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Rich List 2011
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www.estatesgazette.com 12 November 2011 3
W
7 Richest in the South East
17 Richest by decade born
18 Richest in the West
Midlands
23 Richest overseas
26 Geographical distribution
31 Richest in Yorkshire
& the Humber
34 Richest in Wales
37 Richest in Ireland
39 Richest in the North West
39 Richest in the East of
England
40 Richest in the South
West
40 Richest in the North East
42 Richest women
44 Richest in Scotland
45 Richest in the East
Midlands
46 Richest by star sign
48 Five youngest
Editor Julia Cahill
Authors Dr Philip Beresford,
Dominic Prince
Research Phoebe Robinson
Production Stuart Nissen
Design Chris Gardner
Rich List 2011
inside
hen Estates Gazette published its
annual Rich List last year, property’s
surviving super rich were under
starter’s orders, raring to go. So this
year they should have been off.
But in the current gloom, the so-called
recovery is looking more like a false start as
runners and riders face increasingly soft ground.
The good news is that the top 250
thoroughbreds in the Estates Gazette Rich List
are now worth a total of £87bn, up a cool £15bn
on last year.
The most active of the self-made tycoons (led
by the Reuben brothers, the Barclay brothers and
John Whittaker) are in superb form. And while
property values outside the capital showed little
growth, the strength of prime central London
property ensured a good performance from the
likes of the Duke of Westminster, Earl Cadogan
and Baroness Howard de Walden.
But let’s not all head for the winner’s enclosure
yet: the sharp rise in the value of the Estates
Gazette Rich List owes just as much to a
staggeringly wealthy new entrant to the race,
Ernesto Bertarelli – the Swiss Italian
pharmaceutical billionaire worth almost £7bn.
And while the leading pack is still setting the
pace, they are some way off the peak of the boom,
when the top 250 were worth £98bn without
Bertarelli’s billions.
Meanwhile, the Irish stables are ?agging. Just
26 Irish investors placed in this year’s list, down
from 32 last year.
But here’s an interesting tip: since at least the
1970s, what happens in the bloodstock market
– speci?cally the sale of unbroken, unraced
yearlings – is mirrored by the property market
and wider economy 18 months later.
The last boom for yearling sales peaked in
2006, when property investor and keen follower of
the turf John Magnier bid a record $16m for a colt
named The Green Monkey. The horse proved
hopeless and we all know what happened to the
economy next.
Crucially, the bloodstock market is now
buoyant again. Prices achieved at the Tattersalls
sales in Newmarket this October were up 35% on
last year, thanks to buyers such as property
investor Sir Robert Ogden, who bought a ?lly for
£900,000.
So, in 18 months will the market and its
participants’ fortunes be booming again?
It’s looking odds on.
Julia Cahill, head of content, Estates Gazette
[email protected]
FOR ALL ESTATES GAZETTE SERVICES
CALL 0845 077 8811
Eddie Irvine
E Irvine Enterprises
PAGE 41
Ernesto & Kirsty Bertorelli
Crosstree Real Estate Partners
PAGE 5
Lord Sugar
Amshold
PAGE 10
Irvine & James Sellar
Sellar Properties
PAGE 24
ESTATES GAZETTE RICH LIST 2011
If you have any comments please contact our number-cruncher Dr Philip Beresford, compiler of the Sunday Times Rich List, directly at [email protected]
RIL_121111_003 contents 3 3/11/11 14:14:28
www.estatesgazette.com 4 12 November 2011
ESTATES GAZETTE RICH LIST 2011
1
DUKE IS STILL
COMFORTABLY
THE RICHEST
OF THE RICH
£7,000m
The Duke of Westminster
Grosvenor Group
2010: £6,500m (+£500m)
Grosvenor Group’s focus this year has been
on reinvesting in its core London business,
expanding in Asia and growing its fund
management operation. It can well afford
to after a spectacular turnaround in its last
results, moving from a £236m loss in 2009
to a £395m pro?t for 2010 on the back of
surging property values in its prime central
London market.
It also raised £125m through a bond
issue earlier this year that was heavily
oversubscribed by UK and US investors.
The group is working on numerous projects
at home: for example, it has teamed up with
Derwent London to redevelop a prime site
close to Hyde Park, possibly as a luxury
hotel. It is also ploughing £10m into making
Mayfair’s Mount Street and Carlos Place an
exclusive shopping district for the super rich.
The fund management division, now
headed by a Goldman Sachs veteran, recently
formed a new joint venture with the Canada
Pension Plan Investment Board to invest more
than £200m in central London of?ces.
The history of the business controlled by
Westminster dates back to 1677 when Sir
Thomas Grosvenor married Mary Davies and
what was then 500 acres of swamp, pasture
and orchards came into the family. Today,
that forms the heart of the 300-acre Mayfair
estate, which is the heart of the Grosvenor
family fortune.
The Grosvenor Group shares are controlled
by the trustees of various trusts set up for the
bene?t of the Grosvenor family. The family is
now headed by the 6th Duke, who stood down
as chairman of the board in 2007 after 33
years in the role, although he has remained
chairman of the trustees.
Grosvenor Group’s net asset value rose
in 2010 to nearly £2.8bn. With the family's
private estate assets outside the group
added and taking into account the strong
performance of the prime central London
residential market – which is expected to
see price increases of 30% by 2015 – we raise
our overall valuation of Westminster, 59,
to £7bn this year.
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www.estatesgazette.com 12 November 2011 5
RICH LIST 2011
2
3
£6,870m
Ernesto and Kirsty Bertarelli
Crosstree Real Estate Partners
New entry

Ernesto Bertarelli, the Swiss-Italian
pharmaceutical billionaire, is moving
into British property by investing £500m
in a private equity ?rm, Crosstree Real
Estate Partners, which is being set up by
the former UK heads of Blackstone and
Starwood Capital.
With debt, the company is expected
to amass a £1bn UK property portfolio.
It is led by Nick Lyle, former UK head of
Blackstone, and Sean Arnold, former head
of European acquisitions at Starwood
Capital. They will invest exclusively
on behalf of Bertarelli for
three years, focusing on prime
investments and also looking at
riskier debt opportunities.
Twice winner of the
prestigious America’s Cup
yachting race, Bertarelli, 46,
makes it into this list not just
for his UK investment but in
company with his wife, Kirsty,
a keen athlete and former
Miss UK in 1988.
They were married in
YACHT RACER
BERTARELLI RIDES
WAVES OF SUCCESS
2000 and Kirsty, 40, from Staffordshire,
is heavily involved in the yachting business.
Bertarelli himself is a great Anglophile
and prefers to drink beer in a London pub
with his wife than quaff champagne.
Yet he spent his life being groomed
for business – at the age of six he was
reportedly handing out employee-of-
the-year gifts at his father’s Serono
pharmaceutical company.
By 31, following his father’s death,
Bertarelli was running the multi-national
group, the biggest biotechnology
organisation in Europe.
Founded in Rome in 1906, Serono
made its fortune from a single,
best-selling fertility drug derived from
an unusual source: the urine of
post-menopausal women, speci?cally
from Italian nuns.
Overhauled by Ernesto’s father
Fabio in the 1970s, the Geneva-based
company became the world leader
in reproductive treatments and also
produces drugs for growth de?ciency,
Aids-related wasting and multiple
sclerosis which sell in 45 countries.
Serono was eventually sold to Merck
of Germany in September 2006 for
$13.3bn. The couple’s fortune now
stands at a heady £6.87bn.
£6,180m
David and Simon Reuben
Global Switch
2010: £5,432m (+£748m)
The billionaire Reuben brothers bought a
prestigious Mayfair estate, which includes
the former home of the In and Out Club on
London’s Piccadilly, for £130m cash in June
this year. The price was seen by many in
the market as a steal for the sharp-witted
investors after a drawn-out attempt by
Lloyds Banking Group to ?nd a buyer. The
deal involved six properties that make up
the 1.3-acre “Piccadilly Estate”.
The Reubens, owners of Northen Racing,
have also been eyeing Arena Leisure, which
runs seven courses, including Ling?eld
Park. They own almost 30% and a takeover
depends on 41.5 % shareholder Trevor
Hemmings, who is said to want 60p a share.
This values Arena at more than £200m.
Elsewhere, they have embarked on
a joint venture to build a 140m tower
nicknamed “The Cucumber” in the
Paddington Basin. The Robin Partington-
designed tower will consist of 222 ?ats
and a 90-room hotel, and will be the tallest
building in the borough of Westminster.
They have also been given initial
permission for three more towers.
Meanwhile, Global Switch, their data
centre operating business, is investing
£1bn ($1.59bn) in the expansion of its
network across the world. The Reubens
have long-held ambitions to ?oat the
business, which owns and operates more
than 3m sq ft of data centre space valued at
about £3.2bn in seven locations.
The Reubens, who are in their seventies,
have been active in the British property
market for the past decade after making
their fortune in Russia in the 1990s. They
were dubbed the “metal tsars” for their
role in restructuring the aluminium
industry there. Born in Bombay, they made
their way to London, where Simon went into
property and David started trading in scrap
metal. Their foray into Russia, which ended
in 1999, earned them at least £1.3bn.
The brothers have seen an upturn in their
property fortunes and have also been able
to extract hefty pro?ts from investments
sold before the market crash. With other
assets rising signi?cantly in value, they
are now worth more than £6bn in all.
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ESTATES GAZETTE RICH LIST 2011
www.estatesgazette.com 6 12 November 2011
RICH LIST 2011
4 £2,850m
Earl Cadogan
Cadogan Group
2010: £2,500m (+£350m)
The Cadogan Group turned to the bond
market to raise £150m debt in January
this year. City institutions were scrambling
to lend the money and the ofer was
oversubscribed. No wonder. It was backed
by some of the ?nest real estate assets in
the world in the shape of 93 top-notch
Chelsea acres.
The group has fully recovered from the
?nancial crisis and its estate is now valued
at a record £3bn, above its previous high
point reached in 2007. In 2010 it made
a £42.3m pro?t on £93.5m sales and
showed £2.57bn of net assets.
