Kirch. In December 2003.estatesgazette. His family’s two property groups. It shows that as a pensioner himself. He is best known in Scotland for owning 90% of Hibs. We did see £16. he sold eight properties at auction – most of which were in London – at prices he says he could not have fetched two years ago. he bought a Newcastle business park for a cut-price £20. who has a nose for an undervalued asset.5m of net assets. Yet he was savvy enough to retain the freeholds on many Kwik Fit properties. before abandoning plans for a bid. Property investor Tony Khalastchi sold two DIY store sites in February 2010 for a combined total of £17. 74-year-old Kirch cannot be immune from the steep fall in asset values.9m on £13m sales in 2008-09 when its net assets rose from £116. generating £1m a year in rents. It is already working hard to transform the waterfront Sir Tom Farmer Morston Assets £115m 2009: £110m (+£5m) RICHeS BUIlt on RUBBeR 46 www. the net assets rose to nearly £85m.estates gazette rich list 2010 132 Anthony Khalastchi & Family flodrive Holdings 2009: £105m (+£13m) £118m We value the businesses at the net asset figure. they sold 38 of the pubs. bought the 252-strong Punch Pubs’ portfolio for £57m. which may mean a sale. Khalastchi. We have not seen any accounts recently but after that deal. Early in 2008 he sold a portfolio of properties to Irish investors for £48m.5m-worth of stakes in quoted companies held by his company. run by Stuart Monk. in a £69. adding £15m for other Khalastchi family assets. But that is just the tip of the Kirch fortune. In October 2004. But even with recent deal-making and asset sales.1m. 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. “In all my years in property I have never seen anything like this.5m deal. 49. Kirch has been involved in a bewildering array of investments and takeovers.5m to £121.5m by selling a stake in KBC Holdings. along with the low-key Pears family. an investment trust with a £200m property portfolio. showed £103. a leading local developer. Farmer netted £78m for his stake.25m. we keep him at £120m. he took over Property Acquisition & Management. his development activities continue apace. . The company. In the current climate. In 2006 he was reputed to have made £2m in two months dealing in the shares of UK Coal. “The last few weeks have been crazy. but it is tyres that made Farmer his first fortune.com 20 November 2010 Sir Tom Farmer recently made £8. In February 2009. 70. He founded the Kwik Fit chain of garages in 1971. well-located London properties that I bought at auction at the height of the market. was bidding to buy Joseph Ackerman’s £90m New York portfolio of banks and offices. Channel Hotels & Properties. selling his last properties in 1988 for £30m. in 2008-09. The Bonnington Jumeirah Lakes Towers hotel and apartment complex has more than 200 bedrooms and 250 A new Cheltenham Office Park creating 1. 65. We can also see Feldman stakes in a host of smaller property firms worth more than £9m.at Hartlepool Marina after a £100m development was given the green light in June 2008. With other assets.2m to £1. an Alderley Edge developer.estatesgazette. We value Jomast slightly below the reported net assets at £115m. we value the family at £112m. McGettigan owns the Bonnington Group in London and property interests via his McGettigan company in Dublin. In all. But it is not immune from the downturn and. a quoted brick maker he chairs.7m profit on £17.2m sales in 2008-09 when its net assets were £107m. In 2005. Dawson.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. should be worth £114m after tax in today’s difficult market. McGettigan. including Bandoffice. though its net assets fell £5m to £90. The developer still has a rock-solid balance sheet. the veteran Donegal hotelier. office accommodation and waterside apartments. He has past stakes or current ones in quoted companies worth around £4m.com 47 . 75.9m sales in 2008. took little out of the company in either dividends or salaries. Monk and his family trusts own it all. With his racing interests added.800 Barclay 41 Clarke Family 400 132 David Kirch 118 232 Malcolm Hall 50 Jim McGettigan. He sold The Parliament Hotel in Dublin for around £16m and the Bonnington Hotel in London for £74m. 20 November 2010 www.000 sq ft development to the north of the city centre. which includes Olten Investments and Regan Developments. new villages and other developments in Wales and the South West. As a result. His business empire began when he returned from London with wife Patsy in 1964 and purchased a pub on Dublin’s Queen Street. Dawson is also a director of the separate Gemsupa. The prestigious 470.5m net assets in the same period. There are another £41m of net assets in Three Rivers Property Investments and Church Cottage Investments. £70m in today’s difficult climate. profits at the Robert Hitchins Group fell from £8. Taking into account 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. Gadsden. is easily worth £115m in today’s climate.8m loss in 2009 and showed £21. as owner. 58. and the £112m Regency Hotel Group. McGettigan started his career as a first-class waiter on the Queen Elizabeth. WE Black. opened an £80m hotel in Dubai in May. The Bonnington Group went from a £21m profit to a £5. Gadsden. Consolidated saw its net assets rise from £49.000 jobs is planned by the Robert Hitchins Group. 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. It made a £2. The Cheltenham-based developer is building business parks. which was incorporated in 1983. 2009: £113m (No change) 138 Jim McGettigan McGettigan £114m Eric Gadsden’s Chesham-based company.65 hectare site at Jackson Dock.4m on sales which were also down £12m at £26. went from a £16m profit in 2007 to a £4. We add another £3m for other assets and stakes in separate companies. Jomast is also focusing on the Newcastle office market with plans for a 30.5m loss on £15. 73. flats.4m net assets.5m holding in Michelmersh Brick. 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 . shops.9m in 2008-09.6m to £50. It is worth its net assets and is owned by the Jensal Settlement.5m. Planning permission has been granted on plans submitted by Jomast to redevelop a 4. Trincomalee Wharf will include a luxury four-star hotel. From that one pub he has built the McGettigan Group. which showed £58. His main holding company is Inremco 26. we assume that the Dawson family is the ultimate beneficiary. We value the business. should be worth at least £113m in this difficult market. owned by Dawson and his family trusts. including a £3. was the settler and trustee of this trust. restaurants. we reckon Feldman. on the net asset figure. McGettigan trumped retail giants Tesco among others to purchase the art deco former Gillette headquarters in west London.4m. Within two years.6m in 2009. he founded the Wainhomes housebuilding business.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. With a private jet. 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. 75. But his housing ambitions have not ended. 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. its net assets fell sharply from £97. Three years later. and we value Peer at £90m in this climate. His family owned most of Langtree Group with nearly £71m of net assets in 2008-09. It now supplies drone aircraft. It has nearly £87m net assets and a strong balance sheet but. An Irish property magnate from Co Mayo. Sally Green. Ainscough and his family is worth at least £110m. His Bourne Capital investment operation also sold a luxury Park Lane block for £100m in 2006.4m sales in 2008-09 from its activities making chassis for racing cars. Birrane started dealing in property in the 1960s through his Peer Group. Ainscough took Wainhomes 48 www. Its net assets came in at £61. which was floated on the stock market in 1986 worth £6m. The portfolio produces a rental income of around £15m a year. hosts international race meetings.000 sq ft of commercial property. including a £40m dividend paid out in 2003-04.4m profit.5m. In 2008-09. in the current climate. Birrane. We value Happybadge at £63m and add £47m for other Bourne and Green assets. Lola now has a strong order book and the financial performance is improving. is chief executive of Old Vic Productions and co-producer of Billy Elliot The Musical. has built up and sold stakes in companies such as Ex-Lands and Clubhaus. With other interests.3m loss on £61m sales in 2008-09. As a result. antennae. when it made a £1.000 loss on £21. Birrane should be worth at least £110m. a yacht and a flotilla of classic cars. bought the old Wain Homes south western operation and the renamed Wain Group. Wain Group has £29m assets and is worth that sum. Bourne has a £10m flat in Mayfair which he bought as an investment in 2002. back into the sport as a team for the first time since 1997. Since then Bourne. After merging with two other builders in 1989. We add another £25m after tax to the Hitchins family for other assets. It now owns and manages 4m sq ft of commercial property accommodating more than 800 tenants. after significant investment.000 houses and over 1. the company has developed more than 14. Fed up with stock market indifference to the company. He was beaten to a slot for the 2010 season but is looking to get Lola 20 November 2010 . including Lola. who bought up large tracts of Gloucestershire very cheaply after the second world war. 62. he floated the enlarged group five years later. netting £44m for his stake. Property entrepreneur Robert Bourne made his first fortune with the Local London property group. In 1973. Lola Group made an £821. also owns the Mondello Park racing track in Co Kildare which. His wife.9m to £70. radar and communication systems. he had sold the company. aircraft parts.500. space vehicle parts. 