The modern history of the Cadogan
family can be traced back to William,
the ?rst Earl Cadogan, who was an
accomplished soldier and diplomat. He
fought under the Duke of Marlborough
at the Battle of Blenheim (1704) and his
military skills were recognised when he
was awarded various titles, culminating in
him being created Earl Cadogan, Viscount
Caversham and Baron Oakley.
The Cadogan Estate has its origins in
the historic Manor of Chelsea, which was
purchased in 1712 by Sir Hans Sloane, the
antiquarian, physician and scientist, whose
collection founded the British Museum.
Sir Hans Sloane’s eldest daughter,
Elizabeth, married Charles, second Baron
of Cadogan, and the younger brother of the
?rst Earl Cadogan.
Next year the Cadogan Group will
be marking the occasion of the 300th
anniversary of the purchase of the estate by
Sir Hans Sloane.
The present Earl Cadogan, 74, began
his career at merchant bank Schroder
Wagg and took on the management of the
family’s property portfolio in 1974. Having
John Whittaker’s 148-acre Wirral Waters
in Liverpool has been awarded enterprise
zone status. There are now plans for a
2.5m sq ft international trading centre
within the scheme in a joint venture with
Chinese ?rm Sam Wa Minerals. Peel's aim
is that the completed trading centre will
enable more than 1,000 companies from
emerging economies such as China , South
Korea and India to trade exclusively with
the wholesale market.
Furthermore, this year Peel has put
various offers to Pinewood ?lm studios
in the hope of buying out the other
shareholders. After Pinewood supported
his offer of £96m in April, Whittaker won
enough support from shareholders to
increase his 30% stake, and two Peel
Holdings directors joined the board of
Pinewood in July this year. Peel now
owns 71% of the company. Peel Holdings
has also completed a £205m long-term
commercial real estate ?nancing deal with
Aviva Commercial Finance.
Whittaker, 69, sold his Trafford Centre
shopping mall in Manchester in January
to the quoted Capital Shopping Centres
in a £1.6bn deal. Under the terms of the
deal, his company Peel took shares in CSC
worth £596m and joined its board.
Whittaker, who nearly became a
Catholic priest, went into the quarrying
business before moving into property. In
the 1980s, he fought a long and sometimes
bitter battle to take over the Manchester
Ship Canal Company, from which the
Trafford Centre emerged.
Whittaker has branched out into other
areas including ports, airports, urban
regeneration and alternative energy
through his Peel operation. Peel’s net assets
now stand at around £2.8bn. Whittaker’s
family stake is worth around £2.04bn. Other
assets should take the family to £2.075bn.
6
WHITTAKER ADDS ANOTHER BILLION
6 £2,075m
John Whittaker
Peel Holdings
2010: £1,060m (+£1,015m)
inherited the title from his late father in
1997, Cadogan has presided over a hefty
investment programme covering the
Cadogan acreage, most notably the Duke
of York Square on the King’s Road.
We value the business on its 2010 net
assets. Past dividends, quoted investments
held by the separate Cadogan Settled
Estates, personal property and estates
should take Cadogan to £2.85bn.
5 £2,200m
Sir David and Sir Frederick Barclay
Ellerman Investments
2010: £1,800m (+£400m)
The Barclay brothers have been investing
in hotels since the 1960s and this year saw
them make a further play in the luxury end
of the London market.
Earl Cadogan
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RICH LIST 2011
www.estatesgazette.com 12 November 2011 7
RICH LIST 2011
The brothers have been building a 64%
stake in the Maybourne Hotel Group in
a drive to win control of its three ?ve-star
London hotels – Claridge’s, the Connaught
and the Berkeley. The group was created by
former property magnate Derek Quinlan
after he bought the Savoy Group in 2004
and later sold the Savoy itself.
The Barclays bought 25% from
the Green mining family, 35% from
Quinlan and 4% from stockbroker Kyran
McLaughlin. They have further tightened
their grip by cleverly buying €800m of
debt secured against the company from
Ireland’s National Asset Management
Agency, in a deal con?rmed in September.
But there is a ?y in the ointment in the
shape of fourth shareholder Paddy McKillen,
who owns 36%. McKillen has resisted
selling to the Barclays and aims to block
the brothers’ attempts to take full control,
so this saga looks set to run for a while yet.
The Barclays, who already own the Ritz,
made their move on the Maybourne group
just a few months after they sold their
10% stake in InterContinental Hotels for
£335m. The sale ended speculation that
the brothers, who began building their
stake in 2006, would attempt a takeover of
the company. The City reckoned they may
have just broken even or made a small loss.
The Barclays, 77, started on the road
to wealth in the 1960s London property
market. Their ?rst coup came in 1983
when they bought the Ellerman Lines for
£48m. They later sold the assets, making
more than £250m.
Adroit deals with Sir Philip Green
increased their fortune and in 2002
they bought the valuable Littlewoods
mail order business for a total outlay,
after selling of surplus assets, of around
£340m. The low-key Barclays added
the Telegraph Group to their empire for
£665m two years later.
Although the Barclays’ main operations
in media, hotels, property and retailing
have had mixed fortunes in the recession,
we can see net assets of over £2.05bn in
their four main but separate companies,
led by Ellerman Investments. We raise
them this year to £2.2bn.
Richest in the South East
No Name Wealth (£m)
1 The Duke of Westminster 7,000
3 David and Simon Reuben 6,180
4 Earl Cadogan 2,850
7 Eddie and Sol Zakay 2,050
8 Baroness Howard de Walden 1,820
9 Mark Pears 1,600
12 Poju Zabludowicz 1,500
14 Ian and Richard Livingstone 1,288
15 Viscount Portman 1,200
16 Bernard Lewis 1,150
17 Jon Hunt 875
18 Gerald Hines 800
19 Benzion Freshwater 785
20 Lord Sugar 770
23 Richard Caring 700
24 The Jatania brothers 700
26 Sir Donald Gordon 630
27 Chris Lazari 614
31 Sir Anwar Pervez 550
32 The Duke of Bedford 520
Sir Frederick Barclay
7 £2,050m
Eddie and Sol Zakay
Topland Group
2010: £1,900m (+£150m)
The Zakays have been eyeing the
long-awaited sale of 42 Marriott-operated
hotels in the UK by Royal Bank of
Scotland.
The brothers are well-placed to
capitalise on distressed property sales:
earlier this year, they bought the Hilton
Brighton Metropole for £39.25m
from RBS.
The ever-active brothers are not just
buying hotels – they recently purchased
Birmingham ofce block Cobalt Square
for £3.8m and an ofce in Redruth for
£2.7m.
Their cash-rich Topland Group has said
that it is actively seeking further deals in
the secondary market.
Outside of property, they recently
formed a joint venture with Barclays
Natural Resource Investments to invest
in the natural resources sector. Around
£500m will be invested in areas such
as metals, mining, oil , gas, power and
renewable energy.
The Topland business, built by the two
Zakay brothers, Eddie, 61, and Sol, 59,
has also spent around £290m buying a
chain of supermarkets in Spain, and has
become involved in a £1bn house-building
fund in India.
The Zakays launched their business
during the property boom in the ’80s
before expanding into the American and
Middle Eastern markets.
With rents up around 7%, their total
portfolio worldwide is valued at more
than £4bn.
In all, and after stripping out
borrowings, the Zakay family should be
worth around £2.05bn.
8 £1,820m
Baroness Howard de Walden &
Family
Howard De Walden Estates
2010: £1,400m (+£420m)
Last year, Howard de Walden Estates
raised £150m through a private placement
on the bond markets. It used the cash
to pay down more expensive bank debts
and press on with investments such as
the acquisition of 14 period buildings on
Harley Street from the Crown Estate last
year for £34m.
The properties, set in the middle of the
de Waldens’ 90-acre London estate, had
not been traded in more than 470 years
since the dissolution of the monasteries by
Henry VIII.
The Howard de Walden family can
aford it. Led by the 10th Baroness, 76, the
eldest of four daughters of the late Lord
Howard de Walden, who died in 1999, its
acreage round Marylebone is now seen as a
trendy area of London.
It is also making serious money for the
family. In the past ?nancial year they have
seen the value of their property soar by
more than 20%.
In 2009-10, Howard de Walden Estates
made a near £34m pro?t on £64.85m
sales. Its net assets rose 24% to £1.55bn.
In the past 16 years, the family has clocked
up over £300m dividends from the
company and a separate development ?rm,
Welbeck Land, which made £4.4m pro?t
on £23.1m sales in 2009-10. With £15m
net assets, Welbeck Land is highly active in
development around the country.
Following an uptick in central London
values, we reckon the family’s business
assets are now worth £1.6bn, and we add
another £220m for past dividends and
other property assets after tax.
It will be interesting to see whether the
next extended generation of the family
will want to continue as one of London’s
premier landlords or will in fact, as has
been mooted, trigger a sale. It would be
some sale if it ever came to market.
9 £1,600m
Mark Pears & Family
William Pears Group
2010: £1,600m (No change)
The Pears paid £47m for the UK’s ?rst
combined portfolio of distressed secondary
assets earlier this year. The family’s
Telereal Trillium operation struck a deal
with Lloyds Banking Group to buy 35 of
the assets in the Flagstaf portfolio at a
large discount. The bank had hoped to
sell the entire portfolio of 38 assets, all in
receivership, for around £60m.
It has been a busy year for the Pears, who
have revealed plans for a new European
property fund which will focus primarily
on the German residential market. They
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ESTATES GAZETTE RICH LIST 2011
www.estatesgazette.com 8 12 November 2011
RICH LIST 2011
largest public pension manager signed
the contract with UK entrepreneur Eddie
Healey, who developed the 780,000
sq ft shopping centre near Dusseldorf,
Germany. He is one of two brothers who
started out in their father’s Hull-based
DIY operation.
Eddie, 73, made his fortune from
property deals, particularly in Yorkshire.
With fellow developer, Paul Sykes, he
turned a derelict site outside Shefeld
on the M1 into the leading out-of-town
shopping centre in the north of England.
The £1.17bn sale of the Meadowhall
shopping centre in 1999 netted Eddie
around £420m for his 60% stake,
after debt.