56. It was after that year’s disastrous campaign that Birrane bought Lola from the receiver. The company is developing new markets and diversifying into different industries. and structures for powerboats and sailing yachts. which operates in the South West.estatesgazette. The Bourne family made £16m. we value it at that level. Ainscough. it was sold for £110m in a takeover. He was a bidder for the London Dome and now owns Happybadge Projects. due for completion in early 2011. 60.com private in 1999. It made a £5. which showed nearly £286m net assets in 2008-09.4m sales in 2009. In the current market.4m net assets in 2009. 63. is worth around £110m today. It has £10.2m sq ft of warehousing In 2008-09. Capital & City PLC. farming. Simon Karimzadeh snapped up a £1. cash and assets. and his family own the Mayfair Property Group. the London-based property. specialising in high-quality houses. We still value Eskar at £100m.142 Robin Clark & Family taylor Clark 2009: £86m (+£24m) £110m and distribution centres.6m sales in 2008-09. which includes three restaurants. 150 148 Albert Hay & Family Capital & City 2009: £92m (+£12m) £104m Simon Karimzadeh & Family eskar International 2009: £107m (No change) £107m In October 2006. Since then. Catesby should be worth £30m. Its net assets fell to £95. a 5.4m profit on £46.1m. City Industrial. Capital & City found a keen buyer for a block on Charlotte Street. In this climate. but later built his business. Taylor Clark. taking the Hay family to around £104m. more than 40 years ago. He has become a serious property developer with retail parks in the Midlands. The Underwood Trust. Sam. residential developments in Jersey and a stake in a property investment operation. run by 62-year-old Irishman Frank Burke.1m of net assets and is the parent for the BDL Group. 80. He was gazumped by the government in the shape of the culture department. the Business Design Centre Group made a record £7. and dried fruit and nut processing plants.5m on £13.5% of its sister group Capital & City Properties. which leaves the Clark family’s stake worth around £110m. The business is largely owned by the Clark family led by Robin Clark. 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. Grade I Listed Apethorpe Hall in Northamptonshire for £3. The son of a West Midlands blacksmith. as well as trade in iron and steel in the 1970s and 1980s. Its activities spanned leather tanneries in the Middle and Far East. made £1. We value it on its its £153. Grove. In all. plus 57. Karimzadeh’s late father started Eskar International.5m and we value the business on that figure.com 49 .estatesgazette. a property company with around £21m net assets in 2009. Karimzadeh. The company is also developing a £29m student housing-led mixed use scheme in Camden Lock. The building. a charity. he has sold well over 1. www. Three of the Hay family’s companies had £92. He sold the business to Alfred McAlpine in 1988 mainly for McAlpine shares. which in turn netted him £40m.13bn European property portfolio sold by a Swiss hedge fund.9m sales. Burke’s family also owns Farmglade. a Midlands housebuilder in 1968. Other assets and property investments add another £40m. The Karimzadeh family owns all of Eskar. 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 family stake is worth £64m in the current climate. it has focused on property. Earlier this year. has a 19. NW1. into a leading shopfitting group in Britain and worldwide. 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. turned in a loss of £11. a London-based property trading-to-processing group. the wider Morris family should be worth £110m. Albert Hay. was in the news in the property pages in 2004 over his efforts to buy 20 November 2010 Chartered surveyor. 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. after allowing for tax on that deal. Grove started Canberra. making around £25m from the sale after debt had been stripped out.4m net assets. 48. With other stakes. hotels and investment group. Recently. The Morris family also owned Earls Court and Olympia which they sold in 2004.1m.4m of sales. adding £7m for other assets to the Karimzadeh family.6% yield.5% stake. a Londonbased construction company.7m profit on £19. the 72-year-old son of a prominent 1960s property developer. we cut Burke back to £105m. Jack Morris’s late father. Capital & City also had three other West End buildings on the market. was originally an “oyster-opener” in a City fish restaurant. 149 Frank Burke & Family Bdl 2009: £105m (No change) £105m Cabretta Holdings. when he retired. they are worth perhaps £100m in today’s climate. In August. With Andrew Rosenfeld he launched Minerva. the son of an upholsterer from Stamford Hill. It was co-founded by Sir Sir David Garrard.6bn property investment fund. Banks are handing over huge swathes of property to Delancey to manage. Property is in Bilton’s blood.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. Bilton. we value the family. as the Tayubs take little out of the businesses. while his Raven Russia stake is now worth around £30m. His son Simon. It was started in 1977 by Rashid Tayub after the family came to Leicester from Malawi. Collectively. St Modwen has developed a reputation as a regeneration specialist. He was chairman of British Land from 1970 to 2006. and Rashid. 52 www. With the wider family wealth added to Anton Bilton’s own assets. taking the family to £100m. The three separate Tayub companies we can see. drawing on Sir John Ritblat’s expertise in the property market. 55. The Ritblats should easily be worth £100m. 71. It was sold in May 2007 to the Reuben brothers for £65. 45. including a stake in Chelsea’s KX Gym. Aziz. the property group co-founded by deputy chairman Anton Bilton. floated on AIM in 2005 after raising £153m. The fund is investing in distressed property. RitBLat SnapS up diStReSSed aSSetS Stan Clarke. the former chief executive of the quoted property group Minerva. who died in 2004. 46. sold most of his stake in British Land for £57m just before he retired.com 20 November 2010 . The family stake is now worth £59m. made a total of nearly £17m profit on £257. suffered a £101.4% stake was held via Glenhazel Investment Trust and was worth £79. which floated on the stock market in 1996. He left £138. sits on the St Modwen board looking after the Clarke family interests. which was sold to the Berger family for around £180m. the biggest racecourse owner after the Jockey Club. which were valued at the end of last year at $879m. But Ritblat’s retirement lasted just two weeks and he resurfaced in early January 2007 when he joined forces with younger son Jamie.4m. 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.3m profit on £24m sales in 2008-09. We value him on the £100m he has for investments. Rosenfeld. Past sale proceeds and other assets add £35m. 156 Sir David Garrard Minerva 2009: £95m (No change) £95m 152 Simon Clarke & Family St Modwen 2009: £120m (-£20m) £100m Property group St Modwen. He is the grandson of the late Percy Bilton. has devoted much of his time to charitable works. It is now run by his brother.9m. the managing director. stood down as chairman and left the business. Delancey made a £9. His family trusts sold £37m worth of shares at the time. Raven Mount. He rose to prominence in the late 1980s at a company called Land Investors. whose own quoted property group was taken over by rival Slough Estates in November 1998 for £270m. Garrard. With nearly £72m net assets. led by Crown Crest Group. which has started work for the proposed £750m development of the old Rover site in Birmingham. It has a completed portfolio of around 11m sq ft of warehouses in Russia. Raven Russia’s market value is now around £266m. at £103m with past salaries and other assets. Other assets take him to around £95m. the company swallowed its former parent company. The Ritblat family’s Delancey property operation has been snapping up distressed assets of late. the Bilton family is worth £100m. 75. Ritblat.6m loss in the year to November 2009 as it cut the value of its properties. 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.estatesgazette. but retained a £10m stake. In March 2005. In June 2009. had an £11m stake in Raven Mount. 48. The Bilton family’s 29. went into property after leaving school at 16. In 1955 he joined an estate agency and never looked back.6m sales in 2008-09. to spearhead a £2. It became a stock market star with big developments in the City and Croydon.9m in his will. East Africa. The family also owned a stake in Northern Racing. led by Aziz. Andrew Rosenfeld. 62. it moved to the main market to raise its profile. He began buying. another housebuilder.9m. He is worth around £93m. He later moved into white goods retailing and sold his business for £21m in 1985. with its design business alone valued at £64m. and a stake in Choice Hotels. Hitchcox. It is valued at just over £1. but it has nearly £128m net assets. the Czech Republic . The sale will be a handy windfall for Northampton.8m net assets in 2008-09. Horney has £2m-worth of share stakes in quoted property companies. Ireland’s largest hotel group. With the likely £25m sale proceeds. Despite the turmoil of the Irish housing market. He then formed a development and design group called Yoo with designer Phillipe Stark in 1999. Past dividends take the Watson family to £95m. John Hitchcox is now a leading property entrepreneur. Kelly’s wide assets base should give him a £90m valuation.5m of personal property assets and a stake in a London estate agency. leisure.1bn. 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. Pidgley. we reckon Hitchcox is worth £90m. Doherty.com 20 November 2010 53 . one of his two main Midland estates which span 25. we value Watson’s stake at £90m. the Cobham-based operation has not been immune from what chairman Tony Pidgley describes as the “most turbulent market ever”. REO bought the iconic 30-acre site for €595m at the end of 2006 and. 64. we value Northampton. The former Barnado’s boy has a stake in Berkeley now worth £57m. His London estate around Canonbury has several buildings including the old Tower Theatre and the Canonbury Academy. who was a director. who lives quietly these days at Castle Ashby in Northamptonshire. Hitchcox also has £9.estatesgazette. But previous salaries. 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. 68. 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 UK . 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. the US . The son of an architect who also kept a smallholding in Sussex. We value him at around £90m. he made another £27m when it was sold. which is working on about £3bn of developments in locations ranging from New York and Sydney to Buenos Aires and Hong Kong. Doherty has given most of Harcourt to his children. Real Estate Opportunities is planning to spin off its Battersea power station site in London and float it as a separate listed business. which showed more than £52m net assets in 2008. He sold £21m worth of shares in 2009. He co-founded Manhattan Loft Corporation in the 1990s.156 New entry Tony Pidgley Berkeley £95m 160 New entry John Hitchcox Yoo £90m Housebuilder Berkeley is riding the recession in pretty good shape. transport and property assets in the Caribbean. selling out to partner Harry Handelsman. also owns half of Dublin housebuilder Kelland Homes. 68. renovating and selling homes in the UK in the early 1980s. last year. at £90m. it lost £20. Five years later. www. That is around half the overall business which should be worth in total around £120m. But in spite of a strong balance sheet. 68. 63. In 1993. Horney took a stake in St James Beach Hotels. business and residential use in London’s history. and cherry-picked the best sites back for a fraction of their price. dividends and his share of bonuses take him to £95m. had an 18.000 acres. Allowing for any tax on the sale proceeds. In addition. Hungary and Germany. It had more than £91m net assets in 2008. Other interests include Rockbriar. owns about two-thirds of the company. also has hotel. lodged the largest ever multi-purpose planning application for retail. including China Real Estate and Nordic Land. made his reputation in the early 1990s when he sold his land bank at the top of the market. less than half its value in mid-2007. which showed £1.26% stake. was renting washing machines. Before the recession the business was worth around £170m but its value fell and in 2008. 49. cost-cutting and a return to buying land for future sales. In all. REO is chaired by 74-year-old Ray Horney. Scots-born Dick Watson. Kelly. where the Titanic was built. In 2008. 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. marinas. Sunlaws Development Co had £772. runs an operation which made £692. which has yet to win planning consent. We add £30m for other assets to the Folkes family. In all. There is another £1. owned by the Rana family. turning a £12. saw its net assets fall slightly in 2009 to £78. mostly in London and New York.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. hotels. 56. 66.9m sales in 2008-09. who is fighting throat cancer. In all. 72.000 profit on £23.1m net assets at the end of 2009. Headed by John Chamberlain.000 net assets in 2008-09. the Chamberlain family is worth around £81m. Mactaggart Heritable owns a string of high-priced commercial properties. the current boss. His company.5m loss into a £3.5m of assets in two other property companies. Bill Morris. with land values increasing. 54 www. it should be worth £55m. supermarkets and care homes. The Morris family take little out of the company and we value them at £82m.3m net assets. It is a sign of how active the duke.7m to £9. We add another £20m for private assets. One paper reckoned that Roxburghe could make around £14m from the project over the next 25 years. made £1. The group.6m. which had £72. has become on the business front.5m. recovered in 2009. 60. has been faced with frustrating delays to a wind farm scheme on his land and local protests against the project. Five generations of Morris family members have developed a business with interests in property. The family-owned operation can trace its roots back to 1697 as a blacksmith making swords and chain mail. It has nearly £83m of net assets. 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. pubs. we raise him to £90m. at £85m. Its net assets came in at just under £80m. 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 £20.7m profit on £28m sales. We value the business at around £70m in the current climate. but with net assets of more than £88m. Aside from his land and racing interests are valuable fishing rights.3m to £0.7m profit on £15m sales in 2008-09. one of the largest private property groups in the Midlands. Folkes Holdings. We value the business at £75m in the current climate. With £53. and a further £9. one of Brooksbank’s main companies.7m in 2008-09. He also has £3. We add £8m to 54-yearold Brooksbank for other assets. Roxburghe also has stakes in golf. Deramore would easily be worth £80m in today’s market. It is run by Con Folkes. 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. including ADW Properties. It was taken private in 2002. Sir John Mactaggart Mactaggart Heritable. caravan parks. retail commercial and industrial property. who in 1981 became the then youngest chairman of a quoted company. With personal assets of £8m added. property and racing companies. We value the business at £80m in this climate. his business assets are worth £81m. The family owns 99% of the shares in the business. We value Lonergan. farms and a golf course. is planning a joint venture to turn his Roxburghe Hotel into a 5-star resort. The five-year project will require £20m investment.estatesgazette. the Chamberlain Group has a diverse property portfolio. But it reduced its losses sharply from £6. Roxburghe Estates.3m of net assets in the 2009 accounts of Blackshaw Holdings. the Glasgow-based property group. property and other businesses such as the Ashoka Restaurant and Belfast Plaza. We can see £27.3m for the separate Home Counties Investments operation.5m of net assets in other companies. 