Having reinvested some of the
Meadowhall proceeds, we can see £576m
net assets in the latest accounts of three
Healey family companies, including
Stadium Holdings, up sharply on the
previous year.
Brother Malcolm, 67, built up and
later sold the Hygena Kitchens business,
netting £200m in 1987.
He went to America and repeated the
operation there, selling up for £800m.
Now back in Yorkshire, Malcolm has
invested in fast-growing Ebuyer, an
internet retailer with sales of around
£250m.
Between them, the brothers should
easily be worth £1.5bn, allowing for tax
and reinvestment of sale proceeds.
12 £1,500m
Poju Zabludowicz
Tamares Real Estate investments (UK)
2010: £1,500m (No change)
Property magnate Poju Zabludowicz and
his wife have converted a chapel in north
west London to show their 2,000 art
works, many of which had previously been
in storage. Zabludowicz holds a Finnish
passport, but has lived and worked in
London for most of his life. His father
Shlomo, a holocaust survivor, built the
family business around Soltam, an Israeli
defence contractor.
After ofoading most of the defence
interests, the family diversi?ed into
have also embarked on a joint venture
with Telford Homes in a £150m project in
London’s Shoreditch to build a 25-storey
tower comprising 369 new homes and
commercial space. The ?ats have been
selling rapidly of plan, with the developers
claiming to have achieved an average price
of £675 per sq ft.
The Pears group is also diversifying
away from property. The low-key London-
based brothers are backing a new Home
and Savings Bank to the tune of £50m.
The Pears also have a family ofce called
Talisman Global Asset Management,
which is looking to manage the wealth of
other rich families.
The Pears’ Hampstead-based property
empire was started in 1952. It now
embraces thousands of London homes,
?ats, and ofce blocks, and manages
buildings for clients such as BT.
The three young Pears were propelled
10 £1,500m
John Caudwell
Caudwell Properties
2010: £1,400m (+£100m)
John Caudwell’s move into property is
bearing fruit. In October he paid £150m
for a Mayfair car park, which will be
redeveloped as upmarket residential. His
six small property companies showed
nearly £6.7m pro?t on nearly £11m sales
in 2009-10. Before the Mayfair deal, he
had spent £80m on properties in London
and elsewhere. He can easily afford to
take such a gamble, having sold most of
his Caudwell Group in 2006 for £1.46bn.
His remaining stake netted him another
£100m when the company, trading as
Phones4U, was sold again in March.
It was in 1970 that Caudwell took his
?rst job as an engineering apprentice
at the Michelin Tyre Company. Later, he
became a successful car dealer, but his
path to serious money came through
an early move into the ?edgling mobile
phone industry in 1987. When he sold up,
Caudwell was the biggest independent
European player. His 85% stake in the
business was worth around £1.24bn at the
sale price. Two years previously, he had
sold off his Singlepoint customer billing
operation to Vodafone for £405m.
With his proceeds and other assets,
including the ?nal share sale of Phones
4U, we value Caudwell, 59, at £1.5bn this
year. He does hefty charitable work for
Caudwell Children, which grants holidays,
and provides equipment and support to
youngsters with life-limiting illnesses.
to run the family empire when their
father and ace dealmaker, Clive Pears,
died in 1984. Mark, 48, is managing
director of William Pears Family
Holdings but there are at least 25
separate ?rms which made £26m pro?t
on £189m sales and showed £866m of
net assets in 2009-10.
The value of the total Pears portfolio
has been put at £6bn. Past dividends and
other assets keep the Pears at £1.6bn.
11 £1,500m
Eddie and Malcolm Healey
Stadium Holdings
2010: £750m (+£750m)
In February, the Canada Pension Plan
Investment Board bought a 50% stake in
Europe’s largest shopping centre, Centro,
for around £593m. Canada’s second-
10
Poju Zabludowicz
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Company, which studies around 40
projects a year. It has found pro?table
ventures worldwide, for example, making
£18m on his stake in Utah-based ofender
tracking ?rm Remote MDX, where shares
increased fourfold last year before he sold
them.
Desmond also has around £20m of
stakes in UK-quoted companies, including
a small £2.2m stake in Great Portland
Estates. In all, the 61-year-old Desmond is
easily worth £1.3bn, in spite of the sharp
downturn in his native Ireland.
14 £1,288m
Ian and Richard Livingstone
London & Regional Group Holdings
2010: £1,650m (-£362m)
The Livingstone brothers are among the
landlords who have been caught up this
year in the Southern Cross care home saga,
forcing them to ?nd new operators.
Their London & Regional Nursing Homes
owns the freeholds of 91 homes, which
were operated by Southern Cross before
its collapse.
Nevertheless, their deal appetite has not
been diminished. They have been among
those looking at the collapsed Von Essen
Hotels chain, and recently put in a £57.5m
ofer to buy two of its hotels – Cliveden
in Buckinghamshire and Bath Royal
Crescent Hotel.
They are active in the development
world too, and have recently put forward
proposals for a scheme to expand their
Elizabeth House site near Waterloo
station, acquired last year with Saudi
group Olayan and Chels?eld Partners.
They are planning a 1.25m sq ft twin tower
development to replace the outdated
240,000 sq ft ofce block.
There will also be a 345,000 sq ft
glass-fronted block bridge building, held
up with pillars creating a public space
beneath, that has been earmarked for
cafes and restaurants.
The Livingstones have taken a whopping
£619m in dividends in the three years
from 2007 to 2009 from their Loopsign
company. Ian, 49, who began life as an
optician, purchased and built up the David
Clulow chain.
Ian and younger brother Richard, 46,
formerly a chartered surveyor, formed
London & Regional in the early 1990s,
buying distressed assets in the midst of the
commercial property crash.
They own more than 60 hotels with
around 10,000 bedrooms, more than
half of Cape Town’s Victoria & Alfred
Waterfront shopping development, and
a string of health clubs, including David
Lloyd Leisure.
Loopsign made a £92.1m loss on
£386m sales in 2010, but we value it on
its £787m net assets. We add £500m
for past dividends and other assets to the
Livingstones, after allowing for tax.
15 £1,200m
Viscount Portman & Family
Portman Estate
2010: £1,000m (+£200m)
The Portman Estate’s new chief executive
Bill Moore, who joins next month, has a
distinguished army career behind him. His
appointment follows the sad loss of the
much respected Gareth Clutton, who died
in May after a short illness.
Clutton had been implementing the
?rm’s strategy of improving and investing
in its 110-acre central London estate north
of Oxford Circus.
Owned by a series of complex family
trusts, the Portman Estate was slower
than other big private London landowners
to start improvements as many of its
properties were out on long leases.
These are coming to an end and the
estate is taking a more proactive role in
development, spending £40m on an
investment programme. This includes
Portman Village, the name for two
shopping streets in the heart of the estate.
As well as the London estate, the
Portman estate owns a rag-tag of rather
obscure assets, including 17,000 acres
at Wagga Wagga, in New South Wales,
Australia. Other assets include a share in
commercial properties in Manhattan in
New York and Palm Beach in Florida.
The family trusts of the present Viscount
Portman, 53, have a 45% stake in Portland
Investments (Baker Street) which had
£18m net assets in 2009.
In all, the property assets should be
up slightly this year in line with the
other quality London landlords, and the
Portman assets are now worth around
£1,200m.
16 £1,150m
Bernard Lewis & Family
Lewis Trust Group
2010: £920m (+£230m)
The Lewis Trust Group, owner of fashion
chain River Island, bought X-Leisure’s
Fiveways leisure scheme in Birmingham
for £27m at the end of 2010, showing
that the Lewis family has not lost its
appetite for property deals. Lewis Trust
saw its 2010 pro?ts come in at £170m,
while the Lewis family also took a £160m
dividend.
The Lewis family, which owns the retail,
property and hotels group, is headed by
85-year-old Bernard Lewis, who started
work in his parents’ fruit shop. He moved
into fashion in 1948 and the Lewis
Separates chain was born.
In the mid-1960s the chain was
renamed Chelsea Girl and in the late 1980s
it became River Island.
The Lewis Trust should be worth at least
£600m on its 2010 ?gures, and we add
£550m for past dividends after tax.
property and hotels in Israel and Las
Vegas. Zabludowicz, 58, recently sold a
property called the Princess Arcade on
Piccadilly for around £120m.
He has a number of companies,
including Tamares Real Estate
Investments and Ivory Gate. Zabludowicz
has also moved into private equity with the
launch of Synova Capital, an £80m fund
which will invest in small UK companies.
Equity investments in areas such as
card payment technology have also proved
lucrative for Zabludowicz, who is on the
board of several Israeli charities.
His Tamares Fund recently sold
Storewize, a software storage operation, to
IBM for $140m.
Zabludowicz has also given some hefty
charitable donations. He is a big donor to
the Tory party and was a backer of Pargav,
the mystery company linked to former
defence minister Liam Fox. We keep
Zabludowicz at £1.5bn this year.
13 £1,300m
Dermot Desmond
City Aviation Holdings
New entry
A former stockbroker turned shrewd
investor, Dermot Desmond has turned his
sights recently on the Irish media group,
Independent News & Media. Desmond,
best known as the leading shareholder in
Celtic, the Glasgow football club, recently
upped his IN&M stake to 3.2%. It is the
subject of intense takeover speculation, so
Desmond should make a handsome return
on his investment.
Desmond’s other investments have
been shrewdly timed. He owns a string
of assets in Britain and Ireland outside
Celtic. His London City airport operation
and a stake in Greencore, an Irish
foods company, were sold before prices
slumped, netting Desmond £848m.
Earlier, he made £240m from selling
stakes in Esat Digifone, Baltimore
Technology, Manchester United FC and
Golden Vale.
Desmond is continually on the hunt
for similar projects via his Dublin-based
International Investment & Underwriting
Dermot Desmond
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Bernard’s brother David died in
August, aged 87. He was credited with
transforming Eilat in Israel into a
popular tourist resort through his hotel
chain, Isrotel.
17 £875m
Jon Hunt
Foxtons
2010: £660m (+£215m)
Foxtons founder Jon Hunt has hired
architect Rogers Stirk Harbour & Partners
to design a luxury residential and mixed-
use tower on the Albert Embankment in
south London. The architect is to carry out
a feasibility study ahead of any planning
application for the Texaco garage site,
which lies near the Vauxhall Nine Elms
Battersea Opportunity Area.
Previous owners of the site, which Hunt
bought with other investors for £7m, have
failed to get their tower proposals past
Lambeth council. But Britain’s top estate
agent is sure to ?nd a way.
Having sold the London-based
Foxtons estate agency at the height of the
boom in early 2007 for £375m, Hunt, 58,
has proved himself an expert in timing
again and again.
Following the sale, he made substantial
property investments in central London
at the bottom of the market in 2008. That
portfolio has increased in value by £100m
to £315m in the past year.
He turned down an unsolicited ofer of
£200m for his seven-storey townhouse in
Kensington Palace Gardens in 2008. He
also owns the Heveningham Hall estate
near Walpole and the nearby Halesworth
Golf Club.
In September 2010, Hunt launched
Bacchus Partners, hoping to snap up
derelict properties across the South East
and East of England, then turn them into
housing. His other assets, including a car
collection and 4,000 valuable farming
acres, have all appreciated sharply in value,
taking Hunt to £875m.
18 £800m
Gerald Hines
Hines Europe
2010: £800m (No change)
Gerald Hines, backed by the Qatari
Investment Authority, has started work
on the landmark $700m City Center
DC development at a site in downtown
Washington, DC, the largest downtown
development currently under way in
any US city.
Hines, 85, is always taking on new
projects. This year his ?rm was asked by
Union Investment Real Estate GmbH to
manage four ofce buildings in Santiago,
Chile. The buildings are almost fully leased
to multinational companies and Chilean
?rms.
For the past 50 years Hines has been
running one of the largest property
operations in the world. Based for much of
this time in Mayfair, he is active in Britain,
recently launching a £400m ofce scheme
above London’s Cannon Street railway
station.
As the son of an Indiana steelworker
and schoolteacher, Hines’ start in life
was far from easy. He grew up during the
Depression, and had an ambition to make
money from an early age. His ?rst proper
job was selling fans and blowers for ofce
buildings in Houston.
But in 1952, Hines started out in
property. He has become one of the world’s
best-known property entrepreneurs,
bringing ?ne architecture to the
commercial market.
From London, Hines spearheads
expansion across Europe and the world.
The Hines group manages a total of 120m
sq ft, around half of which is Hines-owned.
In 2000, a Forbes analysis suggested
that Hines was worth around £1bn,
and possibly a lot more.
But we are going to be a little more
conservative and plump for £800m.
SUGAR’S WINNING STRATEGY
20 £770m
Lord Sugar
Amshold
2010: £730m (+£40m)
Master of The Apprentice, Lord Sugar
laid into property agents at a recent
breakfast. He said he had started
building his portfolio of property
after amassing a fortune from his
electronics business Amstrad and
discovering ?rst that “investment
managers know nothing”.
His strategy was simple: “Find
a street that will last forever and a
building on it that will last forever, and
if the tenant goes, you will easily re-let
it. So I bought half of Bond Street.”
Sugar added that there was
“nothing exciting” about property.
He said there would be no more sales
from his portfolio at present unless he
could ?nd another “lunatic” to make
him an offer he could not refuse.
Amsprop Estates, one of
his property companies, sold
Albermarle House in London’s
Mayfair for £19m to a Dubai-based
consortium, for an £11m pro?t. His
Amshold property group saw its
pro?ts rise sharply in 2009-10
from £4.3m to £8.3m. The value of
its net assets also rose nearly £37m
to £240m.
Sugar, 64, was created a life peer
by Gordon Brown in 2009. A Hackney
tailor’s son, he was the chairman of
Premiership football club Tottenham
Hotspur from 1991 to 2001. Before
that, he made headlines with his
Amstrad operation, started in 1968,
which became a leading consumer
electronics group selling phones and
computers in the 1980s and 1990s.
But following the £125m sale of
Amstrad in 2007, his business activity
is largely concentrated in the property
?eld.
Sugar should have received around
£36m for his Amstrad stake and
£25m for his Spurs shares. But he
has at least £500m worth of property
held either via Amshold, Amsprop
or overseas. He certainly has not lost
his eye for a bargain, snapping up a
Spanish hotel in 2009 once valued at
£35m for just £2.5m.
In addition, he has £150m of
cash, and personal assets including
property in London, Florida and Spain.
We value Sugar at £770m this year.
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19 £785m
Benzion Freshwater & Family
Daejan Holdings
2010: £732m (+£163m)
Daejan Holdings was among the landlords
exposed to the troubles of care home
operator Southern Cross.
The low-key London property group
had to negotiate alternative operating
arrangements for its nine facilities, which
comprises seven care homes and two
day centres. This is but a small part of
the Daejan business controlled by the
Freshwater family.
The quoted company is valued at around
£433m. It reported full-year pretax pro?ts
of £84.3m for 2011, up from £61.1m
in 2010. In October the share price was
hovering around the £26 mark, but with
net assets of £838m, this may be one the
market has got wrong. Freshwater, 63, and
his family have a near £345m stake.
Benzion Freshwater’s father, Osias,
arrived in London three days before the
Second World War as a penniless refugee.
In 1957 he took over Daejan and, when
he died in 1976, he was London’s biggest
private landlord with 20,000 tenants.
The Freshwaters also have three other
main ?rms – Highdorn, Metropolitan
Properties and Centremanor, which had
£721m net assets between them in 2009.
But we cut the net assets attributable to
the family to £400m to allow for double
counting and any charitable stakes.
To the £745m business wealth, we add
£40m for past dividends.
21 £725m
Peter Green
Luscar
2010: £650m (+£75m)
Green made serious money from investing
in the Savoy Group in 2004. And his
enthusiasm for hotel investment has
brought him further success.
The recent sale of a 25% stake in luxury
hotel group Maybourne netted around
£75m for the Green family – treble its
initial investment.
Green’s father was a Manchester
draper who later developed a chain of
grocery shops which were sold in 1965
to Tesco. But he married Canadian
industrial heiress Mary-Jean Mitchell in
the mid-1970s. Her father died in 1983
and, seven years later, she died of cancer at
the age of 38.
Green was efectively left in charge of
the family business with their two sons.
In 1996, much of the family’s huge
Canadian mining operations, held via
Luscar Ltd, were sold in a £300m deal.
The Green family invested around 10% of
their proceeds in a new Luscar company,
which was taken over in 2001 in a £600m
deal, netting the family perhaps £50m.
In 1996, the family also made a £60m
pro?t from selling its stake in a small
energy company. The family properties
in Bermuda, London and the like, plus
remaining assets in Canada and the pro?ts
from his London deals, put Green, 76, at
around £725m.
22 £707m
Peter Jones & Family
Emerson Developments (Holdings)
2010: £673m (+£34m)
Peter Jones’s company Emerson
Developments continues to thrive. He has
taken his development work to Portugal
and Spain as well as continuing with
numerous projects in the UK.
This year in the UK alone he has
projects in Yorkshire – including Arundel
Park near Rotherham, which will
provide 92 properties – and a brand new
development in Blackpool.
Jones himself founded the company
Emerson Developments, based in Alderley
Edge. Jones moved into housebuilding in
Cheshire way back in 1959.
He was one of the ?rst developers to
spot the development potential of south
Manchester, buying up tracts of land
cheaply. He never looked back.
In 2009-10, Emerson made a £24.7m
pro?t on £158.6m sales. It is worth its
£640m net assets.
Jones, 76, has another company, PE
Jones (Properties), with around £51m of
net assets in 2009-10. Jones and family
trusts own them both. We value the
businesses at £691m, and add £16m for
other assets and property.
23 £700m
Richard Caring
International Clothing Designs
(Holdings)
2010: £600m (+£100m)
Caprice Holdings, the restaurant company
belonging to Richard Caring, is on the
hunt for more restaurant sites for its Côte
bistro format.
Caring wants to roll out 120 outlets by
the end of 2013; currently, it has around
30. Caprice Holdings, which runs The
Ivy, J Sheekey and Le Caprice restaurants
in the West End, Daphne’s in South
Kensington and Scott’s in Mayfair, made
a £9.7m pro?t on £60.7m sales in the 18
months to December 2010.
A fashion tycoon originally, Caring
owns International Clothing Designs
(Holdings), a London-based supplier of
fashion garments to the likes of Next, Bhs,
Top Shop and M&S.
He has been the middle man between
the Far East suppliers and retail giants
here, supplying 70% of the garments
sold by all the British fashion retailers. In
2009-10, pro?ts at the company came in at
£135,000 on £36.1m sales.
But this is but a fraction of the total of
Caring’s wealth. The nearest Caring admits
to his wealth is “nine ?gures”. He inherited
the business from his father and built it up
after spending many years in the Far East
himself building up contacts that were to
serve him well. Caring also made a fortune
in property deals in Hong Kong in the
1980s and 1990s.
Caring is still busy buying upmarket
eateries and night clubs in London. In
January 2008, he bought out 28 minority
shareholders in the trendy Soho House
club in a £105m deal. His 80% stake there
is now worth £240m. That followed on
from his £90m purchase of the upmarket
Annabel’s nightclub from the late Mark
Birley in June 2007.
He does sell – at a pro?t. In 2005
he bought the Bierodrome and Strada
restaurant chains for £57m and sold them
two years later for £140m.
With the Soho House revaluation,
Caring, 63, is now easily worth £700m.
24 £700m
The Jatania Brothers
Lornamead
2010: £600m (+£100m)
Lornamead Group, a UK-based
manufacturer of personal products, had
a record 2009-10, making around £50m
pro?t on its worldwide operations.
The company has a Surrey-based
subsidiary, Lornamead Acquisitions,
which made £31.5m pro?t on £95.4m
sales in that period. In April this year,
it acquired the naturally medicated
skincare brand, Witch.
Lornamead is run and co-owned by
four brothers, led by chief executive Mike,
46, with George, 61, Vin, 56, and Danny,
52. The family came to Britain from
Uganda in 1969.