57. Lochinver and Deramore (L).com 20 November 2010 . adding £10m for past dividends to the MacTaggart family. 2m loss on £7. Iraqi-born Bakir Cola spent £30m buying a building adjacent to his Westbury Hotel in London’s upmarket Mayfair. 66. But its net assets fell from £67. The move effectively valued the Bertram family stake at £35m. run a number of property companies based in Southend under the umbrella of the Regis Group. sold his 77% stake in Birch. Proceeds from the £50m sale of the Harrington Hall hotel to Spanish hotel giant NH Hotels should take Cola to £80m. which made £4.9m profit on £12m sales in 2008-09. It has £28. 62. The Goulds and trusts own all the Regis Group and we value the brothers at £80m. Gadsby. with cash balances in excess of £20m.estatesgazette. should be worth £80m. As a result.5m turnover in the year to September 2009. Bride Hall Holdings and other Desmond firms have more than £12m net assets between them. these companies had around £27m of net assets. and Miriam O’Callaghan. when Regis successfully diversified into property development. Jarvis.com 55 . a Midlands developer. the only hotel that fronts onto Bond Street. 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. 20 November 2010 www. 57. In 1999.172 Kip Bertram & Family Rysa Lodge Residential properties 2009: £70m (+£10m) £80m Kip Bertram started Bertram Books in a disused Norwich chicken shed.5m. Its portfolio consisted entirely of properties that were subject to regulated tenancies until the early 1980s. Cola. a public library supplier. However. 68. With property and hotels added. It reopened in 2008 after a £25m refurbishment. 66. having moved into property development. 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. Bride Hall is active in building a new Lichfield retail park. The business showed £15. Ark Capital. particularly in London. Kip Bertram. the Grodners are easily worth £80m after tax.6m to £54. own Atmore Properties. the Derby-based property and construction group. in a £54m deal. In all. 51.4m sales in 2001.6m net assets. to Edinburgh-based Miller Group in 2000 for a reported £35m. But we can see three small but separate businesses with a further £16m of net assets in 2008-09. Cola runs and owns Cola Holdings. and Delia Grodner.2m turnover in the five months to March 2009. We can see five companies led by Brodnax. and Peter Gould. is no longer in the book trade. the family’s asset wealth is now around £80m.1m net assets in its 2008 accounts. in 2008-09. bought the 246-room hotel in 1999 for around £90m. Jarvis’s Pearcroft operation is also a shareholder in European Land & Property. He also has the 550-room Kensington Close Hotel. which made £3. in 1987. is best known for leading a rescue consortium which took over Derby County Football Club in 2006. which made a £3. which has been investing in residential property for more than 50 years.8m net assets. he made his fortune in housebuilding originally.7m profit on £43. 62. It became the UK’s largest independent book wholesaler. He bought that stake back in the 1992 recession for a much lower figure. We value Desmond at £80m. have a sizeable property portfolio in Ireland. showed £6. showed £26. he owned all of Bride Hall. Until late in 2004. more than £80m of net assets. His main holding company. We value the Liverpool-based business on the net assets. Property experts reckon that Cola bought Washington House to extend the 5-star Westbury. Other investments and private property take Gadsby to £80m. Regis made a £3. which is the company behind Paddington Basin. 70. investing £28m in securing its future. they are easily worth around £80m. 51. The low-key O’Callaghans are now active in Prague housing developments. its last filed accounts before it became an unlimited company. Gadsby.5m net assets in 2008-09. started the Bride Hall property group in 1984 and sold 50% of the company to Great Portland Estates for £10m Brothers Nicholas. 172 Bruce Jarvis & Family Ravensale 2009: £70m (+£10m) £80m 172 New entry Bruce Jarvis’s main company is Ravensale which.8m profit on £17. but sold a 25% stake to the quoted Warner Estates for an undisclosed sum. 52. Cola took a £48m dividend in 2006. With other property and past salaries. the business merged with Cypher. But it has Peter Gadsby Noel. In all. 60. Melvyn. He now has various property interests worth at least £35m. We value him at £80m. His interests are held mainly through the Carlisle Trust. the residential property investment company that buys and renovates upmarket Dublin houses. Within three years she was branch manager and she 20 November 2010 .6m. 186 New entry 183 56 Debbie Dove Spey & dove £75m Bill McCabe LnC property £78m 2009: £87m (-£9m) Bill McCabe’s Oyster Capital www. 40-year-old Rasul is making his mark on the Scottish property front with his industrial estate venture called E-Net Park. RaSuL MaKeS HiS MaRK in SCOtLand Partners’ private equity operation invested in Capital D. He is a leading supplier of office space to the public sector and his rental income here is holding up well.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. Yeates.com A former north London local estate agent.5m last year because of slumping property prices. which he intends to turn into hi-tech apartments. made £47m from judicious sales of stakes in SmartForce. Recently.1m dividend in 2001 and £5m in 2002 before being sold. he sold his letting business Excelet and paid £3m for the former Martin & Frost furniture store in Edinburgh. his companies earned more than €5.3m sales in 2008-09. The company has £12m of net assets and is easily worth around £30m. the family wealth should total £80m. It has since been converted into a shopping. McCabe’s stake in a Co Kildare waste company.4m on £48. the Goodwood Estate Co pushed up profits from £2m to more than £3. Advanced Environmental Solutions. 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. It has net assets of around £44. He is now worth around £78m. But the value of its investment properties has fallen significantly. Debbie Dove. Marston Properties Holdings made £1. heir to the Duke of Richmond & Gordon.estatesgazette. In 2009. 74. McCabe. In 1999. tripled in value to £11.000-acre Goodwood estate in West Sussex. 49. In 2007. We can see a further £6m of net assets in other Rasul companies.3m net assets.5m when it was taken over in a £46m deal.9m sales. has done wonders at the 12. started out by taking a holiday job there in the late 1970s. In 2008. and taking into account an incomparable art collection. netting the family £50m. which has become Europe’s biggest distributor of optical storage products. the company showed £26. Marston Hotels also paid out a £12. McCabe should not be too badly affected. In addition. Allowing for tax on sale proceeds. 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.7m on nine leases he has with the state. While Capital D went into a loss of €13. Other assets should take the Byrne family to £78m. That values the family stake at around £37m. 53. It has £56m net assets but we value it at £50m in today’s difficult economic climate. down 38% to €91m in 2008. Last year. But with land prices rising. but his private property investments take him to £80m comfortably. has overseas property assets and art. 172 Charles Yeates WS Yeates £80m 2009: £70m (+£10m) Loughborough-based WS Yeates is involved in property and fine art. Shaf Rasul created the Edinburgh-based E-net Computers. LNC grew out of McCabe’s €117m purchase of a mixed property portfolio from Scottish Life in 1999. leisure and hotel complex worth in the region of £180m.2m profit on £4. we value the Marston family at £76m. Homeserve.82m. We add another £5m for stakes in smaller private companies such as Ossian Investors and Sinclair Estates. run by 74-year-old John Muir. The latest 2008-09 accounts for property-to-housebuilding Muir Group. It is now worth more than £1. has seen its shares soar in 2010. and an adjoining site in June. with sales down £16m at £76.1m. 56. He has other assets. 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. 54. The Heller family also have a majority stake in the quoted Bisichi Mining which. After borrowings are stripped out.5bn.4m in 2006. the Chervak family should easily be worth around £70m. show a drop in profit from £10. is worth £75m. should easily take Slade to around £73m after tax. Slade’s stake in Helical Bar has not been immune from the market crash. adding £27m for the net assets of another five Chervak companies. earlier this year to freeholder Cadogan.2m to £41. £4m in 2005 and £4. 