Lornamead buys unwanted toiletry
or beauty care brands from multi-national
companies and, in 2005, snapped up
the famous Yardley brand for a reported
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RICH LIST 2011
£60m. Last year, it sold of part of Yardley
for nearly £30m. But it is the brothers’
extensive £200m property portfolio that
quali?es them for this list. They should
easily be worth £700m.
26 £630m
Sir Donald Gordon & Family
Liberty International Holdings
2010: £580m (+£50m)
It has been a busy year for Sir Donald
Gordon’s two new companies, formed by
the demerger of quoted property group
Liberty International.
Earlier this year, Capital Shopping
Centres purchased the 1.4m sq ft Traford
Centre in Manchester for £1.6bn. But
there were distractions, with US giant
Simon Property Group making an
unwanted bid. Gordon, whose family owns
just over 13% of CSC, saw the US company
beat a retreat and John Whittaker take a
friendly stake in the company.
Meanwhile, Capital & Counties is
spearheading plans to regenerate Earls
Court in West London.
Gordon, 81, started a South African
life insurance operation in the 1950s,
?nally selling out of it in 1999. He also
focused on British property through
Liberty International.
His family stakes in the two new Capital
operations are worth £507m. South
African share sales and other assets add
around £150m, but hefty charitable
donations cut the Gordon family back to
around £630m.
27 £614m
Chris Lazari
Lazari Investments
2010: £522m (+£92m)
West End and North London investor
Chris Lazari has seen his portfolio increase
by almost £80m this year.
The temporary loss of a tenant at
Henrietta House led to a marginal 1.6%
drop in income to £78.4m for Lazari
Investments, but later in the
year the building was re-let to agent CBRE
for its UK headquarters.
Lazari has a blue-chip London-based
portfolio which has ridden the property
downturn well. The group is also well
placed for rental growth due to the
continuing shortage of ofce space in the
West End. Total occupancy across Lazari’s
2.5m sq ft portfolio stood at just over 94%.
As a result, pro?ts at Lazari Investments
hit £42m in 2010-11 with net assets
coming in at £544.3m.
The Greek Cypriot came to Britain in the
early 1970s to work in the fashion business.
In 1978, he diversi?ed into property and
has never looked back. Cautiously though,
in the current climate for property, we
value the Lazari property interests on the
latest net asset ?gure.
We add another £70m to his portfolio
for personal property and cash in the bank,
taking Lazari, 65, to £614m.
28 £580m
Jim Mellon
Regent Paci?c Corporate Finance
2010: £530m (+£50m)
Seventy per cent of Jim Mellon’s wealth is
invested in the German property market.
Mellon, who started out as a fund
manager in Hong Kong in the late 1970s,
has made his money from a range of
investments, including a £55m return on
an investment ?rm called Charlemagne
Capital in 2006.
He has also invested heavily in solar
power and says it will be “bigger than the
internet within ?ve years”.
Mellon has stakes of around £25m in a
number of quoted companies we can see.
The Isle of Man-based entrepreneur is
one of the island’s biggest property owners.
He has two homes there, four other homes
around Europe and several properties in
Ibiza.
He ?ies in an £8m private jet, but with
annual earnings of £5m-10m, he can
certainly aford it.
25 £680m
Prince Charles
Duchy of Cornwall
2010: £680m (No change)
The heir to the throne is passionate about
development, as his intervention in the
long-running saga over the proposed
development of Chelsea Barracks has
shown. He is also one of Britain’s most
innovative property developers.
Poundbury, outside Dorchester in
Dorset, was built on Duchy of Cornwall
land and tested his ideas on architecture,
the environment and town planning.
The Duchy, created by royal charter in
1337 by Edward III, delivers its annual
income to Prince Charles in his capacity as
Duke of Cornwall but he cannot pro?t from
the sale of capital assets. In 2009-10, it
produced a surplus of £14.7m.
The Duchy also saw a sharp rise in its
2009-10 net assets to nearly £664m after
a dip in 2008-09. Its prime properties
performed particularly well and the
overall value of its commercial portfolio
rose 9% to £141m. We value the Duchy on
its net asset ?gure, and the 62-year-old
prince at £680m .
CHARLES: AN
INNOVATIVE
PROPERTY
DEVELOPER
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More recently, Mellon, 54, has made
substantial pro?ts in the currency
markets. His Hong Kong-listed company
Regent Paci?c is cash rich, with its main
investments in China and commodities,
particularly uranium.
He is now easily worth £580m.
29 £550m
Trevor Hemmings
Northern Trust Group
2010: £500m (+£50m)
Leisure tycoon Trevor Hemmings has
two passions: football and racing. In April,
his horse, Ballabriggs, won the Aintree
Grand National, his second triumph in
the great race.
Hemmings could make a lot of money
from selling his 41.5% stake in Arena
Leisure, which runs Doncaster, Royal
Windsor and Ling?eld Park racecourses.
But football is not so lucrative for
Hemmings. He had to rescue his beloved
Preston North End in July 2010 by paying
the club’s latest tax bill.
Hemmings, who holds an 88.5% stake
in North End, loaned the struggling
football club £200,000 through his Guild
Ventures investment group.
Hemmings’ loans to the club are now
just shy of £15m. But he has the cash,
having sold the famous Blackpool Tower to
the local council for around £40m recently.
In addition, his Northern Trust company
has revealed plans to redevelop a former
Pontins site in Hemsby, Norfolk, with 191
homes and a care home.
Northern Trust has also expanded its
portfolio in Scotland with the acquisition
of 16,000 sq ft of industrial space in
Livingston.
Hemmings started out as a bricklayer’s
apprentice locally in Leyland, and later
built his own housebuilding ?rm, which he
sold for £1.5m in the early 1970s to the late
Sir Fred Pontin.
Hemmings became Sir Fred's right-hand
man in the Pontins leisure operation. Later,
he took over the business and sold it in
1989 for a hefty pro?t.
In 2000, he bought Littlewoods’ pools
operation from the Moores family for
£161m. His main holding company, the
Northern Trust Group, has £110m net
assets in its 2010-11 accounts.
His pub company, Trust Inns, has
£93.4m net assets, while we can see £55m
of stakes in quoted companies.
Hemmings, 76, is now easily worth
£550m.
30 £550m
Freddie Linnett & The Murphy Family
Charles Street Buildings (Leicester)
2010: £510m (+£40m)
Freddie Linnett’s Leicestershire-based
property company, Charles Street
Buildings, owns more than 6m sq ft across
the UK. Pro?ts from the company fell from
£33.6m to £30.7m on £40.1m sales in the
year to November 2010.
Despite this, earlier this year the ?rm
bought energy giant E.ON’s new HQ in
Nottingham for £30m.
Freddie Linnett is a director and leading
shareholder in the business, which was
started by her uncles, who came to Britain
from Ireland after the war. When the
uncles died, Linnett inherited their stakes.
She married a top accountant in 1995.
We value the business on its near £516m
of net assets.
Other assets and nearly £94m of
dividends from 1995 to 2010, take Linnett,
61, and the Leicester-based Murphy family,
to £550m after tax.
31 £550m
Sir Anwar Pervez & Family
Bestway (Holdings)
2010: £580m (-£30m)
Bestway, Pervez’s cash-and-carry company,
managed to sweep up 13 awards at this
year’s International Wine Challenge
Awards. Though pro?ts in 2009-10 fell
to £58.1m on sales of £1.65bn, the net
assets rose to £489m.
Bestway’s founder, Pervez, is the son of
a Rawalpindi farmer, who came to Britain
at 21 and opened his ?rst shop in 1962. He
built a chain of 11 shops and then in 1976
turned to cash and carry with his ?rst
depot in West London.
In the current climate, we value parent
company Bestway (Holdings) at around
£700m while Pervez, his family and trusts
have a £330m stake.
A separate property operation,
Palmbest, is why Pervez is on this list.
Palmbest and other personal assets should
add another £220m.
Pervez, 76, would be much richer if
he did not give large amounts to charity
every year.
32 £520m
The Duke of Bedford
Woburn Abbey
2010: £490m (+£30m)
Bedford’s 342-year-old Bedford Estate
in London owns around 180 buildings
in Bloomsbury. Death duties and land
sales have diluted the original portfolio,
but many leases created shortly after the
war are now reverting back to the estate,
allowing renovations and conversions from
ofce back to residential use.
The new £200m Center Parcs holiday
village on his Woburn estate has got the
go-ahead and is on course for a 2013
opening.
Harrow and Harvard-educated Bedford,
49, is well versed in the management of
the extraordinary 13,000-acre Woburn
Abbey estate and house. He has various
successful business ventures under his
control at Woburn, which were set up by
his grandfather to pay a £4.5m bill for
death duties.
Bedford’s late father left £39.1m in his
will, but we assume that much of the estate
had been handed over some years ago as
part of the family’s tax planning.
Though we can see just £10m of net
assets in the 2010 accounts of three family
companies, including Woburn Enterprises,
the house and grounds must easily be
worth £120m. But it is the art treasures
inside, including 24 Canalettos, that are
particularly valuable.
They should be worth well over £300m,
but we halve that to £150m to allow for
any inheritance tax in the event of a sale.
The London estate is now easily worth
£200m and its value is bolstered by the
regeneration of nearby King’s Cross. We
raise Bedford to £520m this year.
33 £520m
John Magnier
Coolmore Stud Farm
2010: £540m (-£20m)
With his also Irish business partner
JP McManus, John Magnier has been
shrewdly building his stake in the troubled
pub group Mitchells & Butlers.
Together, they have been steadily buying
shares through their Elpida vehicle since
late 2007 and now own more than 24% of
the company, which has a market cap close
to £1bn. This makes them key players in
any future takeover battle for the pub giant,
which has just seen of one bid.
Pubs are just the latest investment area
for the low-key Magnier. With McManus,
Magnier is perhaps best known to the
British public for the £227m stake
they held in Manchester United, the
Premiership football club, until May 2005.
When they sold to new United owner,
Malcolm Glazer, the pair made a £90m
pro?t on their original investment.