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.74% yield.estatesgazette. a 5.5m net assets in its 2008-09 accounts. It has seen its share price steady in 2010 and it is now worth nearly £155m.com 20 November 2010 57 . has a solid balance sheet and £64m net assets.6m net assets. adding another £20m for the net assets of the separate company.3m.6m.3m gain from exercising share options in 2004. The Walsall-based company was co-founded by Jeremy Middleton. we settle for £75m. EC3. such as the sale of the Pinnacle office building in 2005 for £16m. Her portfolio has been valued at up to £80m. it sold the former King’s Road antiques market Antiquarius for £17.3m in the year to July 2009. in 1993. founder of Unite. Past salaries and dividends take Muir and his family to £75m. The Heller’s stake in the firm is worth £21m. A special dividend for Helical Bar shareholders totalling £107m in late 2004 resulted in a further £12m going to Slade. including a property company – Cortonwood 1 – with £3. The company is chaired by accountant Duncan Sinclair.3m to £1. Oxford. has always been good at calling the market.3m in 2009. takes them to around £72m. the quoted household repair services group. which had been out spending earlier in the year. after buying up 1 Mitre Square. Dove is the former wife of top divorce lawyer. 63. to £8. The company. but it has recovered and is now worth £44m. left the board in May 2010 and is now building his Capital Values Group. it showed £54. Helical is working on plans for a major City development. Muir Holdings. With other assets. 64. Chorley and Blackburn. and his family own it all. We value Muir Group at £45m. With this in mind. 190 risen slightly in the first half of the year. 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. together with other holdings and property interests. London-based residential investor Mountview Estates doubled its pretax profit to £29. Past salaries. stakes in other venturesand his own property assets. Raymond “Jaws” Tooth. He also made a £1. His Property Alliance operation has an investment portfolio valued at £240m. We value the business on the net assets. Dove later built up her own luxury property portfolio in the area and offered interior design services. With other assets. Middleton retains a £57m stake. he is worth £72m. Russell. 193 Demi Chervak & Family High point 2009: £52m (+£18m) £70m Michael Slade High Point saw its net assets rise from £35. said it would look to buy only properties offering “exceptional growth or income potential”. Yet the group. Controlled by the Hellers since the early 1970s. 50.eventually bought the business. 186 Duncan Sinclair & Family Mountview estates 2009: £76m (-£1m) £75m Michael Slade. Chervak. In all. 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. It is working on the huge www. Despite the poor financial climate. Cautiously. 9m net assets. It has 58 www. with £91.2m net assets in its 2008-09 accounts. We value them at £69m. It works. he is easily worth £66m. complete with Chinese cookery schools. the Leavesley family should be worth £65m.2m profit on £19. Past salaries and dividends add £2m.5m of net assets between them in their 2005-06 accounts – the last published. particularly the Midlands group.3m sales in 2008. but its net assets fell sharply in value from £100. In all. 56. Minority stakes in smaller operations add £12m to the Yip family. the Sussex-based company should be worth the net asset figure. in this list at £66m. 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. Mulryan owns 51%. Its shares fell sharply in 2008-09. His private property partnerships take his total assets to £65m. But Leavesley. Kavanagh. are more like community centres than traditional cash-and-carry outlets. but since 2004. at around £65m. 195 Mark & Kathleen Kavanagh Hardwicke 2009: £69m (No change) £69m £27. 69. . The recent stock market turmoil has hit the shares and the family stake is now worth £32m.4m net assets in the 2008-09 accounts of three separate Broomford companies. 89.8m. With other assets.2m net assets in 2008. In the year to September 2009. including AFA Investments. 70. Egan bought Noel Edmonds’ West Country home. Irishman James Egan owns and runs London-based property operation Broomford Holdings. Ballymore International Developments made a £61m loss in 2008. St Modwen. with £53. Philip Davies left the merchant navy in 1945 to join his family clothing business. A sports fanatic. retains a £1m stake in Unite. O’Rourke.estatesgazette.com Dublin-based O’Rourke built up Cash & Carry Kitchens in Cork. Rupert Mucklow & Family a&J Mucklow 2009: £60m (+£6m) £66m Midlands-based property outfit Mucklow suffered in the property downturn. With a solid balance sheet. It showed £49. but they have recovered recently and the Mucklow family stake is now worth £64m.5m in 2009-10 when it made an £713. It has £45m net assets.1m sales.000 profit. We can see another £16. With other assets. Davies. The former Wicklow-based couple now live in Switzerland. he is worth around £70m. The family’s stake should be worth £20m in today’s market. 65. The family also has a property portfolio held in the separate W Wing Yip & Brothers Property & Investments. 49. Evans Property Holdings. His other assets include a 49. 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.6m on sales of £10. has also been involved in another large property group. which saw net assets hit £21. 62. and his wife Kathleen. he has 60 racehorses and a 230-acre stud. has a private company. By 1970. The two firms should be worth £55m. 20 November 2010 Rupert Mucklow The Leavesley family wealth comes mainly from property. After five years he branched out on his own. with nearly £21m net assets in 2009. 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. Store Property’s profits fell from £4.3m to £55m. 201 Jim Leavesley & Family evans property Holdings 2009: £66m (-£1m) £65m 196 Woon Wing Yip & Family W. Its parent. such as a pig operation and a small property firm. Mulryan also has a half-share in a Kildare shopping centre. We value Egan. ORM.estates gazette rich list 2010 Kings Cross Central project in London to develop student homes. he has sold at least £70m worth of shares. has some property firms. Porter. Philip J Davies. Wing Yip properties 2009: £72m (-£5m) £67m 198 New entry Eamonn O’Rourke ORM £66m Wing Yip stores. We add £9m to the Wickens family for past dividends and the £2. It was reported to have been sold for around £10m. But an extensive UK portfolio helps keep Mulryan. 41. W Wing Yip Brothers Trading made £5.5% stake in Markland Holdings. made a £5.8m net assets of the separate Kingmere. have two main companies – Hardwicke and Kopian.2m profit on £97.2m to £3. were down just £1m at £66. Mackay started Hometrack.8% stake worth £5. Arnold. The company revalued its properties.5m. Other assets take Turner and his wife Sharon. 53. resulting in a sharp fall in the net asset figure from £103m to nearly £65m. We can see another £22. It is easily worth £65m.and add another £6m to the wider Rankin family for other assets and past dividends. set up Central Trust in 1987 and built it into one of the largest independent finance brokers offering loans to UK homeowners. where he holds a 16.1m on turnover of £5.6m of net assets. up from a loss of £15. including the Welbeck.000 profit on £350. the Lees’ Princeton Investments purchased a £12m block in Soho for redevelopment. in the same month. We value the business at £55m. However.7m the previous year. is worth £62m. Earlier this year. The company posted a pretax profit of £4.com 59 . Mackay. They still have a valuable portfolio and are very active so we stick with our £60m valuation. Woon Wing Yip 2008-09. www.3m for 2009.estatesgazette. It is easily worth £20m. Mackay bought Ford UK’s residential assets for £60m in 1993 and later set up PXS. Hanro’s profits fell from £3.000 sales in 2009. though.8m.com which established a property index based on information on sales in specific post codes.