Sir Anwar Pervez
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Yet much of Magnier’s wealth stems
from horse breeding and property. He
controls the Coolmore racing empire,
with studs in Co Tipperary, Kentucky
and Australia, but such is the parlous state
of racing ?nances that we cut its value to
just £70m.
He was part of a consortium that bought
the radio assets of Chrysalis Group for
£170m and he also made a tidy £23m
from the sale of a 13% stake in Devro, the
Scottish sausage skin maker.
With McManus and fellow Irish tycoon
Dermot Desmond, he has a stake in
Barchester, a pro?table nursing home
operation, and the Sandy Lane Hotel in
Barbados. These stakes are worth £311m
after borrowings.
He shared in a £40m windfall in
February 2006, selling an option on a
London ofce site. With McManus and
Desmond, he also sold the Next Generation
?tness chain for around £132m.
He and MacManus plus another partner,
Aidan Brooks, have a £1bn property
portfolio held in Sloane Capital.
Magnier, 63, also has homes in Spain,
Ireland, Barbados and Switzerland, where
he lives for tax purposes. But he is not
immune to the downturn and, in all, his
assets add up to £520m of wealth.
34 £500m
Leo Noé & Family
Agra
2010: £500m (No change)
Leo Noé, one of the more low-key
property men in Britain, has sold his
British Israel Investments property and
construction operation, where he had a
55.8% stake through trusts, to the Israeli
Ofer family. That stake was worth around
£174m.
Noé, 58, is known for his shrewd
reading of the market. His expertise
was highlighted in July 2008 when his
company, REIT, merged with F&C Asset
Management to create F&C Reit Asset
Management.
The deal, in which REIT collected
£60m in cash and loan notes, created a
new commercial property management
business with £8.5bn of real estate
worldwide.
There are £68m of net assets in a
number of companies owned by the Noé
family, such as Agra and Landmaster
Properties. Past property sales have
boosted its wealth: in 2006, for example,
Noé sold its Fosse Retail Park for
£360m, just a year after buying it for
£307m.
In 2004, Noé sold three shopping
centres in the north of England for
£378.5m, which had been bought in
2002-03 for £294m – so clearly he is a
very shrewd operator, able to spot value
that other less canny property men cannot.
In all, we value Noé at £500m.
35 £490m
Michael Evans & Family
Evans Property Holdings
2010: £400m (+£90m)
Michael Evans’ late father started Evans
of Leeds as a transport ?rm more than 70
years ago but moved into housebuilding
and property. The Evans family ?oated
the company on the stock market in 1971
but took it private in 1999 in a £164m
deal. Now known as Evans Property, it is
involved in development work largely in
the north of England.
The family’s Millshaw Park estate in
Leeds has recently undergone a £1.3m
refurbishment. Its parent company,
Brightsea EPH, showed an £8.4m pro?t
and £440m of net assets in 2009-10.
We add £50m for other assets and past
dividends to the family led by 75-year-old
Monaco-based Evans.
37 £480m
Jack Petchey
Tre?ck
2010: £500m (-£20m)
A consortium including veteran investor
Jack Petchey made a tentative takeover
bid recently for Lookers, the quoted car
dealer. Their bid was at 80p a share,
but after due diligence, the consortium
reckoned the company had a couple of
issues that made it worth less than that
and ofered 70p a share.
The company rejected this, and
the consortium said it would not bid.
Nevertheless, Petchey still has a £34.5m
stake in Lookers through his Tre?ck
company.
A canny East End investor and property
man, Petchey reckons the recession is
the worst he has seen in his 86 years. He
has taken hits on several high-pro?le
36 £480m
JP McManus
Martinstown Stud
2010: £490 (-£10m)
Horse racing tycoons JP McManus and
John Magnier were hoping to capitalise
on plans by billionaire investor Joe Lewis
to take over the Mitchells & Butlers pub
giant. But with the bid aborted, the pair
are still sitting on a £238m stake via their
Elpida vehicle.
McManus, based in Geneva, is also one
of the top racehorse owners in Ireland,
with more than 100 horses in training and a
stud in Co Kildare.
The recent marriage of his daughter
cost McManus around £5.5m, but he can
easily afford the outlay. He is reckoned
to have made £250m over the years from
playing the foreign exchange markets.
McManus, 60, is also a ferocious gambler
on the horses and prepared to take on any
bookmaker.
With Magnier, he had a £227m stake
in Manchester United, the Premiership
football club, until they sold out to Malcolm
Glazer in May 2005, netting a £90m pro?t.
He shared a £125m dividend from the
Barchester Healthcare group in 2006 and
also shared the £132m proceeds from the
sale of a ?tness chain.
McManus is also active in the property
?eld through Sloane Capital, in
partnership with Magnier and Aidan
Brooks, the Limerick property developer.
Sloane owns assets in the UK, Europe
and the US and is worth £1bn before
borrowings.
With a share of the Sandy Lane Hotel
in Barbados and an adjacent £21m villa,
McManus is easily worth £480m, even in
the current economic climate.
MCMANUS: THE GAMBLING TYCOON
36
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investments. But Petchey can aford it.
In 2006 and 2007, he sold around
£225m of stakes in six companies,
including a pub chain, Aston Villa football
club and Reg Vardy, the car dealer.
He had no formal education and is a
self-taught deal-maker.
Using his £39 army gratuity, he built
a ?eet of taxis after the war. He later
expanded into used cars, property and
timeshare.
He plans to give the bulk of his fortune
to charity through the Jack Petchey
Foundation, and has already given away
£65m to supporting youth projects in
London and the Home Counties.
With earlier proceeds and past pro?ts
of £300m plus, his quoted investments
have yielded around £400m of wealth.
Timeshare and property interests take
Petchey to £480m.
38 £470m
Ronald Hobson
Consolidated Property Investments
2010: £470m (No change)
After the Second World War, Ronald
Hobson and Sir Donald Gosling together
had the idea to build car parks on old bomb
sites – the resulting National Car Parks was
a phenomenal success.
They sold the parent company, National
Parking Corporation, in 1998, collecting
around £290m each.
In 2004-05, they divested themselves of
further property companies, Consolidated
Property Investments and later Metrose
Property, for a total of £189m.
The modest Hobson should have made
around £97m from those two deals. With
Gosling as a partner, he still has stakes in
some small property companies, in which
there are £12m of net assets.
Recent property company sales and the
large dividends from National Parking
before its sale keeps 90-year-old Hobson
on £470m this year.
39 £450m
Sir Donald Gosling
Consolidated Property Investments
2010: £450m (No change)
Sir Donald Gosling’s passion for the sea
and Navy encouraged him to recently
pay for the crew of the Ark Royal aircraft
carrier to have a night out in risqué
Hamburg in November, ahead of its
March 2011 decommissioning.
He is president of the White Ensign
Association, the naval charity. His yacht,
the 245ft Leander, was named after
HMS Leander, in which Gosling served
as a signalman after the war.
With partner Ronald Hobson, the
two formed the National Parking
Corporation (best known for its yellow
signposted NCP car parks) in 1948. Fifty
years later they sold it, netting around
£290m each.
NPC gained them hefty dividends over
the years, as did other properties.
Gosling had a 40% stake in a property
company, Consolidated Property
Investments, which was sold in 2004
for £77m.
More recently, Gosling and Hobson
sold their Metrose property operation
for £112m. The pair still have four small
property companies with £12m net
assets between them.
The 82-year-old Gosling should be
worth at least £450m.
40 £445m
Jack Dellal
Allied Commercial Holdings
2010: £450m (-£5m)
Jack Dellal, 88, became a major player
in the property market when he sold his
Dalton Bank for £58m in the early 1970s.
His most memorable deal was when
he made £75m in six months in 1987 by
buying and quickly selling the BBC’s Bush
House in central London.
He continued to be active throughout
the 1980s and 1990s.
The now low-key dealmaker’s expertise
is matched only by his virility – in his late
70s he became a father again, to his
ninth child.
Dellal’s main company, Allied
Commercial Holdings, turned in a £2.8m
loss on £10.5m sales in 2009-10, while its
net assets also fell slightly to £52.1m. We
clip the Dellal family back to £445m.
41 £425m
Anthony Lyons
Matterhorn Capital
2010: £350m (+£75m)
Anthony Lyons, 44, seems to just keep
getting it right. Selling his Hampstead
home for £43m in early 2010, he packed
up and relocated to the Bahamas.
However, the shrewd dealmaker did
not stop investing. His most recent project
is an investment in Data Centres that
has a potential end value of £400m.
Moreover, working with Sir Philip
Green’s stepson Brett Palos, Lyons made a
terri?c £27.5m pro?t in just one year
on the sale of the 02 centre in North
London.
More recently, the partners have
been negotiating the sale of part of their
holdings in the heart of Hammersmith,
W6, to Tony Pidgley’s Berkeley Group.
Other key investments have been sold
in a deal spree worth £1bn. It was in July
2007, just a month before the credit crunch
struck, that Lyons and his partners sold
half of Earls Court & Olympia in a deal
that valued it at £380m. They recently
sold the rest.
With the data deal ?urry, we value
Lyons, whose main company is Matterhorn
Capital, at £425m.
42 £400m
Clarke Family
Le Masurier Ltd
2010: £400m (No change)
C Le Masurier, one of Jersey’s oldest
and largest property ?rms, recently
submitted plans for a 300,000 sq ft ofce
development on the island. The £150m
project will see buildings between Broad
Street and Commercial Street in St Helier
transformed into one of the greenest
properties in Jersey.
A new “street” under a covered atrium
will be open to the public and include
high-quality restaurants, pubs and wine
bars. The company is owned by the Clarke
family, now the largest private landowners
on the island.
The family has large tracts of St
Helier, retail outlets and pub sites across
Jersey. Their business – C Le Masurier
– is celebrating its 175th birthday this
year. It also owns property in the UK,
Jack Dellal
Sir Donald Gosling
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Luxembourg, Germany, Poland and the
Czech Republic.
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.
But for now we keep the family at a
conservative £400m.
42 £400m
Lord Edmiston
IM Properties
2010: £320m (+£80m)
This year IM Properties continues to be
immensely active with its investments.
Of late, the company has secured a new
senior debt funding of £95m from
Handelsbanken for a ?ve-year term.
This facility follows a recent
announcement that IM Properties has
also secured a £55m funding package
from Clydesdale Bank to re?nance one of
its portfolios.
Edmiston is con?dent that, with the
new funding, IM is in a robust ?nancial
position. This is re?ected in the new
acquisition of Purley Way retail park in
Croydon for £21.2m.
In addition, Kuehne and Nagel has
shortlisted Edmiston’s company for the
development of the 400-acre Coppice
Business Park near Birmingham.
The newly-enobled Lord Edmiston,
65, took his seat in the Lords in January
this year. An accountant who once worked
for the now-defunct Jensen sports
car operation, Edmiston has built the
Warwickshire-based IM Group into one
of Britain’s biggest importers of Far
Eastern cars.
It also has a thriving property operation.
Most recently, it made £21.8m pro?t on
£401.6m sales in 2010.
We value the company on its £411m
net assets ?gure. Since 1998, Edmiston
has taken more than £81m in salaries and
dividends from IM Group, but has given
over £120m to charity.
We value him at £400m.
42 £400m
Tony Gallagher
Gallagher UK
2010: £425m (-£25m)
Gallagher divides its business into the
Gallagher Developments commercial
operation and Gallagher Estates
residential arm.
Gallagher Developments is currently
pushing forward with a £46m joint
venture development set to include a new
facility for steel giant Corus.
The company owns land with consent
for 6m sq ft of development, while
Gallagher Estates has one of the largest
land banks in the UK, comprising 35,000
plots, mostly in the extended South East.
Gallagher, 60, sold several large retail
parks in the ?rst half of last year, but
still owns a large retail park investment
portfolio in the UK.
We can see £242m of net assets in the
2009 and 2010 accounts of his companies.
Other assets take him to £400m.
42 £400m
Andreas Panayiotou
Ability Group
2010: £250m (+£150m)
This year Andreas Panayiotou’s Ability
Group sold a 13,500 sq ft West London
ofce at 7-9 Portland place to Galliard
Homes. In March, his new ?ve-star hotel
opened at West London’s Syon Park, so it
has been all go for the former boxer.
The £60m development, operating
under Hilton’s Waldorf Astoria name,
takes Ability’s hotel portfolio to seven, with
a value of around £330m.
Panayiotou, of Cypriot parentage, is
famous for selling most of his residential
portfolio at the end of 2006 in anticipation
of a property crash.
He plans to develop a number of other
Hilton brands in the UK and Europe, with
the intention of amassing a portfolio of
more than 40 hotel properties by 2012.
Ability Developments turned in a £7.1m
pro?t on £57m turnover in 2010, when the
net asset ?gure rose slightly to £144.4m.
But taking into account the group’s
development portfolio and other assets, we
value Panayiotou, 45, at £400m.
42 £400m
Steve Morgan
Redrow Group
2010: £350m (+£50m)
The chronic housing shortage will protect
Britain from a property crash, says
Redrow chairman Morgan. Sales prices for
Redrow’s homes rose 12.5% in the year to
30 June, pushing revenue up to £453m.
Morgan is also the owner of
Wolverhampton Wanderers football club,
which just survived its second season in the
Premier League in May and will doubtless
consume some of his fortune.
Morgan started life labouring for his
father’s small civil engineering company.
Later, he worked with a local civil
engineering contractor for two years.
But when that company pulled out of the
market in the 1974 recession, Morgan set
up his own business.
Twenty years later, as one of the biggest
house builders in Britain, Redrow was
?oated on the stock market.
Morgan sold £240m worth of shares in
the ?oat and further tranches were sold of
afterwards when he left the Redrow board
in 2000.
He also had a £100m stake in the De
Vere leisure group, which was the subject
of a bidding battle in the summer of 2006.
In addition, Morgan recently shared
the £75m sale proceeds on a Spanish
development.
In March 2009, he returned to Redrow
as chairman, but with the share price
languishing, is looking to take it private in a
£400m deal. He has a £109m stake.
Allowing for reinvestment of sale
proceeds and other assets, Morgan, 58, is
worth perhaps £400m after tax.
48 £395m
Roy Richardson & Family
Swift?re
2010: £400m (-£5m)
The Richardson twins – Roy and brother
Don, who died in September 2007 –
made a name for themselves by building
shopping centres, most notably Merry Hill
in the Black Country. They sold it in 1992
for a £50m pro?t.
The family’s Richardson Developments
now has schemes across 10 European
countries. Since 2008 it has also been
involved in plans for a £600m new
town project to resurrect the site of the
Ravenscraig steelworks.
The Richardsons’ main company,
Swift?re, made a £2.5m pro?t and showed
just over £141.4m of net assets in 2010.
We value the business on the net assets.
There are also £25m of net assets in two
more separate ?rms we can see, including
Clubhouse Investments. Other deals and
£54m of salaries and dividends in recent
years take the Richardson family, now led
by 81-year-old Roy alone, to £395m.
49 £380m
David Lewis & Family
Molyneux Securities
New entry
A chartered surveyor, David Lewis ran
three quoted property ?rms in the 1970s,
1980s and 1990s. With impeccable timing,
he sold a number of businesses right at
the top of the market, including Hampton
Trust, which fetched £100m just before
the 1987 crash. Lewis, 72, received £25m
for his stake in Hampton.
Steve Morgan
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Lewis’s property empire was valued at
£100m in 2006 at the height of the boom.
We can see around £43m of net assets
in a number of companies where he has a
stake now.
But Lewis’s real wealth comes from
his huge 400-strong art collection. Now
displayed in museums all over Britain, it
contains Old Masters and other works.
Just ?ve were valued at £42m recently.
In all, the collection should be worth
around £300m. We add £80m for other
Lewis assets.
49 £380m
David Ross
Carphone Warehouse Group
New entry
Ross invested heavily in the property
market through a venture called Kandahar,
backed by HBOS (now Lloyds Banking
Group). Kandahar was badly hit by the
property crash and, in 2009, it had net
debt of £247m. Its portfolio is now valued
at around £230m.
In January, Ross’s Kandahar sold Drake
Circus shopping mall in Plymouth for
£240m and has been implementing plans
to sell down the entire portfolio.
Ross gave up his job as an accountant in
1989 to co-found the Carphone Warehouse
mobile phone retailer with schoolfriend
Charles Dunstone. It ?oated on the stock
market in 2000 and last year demerged
its TalkTalk telecoms and broadband
operation.
Ross has stakes in these two now worth
£351m after recent stock market falls. He
also sold £104m worth of Carphone shares
after the ?oat and £30m of TalkTalk
shares recently.
Though Kandahar’s problems caused
Ross to pledge some of his stakes in
his quoted operations to the banks as
collateral, the strong performance of the
shares should have eased that plight.
Allowing for any loss on Kandahar sales
and shares that may still be pledged, Ross,
46, should be worth £380m.
50 £360m
David Wilson & Family
Wilson Bowden
2010: £350m (+£10m)
David Wilson’s new property operation,
Davidsons Developments, focuses
principally on housebuilding in the East
Midlands but is also active in commercial
property. The company made a £1.7m
pro?t on £62.8m sales in 2009-10 and
is worth its £78m net assets.
Wilson, 69, joined his dad’s small
building business in 1961 after graduating
from the Leicester Polytechnic School of
Building. Leicestershire-based Wilson
Bowden prospered and was ?oated on the
stock market in 1987. Twenty years later,
Wilson sold the company to rival Barratt
Developments in a £2.2bn deal. It netted
£727m for Wilson and his family trusts
in a mix of £304m in cash and the rest in
Barratt shares.
His remaining Barratt stake is now
worth around £16m as the shares have
drifted south recently.
The cash element of the deal, £98m of
share sales and dividends over the years
at Wilson Bowden, and £78m for
Davidsons, take the Wilson family to
£360m after tax.
47 £398m
David Sullivan
Roldvale
2010: £400m (-£2m)
The latest accounts for David Sullivan’s property company, Conegate
Holdings, show that he paid himself a £1.5m dividend after it almost
doubled pretax pro?ts to £10.3m in 2010.
Conegate, which owns shops, of?ces and residential properties
across Britain, sold the former London home of the Radio Times,
at 35 Marylebone High Street, to Scottish Widows Investment
Partnership in the summer for more than £32m. But once again it
seems to be football that has kept Sullivan busy.
It must have been a blow when West Ham United, which he
co-owns with the Gold brothers, was told last month that its deal to
lease the Olympic stadium had collapsed. The Hammers will now
have to take part in a new tender to secure tenants for the stadium.
Together with business partner David Gold, Sullivan bought a 50%
stake in West Ham in early 2010, valuing the club at £105m.
He just can’t leave football alone: the ink had barely dried on his
sale of Birmingham City, where after 16 years he made £20m from
selling his stake.
Roldvale, his main company, made a £64,000 loss in 2010.
But his dividends and salaries in the past 13 years have totalled more
than £56m. Sport Newspapers, publisher of the lurid tabloids, was
sold in 2007 for around £50m. Sullivan bailed it out in 2009 with a
£1.68m loan. This could not save the paper from folding, but he later
bought it back from the administrator for £50,000.
Sullivan, 62, has been very lucky with the horses too. His David
Junior now stands as a stallion in Japan, having won more than
£2.5m in prize money in his two-year training career.
Sullivan also has a £300m plus property portfolio. His Conegate
property ?rm showed £160m net assets in 2010.
We clip £2m off Sullivan for the Sport newspaper loan, knocking
him down to £398m.
£398m
MAGNATE
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Richest by decade born
Note: there are more than 250 in total as some entries include two,
or even three, people from the same family
11 members of the Rich List were born in the 1920s
65 members of the Rich List were born in the 1930s
75 members of the Rich List were born in the 1940s
72 members of the Rich List were born in the 1950s
46 members of the Rich List were born in the 1960s
4 members of the Rich List were born in the 1970s
1 member of the Rich List was born in the 1980s
47
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51 £355m
Caspar MacDonald-Hall
London & Cambridge Properties
2010: £350m (+£5m)
The Midlands-based London &
Cambridge Properties is a leading
developer of industrial estates and one of
Britain’s largest private property ?rms.