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. In 2008-09. it is worth £55m. but reported £27. The company made £3. He had an 86% stake in the parent company.2m of net assets owned by Mackay in two other firms. the largest independent player in the part-exchange market. receivers were called in on a series of regional office investments in which the Lee family were involved with HBOS during the boom but.6m net assets. We add another £7m for other assets. is chief executive of the AIM-listed firm. But the Norwich-based financial broker was hit hard by the financial crisis in 2008-09. Personal assets push Bassi to £60m.5m sales in 2009 but it still has £87. Princeton showed a £113. built and ran three hotels in Nottingham. The brothers’ father. Andrew Turner. sold in 2002 for £6.201 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.3m. Bassi. £14m deluxe hotel by entrepreneur John Miskelly. With low borrowings.5m loss on £49. 48. Its net assets.8m loss on £9. down £1m.000. afterwards was able to report that his Real Estate Investors business had swung back into the black. 52.9m sales. In 2008. 79. 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. 48. Other assets take the wider Pickering family to £62m. Bassi also chairs property firm Bond Wolfe. UK Estates had nearly £49m of net assets in its 2008-09 accounts.2m. 74.8m to £847. Central Trust secured an extra £90m of funding from RBS and National Bank of Australia to re-enter the secured lending market. chairs Newcastle developer Hanro. 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. the Gradel family has significant wealth outside UK Estates. built up Imry and sold out for £20m just before the 1987 crash. Leeds and Birmingham. 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. including large property portfolios in Glasgow. Cavan Pickering. and is valued at £60m today. Croydon based Ocobase saw its 2008-09 profits fall from £5. We can see £18m of net assets in various Bond Wolfe firms attributable to Bassi. It made a £12.2m to £3. also a director. to £65m. Hometrack made a £1. Other assets take McCauley. Robin Tomkins. In late 2009. Conlan. Boss John Finlan. It has more than £55m net assets and we value the business on this figure. The Guernsey-based investor. it should easily be worth £75m. a property investment company. It is now worth £567m as investors back Mould’s ability to find bargains at rock bottom prices. is owned by Solomon Potel. 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. led by industry veterans Raymond Mould and Patrick Vaughan. to around £56m. run and owned by John Nike. Other assets take the family to £57m. borrowing 75% of the purchase price from the bank itself. he is worth £58m. McCauley also owns Drake’s Island in Plymouth. Other assets take the family to £58m.8m in 2008-09. McCauley is the biggest shareholder in property outfit Sutton Harbour. 209 Raymond Mould London & Stamford £60m £17. is worth £60m after tax. it 20 November 2010 . made a £1. who we value on this figure. which made a £6.4m in 2008-09. 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. We value the company on the net assets. 69. With a 25. Morbaine made a £588. 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. 74. 77. He has a near £9m stake in London & Stamford.4m.2m net assets in 2008-09. 47. we value the Tomkins family at £56m. He also owns Rotolok where profits came in at £3. He was among the group of investors who bought a 10% stake in ailing Anglo Irish Bank in 2008. John Nike & Family nike Land Securities £58m Dan McCauley Nike Land Securities.estatesgazette. it is worth around £36m. We reckon Mould. 58. 69. It floated on the stock market in 2007 valued at £248m. is a director of Yates Property Holdings.9m turnover in 2008-09. 75. 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 1994.9m on turnover of £21. it made £3m profit on £4.000 profit on sales of 60 www. later. is worth perhaps £60m today. But with values down he is worth £59m. In 2006. which showed £2. owns all the business with his family and trusts. Started in 1963.5m net assets in the 2009 accounts of various companies but Miskelly. Mould collected £53m from the takeovers of Arlington and.com Abbott Bros Holdings. is here representing the wider Finlan clan. Past salaries and dividends take him to £56m. Even in today’s climate. a nursing home operation and Miskelly Construction. In the year to August 2009. Most of the shares in Morbaine are held in trust but we assume the Finlan family owns them. has bought properties in Boston. Pillar Property. Its net assets came in at £53. a property developer and building contractor. It is owned by the Yates family. We can see £2. has a 72% stake in Innisfree. a private group based in Widnes. With the 2006 sale and the net assets in Frincon. sold off the Triangle shopping complex at Frinton on Sea. made a £3.9m profit and had £44. Wicklow and Dublin. The bank was nationalised a few months later. raising more than £40m. valuing Metter’s stake at around £54m.4m turnover. Amanda Yates.estates gazette rich list 2010 He also owns pubs. Nike. Essex.6m loss on turnover of £65m in 2008-09. 219 New entry Raymond Mould David Metter innisfree Group £56m 215 Amanda Yates & Family Yates property 2009: £50m (+£8m) £58m Metter. will pay £55m to buy its founder out of its management contract. 45. 61.9m profit on a £15. 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. but still has nearly £24m of net assets.4% stake.2m net assets in 2008-09. Nike has sold tracts of land to Dell and Hewlett-Packard. his earlier property ventures. It was sold by Tomkins Frincon Securities. With other assets. 84. The firm’s 2008-09 accounts show net assets of nearly £58m. the family is worth around £52m. East London’s redevelopment in preparation for the games has proved a fillip for the family-owned construction and property group. With £132. 73. he should easily be worth £53m. Profits were down from £15. We value the Cooper family at £53m. leaving Ruhan with a third of the equity. it is a £200m company. owns Hednesfordbased Pritchard Holdings. when it made a £1m loss on £7. it bought a site in Hoxton. Other stakes in Coltham Developments and Stockdale Properties add £3m of net assets to Ruhan’s wealth. 222 Douglas Woolf & Family Romulus 2009: £60m (-£5m) £55m of its portfolio in 2006 at the top of the market and concentrated on development. a property group with £50m of net assets in 2009.2m.3m to £12. In all. nightclub and property operations. taking the Woolf family to £55m. 69. And in April it sold two student housing blocks in Liverpool and Loughborough to Gatehouse Bank for £29.9m net assets in 2008-09 when it made £897. 2m sq ft mixed-use Arena Central are seeking a planning extension until 2020 as the market has been in the doldrums.2m. one of London’s largest student housing development sites. Cooper bought a building in Tel Aviv. 228 New entry 225 New entry Melvyn Cooper & Family Mountcharm £53m Mel Cooper and his family own and run Mountcharm.com 61 . 225 Fred Pritchard & Family pritchard 2009: £48m (+£5m) £53m 224 New entry Glyn Watkin Jones & Family Watkin Jones £54m Pritchard. The company has also benefited from demand for new housing along the M11 corridor and in the Thames Gateway. Its main Nottingham-based firms. In May 2006. Mountcharm’s net assets exceeded £39.000 profit on £10.5m net assets.9m. SJC 14 and SJC 15. a Barnetproperty investment company. We reckon that Ruhan has at least a £30m stake there. 48.6m profit on £85. his Bridgehouse operation sold three hotels to Hand Picked Hotels for £30m. 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.1m at the end of 2008.000. We value them at £54m. has always been a pioneer in the property field. The company assets are worth £45. The Essexbased operation saw its profits 20 November 2010 www. Ruhan is also busy elsewhere in property. With other assets.400 510 320 131 127 120 80 80 78 75 65 58 55 50 50 47 Romulus Holdings. It showed £49. He sold it two years later for around double the price. 225 New entry Construction and development group Watkin Jones saw turnover fall slightly in the year to September 2009 from £113m to £95.9m and its liabilities just £773. The company should easily be worth £50m in this climate. Elliott Bernerd’s Chelsfield and a Canadian investor paid nearly £88m to take a 66% stake. a Leicesterbased property group. In 2008. In 1998. 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. Andrew Ruhan & Family Bridgehouse Capital £53m which in 2008 made £4. Cooper.2m sales. He also chairs Global Marine Systems. George Akins & Family SJC 14 £52m The Akins family sold its betting shops in 2003 for £14m to concentrate on casino.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. It is worth its net assets. In January.estatesgazette. Other smaller company assets add £4m. he sold his remaining stake in Global for an undisclosed sum. Ruhan. Smaller property operations add another £3m to Pritchard’s wealth.1m sales. Andrew Ruhan’s Bridgehouse Capital is one of the scheme’s partners.9m turnover.9m. We add £5m. The group is heavily involved in the growing student housing market. In early 2000. Global Switch.5m profit on the sale of a property in 2005. 67. He turned the building into one of the UK’s first telehouses through his company. including Navisite. In 2002. The Watkin Jones family also has a small company called Heritage Holdings (North Wales) which made an £8. and his family trusts. Past dividends and other assets should take the Abbott family to £55m. is owned by Douglas Woolf. from Goldcrest Land for £10. Since then Ruhan has been buying hi-tech businesses in the US. had more than £37m net assets in their 2009 accounts. shrewdly sold 90% Developers of Birmingham’s £500m.3m. which also owns the Powerscourt centre in Dublin. but its assets could be worth around £30m as they are in the accounts at cost. Kay joined the board but left in 2005 when he sold his stake for £14. Hall. and Stephen Rosefield. a figure we add to our calculations. With other assets. a fast-growing Dublin property group. Aside from his £3m Jersey mansion. adding £2m for other assets to the Higgins family. runs the family-owned NEEB Holdings. 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.3m net assets. David Dangoor. we value them at £50m. His main company.25m. a clothes retailer. In 2009 it made £3. take the Raymond family to £50m. she has stakes in several small businesses. so we value the Rosefield family at £50m. His total wealth was put at around £50m in late 2005 during a widely reported court case involving Hall and his stepdaughter over money. also has homes in London and Florida. Leonard’s sale proceeds and 50% stake in Clarendon are worth £52m in all. We value him at that figure. In the current economic climate. was active in Clapham and Brixton in the 1980s. Swedish-born Ashley. But Clarendon. Lexadon started work on bigger developments. 50. We value it on its £50m net assets. 58. Other assets take the Knights to £50m.7m deal and it was renamed ROK Property Solutions. Founded in 1959. 74. including Watford-based Current Design and. owns half of Clarendon Properties.2m. 68. including a family property partnership. showed over £26.4m profit on nearly £3.7m in 2008-09. the parent company. the sportswear billionaire who also owns Newcastle United.6m sales.com Lincoln-based Limes Developments is owned by Robert Jolly.5m profit on £6. is increasingly focusing on the US. is the ex-wife of Mike Ashley. are directors of Endeavour. Other assets. with her divorce settlement. transformed his father’s dye company in the Scottish Borders into Edinburgh Woollen Mill. In early 2007.9m of net assets in firms such as Eagle One Investment Holdings in 2008-09. A property developer. Nobel Property Developments. 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.1m profit on £4. it is worth that sum.6m. Roger Raymond. Kay also has around £30.8m to £43. That makes the family stake worth £48m. Lexadon. 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. taking the Dangoor family to £50m.3m. is a £52m man. 62 www. But we can see at least another £3.4m net assets. But its subsidiary. In the year to June 2009. which made £1. 73. In 2001. With nearly £56. The Rosefield family and family trusts own Endeavour.3m net assets in its 2008-09 accounts. Kay. .9m sales in 2008-09. In 2000. who founded Rockeagle. and his family. buying up and converting homes bought at auction from Lambeth council. 66. was a prominent South West developer. Estates & Agency Holdings. a London property group. He sued for unpaid bonuses and ROK agreed to pay £1. Clarendon and other investors made a £48m profit on the sale of 16 shops in London’s Covent Garden area. The Dangoor family has at least 73% of the shares. based in Colchester.8m net assets in 2007-08.estatesgazette. 44.1m net assets. is managing director of Monopro. but its net assets rose from £42.7m of net assets in further companies such as MSJ Properties and Steelux Holdings. 20 November 2010 232 Malcolm Hall David Stevenson & Family ashleybank investments 2009: £50m (No change) £50m Stevenson. It has £95.8m sales in 2008-09. Malcolm Hall is a property developer based in Jersey. 57. 61.2m sales. shows £69. he sold the business to the local EBC construction firm in a £14. But a number of other companies add perhaps £4m. a London-based property operation.estates gazette rich list 2010 come in at £1m on £224. bought three years earlier for £79m. is worth at least £50m. NEEB. showed £12m net assets in its 2008-09 accounts. 56. It retained many of the properties and its net assets came in at £26. The Jolly family also owns the separate Limes Estates with £6. Monopro made a £1. a property company based in London. Its net assets fell to £32. 243 John Elkington penhurst £46m involved in property development through Bothwell Bridge Estates with £343.4m profit in the year to September 2009. Hertford-based Barham.4m net assets it is worth that sum. We value him at £45m. Moss. The family also own Horus. the Malcolm Group. The Moss family is worth around £46m. 48. 58. came in at £51.5m. 240 Brian Moss runs Gat Holdings. the Stevenson family made another £6m when its former stablemate.2m profit and had £41. www. 72. for more than 20 years. With other assets. The family put its wealth into Ashleybank Investments. Barham is easily worth £45m after tax. Brodie. runs J Pullan & Sons. it made £3. £45m Richard Ross & Family Regentsmead 2009: £48m (No change) £48m 245 New entry James Barham Bayfordbury estates £45m Richard Ross chairs Regentsmead. In the current climate. the business made over £1.7m. In 2009. We have discounted net assets to £48m on profits of £2m in 2008-9. a property and financial group created in 1934 by his entrepreneurial immigrant father and run by Ross. founded his property company.6m profit on £3. It has net assets of £27m in 2010.8m net assets. and his family trusts. Christopher Ure & Family atC properties 2009: £47m (-£2m) £45m ATC Properties is owned by Christopher Ure.2m of net assets. which invests in residential. Run by chairman James Spencer.000 net assets in 2008-09. We value the company under the net asset figure at £46m. and family trusts. With other assets and past dividends. owns Kentbased Penhurst Properties. the Stevenson family is worth around £50m. Analysts reckoned the sale price would be around £60m. Other assets and past dividends and share buy-backs in the past five years take Elkington to around £46m. 245 242 New entry Charles & Anne Scrutton Scrutton £47m Founded in 1962.8m sales and we value the business at £40m. 51. 76. 68. Assets at property company. it is worth the net asset figure. Other assets should take the Scruttons to around £47m. It is owned and run by Charles. Dividends take the Pullan family to £44m. adding £2m to the Rich family for property. It made £1. it made a £744. Bayfordbury Estates and PAJ Properties. Cautiously. netting the Stevenson family around £33m. 245 New entry James Spencer & Family Spencer Commercial property Spencer Commercial is a property group based on Merseyside. 62. paying £69m. and value the Ross family at that level.4m sales in 2008-09 when its net assets rose slightly to £30. 65. now concentrates on his other companies. In 2008-09. It had £40. 56. 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. with £1. Brodie owned it all until its sale to Bupa. the healthcare giant. 73. Other assets add £1m to the Lousada family. 2009: £48m (-£2m) John Elkington. It is owned by Peter Rich. But the company has £45m of net assets. Past dividends and other assets should take the Ures to £45m easily.2m of net assets in 2008-09. 47. in 2004 for more than £40m.In 1997. we value the business and the Spencer family at £45m. which accorded with Bayfordbury’s 2003-04 net assets of £55m. was taken private. Scrutton Estates is a property company based in the east end of London. The business is owned by the Moss family and trusts. But its net asset figure rose to £44. It should easily be worth £30m. Grampian Holdings took over EWM. and Anne Scrutton.5m net assets in its 2008-09 accounts when it made £2m profit on £4.1m net assets between them in 2009. taking it to £48m.6m profit on £2.1m sales in 2008-09. In 2005.2m sales. a South Wales-based property group.estatesgazette. is now 20 November 2010 Alistair Pullan. With £44.com 63 . in 1969. 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. James Barham stepped down as chairman of Bayfordbury Holdings in 2004 after selling the business to Fairview.1m in 2008-09. Rich Investments. 74. Lousada. Ashleybank had around £41.000 profit on £14. It made a £1. also founded Nuaire Holdings. which sold for £38m in 2004. with nearly £1. It is worth that sum. a Leeds-based property-to construction group. Anthony & Family Kirch. Ray Horton. Robert & Sally Boyd. Lord Freshwater. Heinrich & Family Finlan. Richard & Family Hindle.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.estates gazette rich list 2010 Alphabetical index Name Abbott. Ronald Horney. Jack Dennis. Eliasz & Family Evans. Bruce & Family Jatania. Ben Brooksbank. 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. Simon & Family Kavanagh. George & Family Allen. Eric Gallagher. Tony Garrard. Andrew Dangoor. John & Family Charles. David & Family Gredley. Mathias & Miriam Lagan. Julia Davidson. John Chamberlain. Simon & Family Clowes. John Hitchins. Sir Euan & Family Ashley. Laurence Knight. Jon Hyams. Terry & Family Bramall. Paul & Family Cadogan.400 1. Sir John & Peter Bedford.800 45 60 270 490 160 119 80 100 110 130 110 160 450 132 197 45 89 135 180 105 78 150 2. Graham Hay. Peter & Family Karimzadeh.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. Nicholas & Christian Capstick-Dale. Sir Donald & Family Gorvy. Nicholas & Peter Gradel. Charles & Family Khalastchi. David & Family Gadsby. Eric Guthrie. John & Family Hall. Debbie Dunsdon. Melvyn & Delia Grove. Melvyn & Family Creighton. John & Family Bernerd. Joseph & Family Brodie. Gerald Hitchcox.com 20 November 2010 . John Englander. 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. Eddie & Family Heller. Elizabeth & Family Ainscough. Harry Iliffe. Peter & Family Dellal. The Duke of Berkley. Frank & Family Byrne. Anthony & Family Buccleuch. The Family Jennings. Danny Dixon. Bob Egan. Prince Chervak. Manfred & Family Gosling.500 330 148 600 1. Peter Gadsden. Cyril & Family Desmond. Earl & Family Candy. Albert & Family Healey. David & Family Davey. Patrick & Family Dove. Benzion & Family Gabbay. Linda Barclay. Baroness & Family Hunt. Charles Coffer. Demi & Family Clark.estatesgazette. Tony & Family Brennan. Fawn & India Rose & Family Jarvis. John Brotherton-Ratcliffe. Lord & Family Ives. Anton & Family Birrane. Sir David Gordon. Jerry & Janet Kraus. Frank & Family Bramall. Michael & Family Higgins. Mark & Kathleen Kay. Mark Doherty. Bert & Maurice Anstruther-Gough-Calthorpe. Paul Beckwith. Michael & Family Hemmings. Elliott Bertram. Con & Family Foster. Kip & Family Bilton. Terence Conlan. Mark Kelly. Richard Caudwell. James Bassi. Kevin & Michael Lazari. Francis & Shamus Jolly. David Cola. Malcolm Harris. John & Family Folkes. Robert & Family Jones. Robin & Family Clarke Family Clarke. Philip & Family Dawson. Peter Grodner. Gerry Cooper. Martin & Family Ainscough. Steve & Clive Bourne & Green. William & Family James. Bill & Family Green. David Kirschel. Martin Boultbee Brooks. Jonathan & Family Hobson.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. Peter & Family Howard de Walden. John & Ciara & Family Caddick. Sir Tom Feldman. Patrick Kenny. Trevor Herbert. Sir Donald Gould. The Duke of & Family Burke. John & Family Hines. Sir David & Sir Frederick Barham. Nick Caring. Manny & Family Davies. William & Family Akins. John & Family Edmiston. Michael & Family Farmer. Bakir & Family Cole.000 — — 330 490 150 219 70 90 109 200 110 115 400 92 170 45 72 125 180 105 — 90 2. Steve Morris. Keith & Family Miskelly. Sir Michael & Family Spencer. Jack & Family Morrison.Alphabetical index Name Leavesley. Brian & Family Scrutton. Nicholas Portman. Sir John & Family Roberts. Amanda & Family Yeates. David & Family Sugar. The Duke of & Gordon & Family Ritblat.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. Jeff Smurfit. Andrew & Sharon Upward. Anthony Mabey. Noel & Miriam Ogden. Gary Wilson.800 1. Eamonn Panayiotou. Dan McGettigan. Rupert & Family Muir. Jim Metter. Viscount & Family Potel. Simon & Paul Ure. David Salisbury. Tony Leslau. Charlotte Turner. John & Family Noé. Sir Stanley & Peter Tomkins. Bernard & Family Linnett. Jeremy Miller. Henry & Family Moss. The Duke of Whittaker.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. John & Stephen Rosenfeld. John & Family Lyons. Christopher & Family Vernon. John Marshall. Nick Lewis. Eli & Family Shanly. Cavan & Family Pidgley. Woon Yip & Family Woolf. David Pears. Michael Slowe. Paul Tayub. Poju Zakay. Stephen Versteegh. Clinton & Family McCauley. Irvine & James Shahmoon. Bill & Family Morris.000 57 209 1. Stuart & Family Moran. Roger & Family Widdowson. Kevin & Family McCarthy. John & Family Mulryan. John & Family McCabe. Mark & Family Pervez. Charles & Anne Seddon. Lord Sullivan. Roger & Family Rayne.360 89 160 275 72 60 50 70 — 1. Sir John & Family Magnier. David Rohan. JP Mellon. The Marquess of O'Callaghan. Rashid & Aziz Thomas. Sir Anwar & Family Petchey.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. Ken Ronson. David Middleton. Christopher Morgan. Michael & Family O'Hare.estatesgazette. Robin & Family Townshend.500 1. Ian & Richard Lonergan. Jim McManus. Robert & Family Reuben. Sean Murphy. Gerald & Family Rosefield. Sir Richard & Family Sykes. Solomon & Family Powell. John & Family Sellar. Michael & Robert Smith. 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. Bill McCabe. Duncan & Family Slade. Michael Sinclair. Charles Zabludowicz.060 67 165 350 67 55 58 80 1.300 2. Caspar Mackay. Glyn & Family Watson. Alistair & Family Rana. John Wickens. Fred & Family Pullan. Jack Pickering. Dick & Family Westminster. Alan Lewis. Raymond Mucklow. Andreas Pearl. Sten & Family Moser. The Duke of Ruhan. Freddie & The Murphy Family Livingstone. James & Family Steinberg.600 580 500 62 95 70 1. Andrew Ross. Andrew & Family Russell. David & Simon Rich.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. Sam Mortstedt. David Sutton. Peter & Family Richardson. Leo & Family Northampton. Alan Nike. William & Family Rasul. David & Family Wing. Charles & Family Lynch. Stuart Watkin Jones. Roy & Family Richmond.500 1. Jim & Family Lee. John Monk. Edward Lousada. David & Family MacDonald-Hall. Giles Mactaggart.com 65 . Sir Robert Oglesby. Gerard O'Rourke. Gerard & Family Wall. Marquess of Scowcroft. Tony Porter. Mark Stevenson. Lord & Family Rankin. Alan Edward & Leonard. Richard & Family Roxburghe.432 3. Douglas & Family Yates. Shaf Raymond. Chris & Family Marston.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 1.132 240 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. 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. we have not included them. We will adjust valuations next year for any who feel that we have been too wide of the mark.com. trading or related areas. Second. Any other comments also gratefully received here. Where retail tycoons such as Sir Philip Green of Arcadia have used property trades to help them on their way to fortunes. Where accounts are not up-to-date. we have included or excluded them on a case-by-case basis. 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. such as estate agency. 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. qualify for this list. Finally. After the credit crunch and property crash. we have been cautious in our private company valuations. For private companies we have based valuations largely on their latest net asset figure.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. Where construction magnates have a significant property element. we have added a proportion of the salary to our profit and wealth calculation. the rate of decline in values and economic activity may have now stabilised. 4 We have counted family trusts as part of family shareholdings in making our assessments of company ownerships. All our calculations for valuations are ballpark figures. Most landowners are also excluded. 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. We ask them to send in their details for next year to Philipberesford@aol. 2 We have also been influenced by levels of borrowings. Dr Philip Beresford and Dominic Price 66 www. The Queen is not included as she does not have full control of the Crown Estate in the normal meaning of the word. Inevitably we will have missed people who feel they should have been included. Where private companies pay large salaries to their owner-directors.estatesgazette. we have discounted their net asset figure by 10% or more (depending on the strength of their balance sheet) in arriving at our valuation. which helps to underpin our values. 5 Only those who have made all or a significant part of their fortunes in property investment. 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 .