It saw net assets rise from £420m to
nearly £499m in 2009-10 when a healthy
£37.2m pro?t was realised on £87.7m
sales. MacDonald-Hall has a 40% stake.
He also has half of Proudreed, a
Southampton property investor, with
nearly £140m net assets in 2010. Then
there is a 45.5% stake in Ringmerit, which
had over £137.3 net assets in 2010. In
all, there are nearly £344m of net assets
attributable to him.
MacDonald-Hall, 60, reputedly one of
the best game bird shots in the UK, was
also a non-executive director at AIM, an
aviation group which was recently bought
by its management for an undisclosed
sum. In all, with past dividends, he
should be worth £355m.
52 £350m
Sir John & Peter Beckwith
Paci?c Investment
2010: £270m (+£80m)
Sir John Beckwith, 64, made £33m
from the sale last year of his hedge fund
management company, Thames River
Capital, and has lost no time getting back
into action with other ventures.
He is backing a new hedge fund
management ?rm, RiverCrest Capital.
The veteran ?nancier also teamed up with
Gerald Parks, former head of Lehman
Brothers’ real estate private equity
business, to set up Paci?c Real Estate
Capital Partners last year. It now manages
three funds.
Old Harrovian Beckwith and his brother,
Richest in the West Midlands
No Name Wealth (£m)
10 John Caudwell 1,500
42 Lord Edmiston 400
42 Tony Gallagher 400
48 Roy Richardson 395
106 Sir Euan Anstruther-Gough-Calthorpe 160
124 Keith Bradshaw 140
128 Peter Horton 134
138 Marquess of Northampton 120
151 Eric Grove 110
165 Woon Wing Yip 95
172 Con Folkes 90
176 Simon Clarke 85
181 Bill Morris 82
211 Jim Leavesley 65
220 Mo Chaudry 60
225 Rupert Mucklow 59
236 Engrez Singh Sanghera 52
Peter, made their ?rst fortune in property,
netting around £80m when they sold their
London and Edinburgh Trust property
group to a Swedish company in 1990 just
before the property crash.
Sir John invested £3m in the Thames
River Capital hedge fund and his return
on the deal would make a private equity
?nancier’s eyes water. His more low-key
brother, Peter, 66, the father of socialite
Tamara Beckwith, has invested in property
and theatres.
The brothers have also invested in
sports-related businesses and sold them on
at a pro?t of at least £50m.
We can see around £38m of net assets
in various Beckwith companies. Further
sales of properties since 2005 have added
several millions to the Beckwith cofers.
With the addition of hotels in France,
and Sir John’s investment in the Model
Frontiers fashion agency, we value the
pair at £350m.
53 £342m
Charlotte Townshend
Addison Developments
2010: £320m (+£22m)
Townshend has 20 choice acres around
London’s exclusive Holland Park and
15,000 acres in Dorset, where she has
her main home.
She also had 3,000 acres in
Nottinghamshire, but these have
reportedly been sold for £9m.
We can see six farming and estate
companies including Cygnet, Addison
Developments and Ilchester Estates,
which together showed £61m net
assets in 2009-10, up by more than
£22m in a year.
Taking into account other assets such
as property, paintings, furniture and
bloodstock, we raise our valuation of
Townshend by £22m. We believe that
the 56-year-old entrepreneur is worth
at least £342m.
Charlotte Townshend
54 £335m

Samuel Tak Lee
Langham Estate
New entry

It was in late 1993 that Hong Kong
tycoon Samuel Lee Tak-yee was ?rst really
noticed in the British property market. He
snapped up the Langham Estate in central
London from the receivers of a failed
property company for just £51m. For
that, he acquired 16 acres of prime central
London and 142 buildings between Soho
and Mayfair.
In 1989, the estate had been valued
right at the peak of the property market
at £175m. Lee Tak-yee’s family also
has substantial property assets in Hong
Kong, Tokyo, Switzerland and more in
London.
One of his companies, Langham Estate
Management, is currently involved in
a Sheppard Robson-designed £20m
refurbishment of 42 rue du Rhone, an
eight-storey building in central Geneva,
which will provide 1,940m
2
of retail
space, 3,083m
2
of ofces and a 380m
2

restaurant. Lee Tak-yee was also once
rumoured to be assembling a consortium
to break up Great Portland Estates, but
nothing came of that.
The 71-year-old tycoon was once
described by a judge as “one of the world’s
truly rich”, though he did not appear in the
recent list of the 40 richest people in Hong
Kong produced by Forbes magazine, where
the bottom line is £600m.
We assume that Lee Tak-yee will be
worth around half of that and settle for a
sighting shot of £335m.
55 £320m
Laurence Kirschel
Consolidated Developments
2010: £325m (-£5m)
Laurence Kirschel is involved with various
Jewish charities and those working with
children and, despite his low pro?le, he
is said to be one of the most powerful
landowners in the Soho and Covent
Garden property markets.
Kirschel, 48, who set up his
Consolidated Developments company
in 1983 with just £5,000 capital, is also
heavily involved in hotel and restaurant
ventures in central London.
Before the recession, he had grand plans
for his properties in London’s Soho, but
these are yet to come to fruition.
We can see more than £197m of net
assets in Consolidated Developments’
2010 accounts and other smaller
Consolidated operations, all owned by
Kirschel or where he has a 50% stake.
But these asset values do not take in his
substantial holdings in Soho, which are
accounted for separately. We value
Kirschel at £320m.
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Northumberland Estates is driving
development plans on the 120,000
acres it controls, with about 4,000 acres
commercially farmed by Percy Farms
and the rest in the hands of agricultural
tenants or in forestry. One of the more
pressing needs for Northumberland is to
?nd cash for restoration and repair work
at his ancestral seat, Alnwick Castle, which
he inherited from his late brother, the 11th
duke, in 1995. He raised £22m by selling
a Raphael painting in 2004, which went
straight to the castle’s maintenance. He
put £8.8m into the Alnwick Garden Trust,
a charity redeveloping and managing the
Alnwick Garden.
His Alnwick acres, the valuable 200 acres
at Syon Park on the Thames, the 3,000-
acre Albury estate in Surrey , the £2.6m
Dryburgh estate in Scotland, and £22m of
net assets in companies we can see, including
Hotspur Forestry, take Northumberland to
£315m with rising land prices.
58 £313m
Mark Dixon
Regus Group
2010: £330m (+£82m)
Mark Dixon’s Regus, the world’s largest
serviced ofce group, swung to a pre-tax
pro?t of £13m in the six months to June,
after a loss of £6.1m a year ago. Sales were
up 10% to £565.6m.
“We took a long time to restructure, but
we are in great shape now,” said Dixon.
“We have the ?nancial capacity to see this
through.”
The FTSE 250 company said it wants
to open 900 new centres in the next three
years, taking its total to 2,000.
A former sandwich and later hamburger
salesman, Dixon formed Regus in 1989
with the sale proceeds of earlier businesses.
It ?oated on the stock market in 2000,
though the shares have not been immune
from the recent stock market malaise.
Regus is now worth £680m, while
Dixon’s stake is £240m.
With other assets and the proceeds of a
£61m share sale before the ?otation and
another £35m in 2009, Dixon, 52, is easily
worth £313m after tax.
59 £305m
William Ives & Family
Rainham Steel Group Ltd
2010: £266m (+£39m)
Ives, a straight-talking Eastender, started
Rainham Steel in 1973 as a new and
reusable steel supplier.
The Essex-based company had a
tough 2009-10, making a £3.9m loss on
£63.5m sales, but is recovering sharply in
2010-11 and recruiting staf again.
Ives, 68, and his family trusts own the
£150m operation. Hefty investments
in property and other assets take Ives
to £305m. It is because of the property
holdings that Ives graces this list.
60 £302m
Fawn & India Rose James
Soho Estates
2010: £120m (+£182m)
Soho Estates has this year been given
the go-ahead to transform a prime site
in Leicester Square from ofce blocks to
its original use as a hotel. The 24,000
sq ft building will be turned into an
84-bedroom Premier Inn by spring 2012.
This year, the James sisters have also
turned to an old hand – former Tory
transport minister Steve Norris – to chair
their London property empire.
They have signi?cant plans to refurbish
and increase the value of their 71 private
Soho apartments.
The sisters, Fawn, 25, and India Rose,
20, are the granddaughters of the late Paul
Raymond, the owner of prime London real
estate in Soho. Three years after his death,
the dynasty has ?nally divided.
After a lengthy dispute, 80% of his assets
have been given to his two granddaughters
and the remainder to the family of their
uncle, Raymond’s son Howard.
The main business, Soho Estates, with
£378m net assets in 2009, has been split
between the two branches of the family.
Raymond left £75m in his will to his
granddaughters but we suspect that was
simply a down payment on the rest. We
value the sisters at 80% of the net asset
?gure, or £302m.
57 £315m
The Duke of Northumberland
Northumberland Estates and
Hotspur Land
New entry
We have been watching Ralph Percy, 12th
Duke of Northumberland, for some years
as a potential candidate for this list. But
with 120,000 acres in his Northumberland
estate and elsewhere, we vetoed him on
the grounds that he was more a landowner
than property player. Not now. The pace
of development work being carried out by
the duke on his estate and in neighbouring
towns is akin to that of even the most frenetic
London developer or property investor.
In recent weeks, Northumberland
Estates, his business arm, has been given
permission to build 76 homes in Alnwick.
Naturally, as any developer would know,
the duke ran into hurdles over the number
of afordable homes in the scheme, but has
eventually reached a compromise deal with
the local planning authority.
In nearby Prudhoe, Northumberland
Estates is planning a £25m town centre
development which has run into stif
opposition. And at a local trading estate
Northumberland owns in Alnwick, solar
panels have been installed recently as
part of Northumberland Estates’ green
strategy. Meanwhile in Newcastle, the
duke’s Hotspur Land Investments 2000
went to court over a luxury property it
owned in Newcastle, where the tenant
managed to reduce the charge by
£100,000 a year.
55 £320m
Harry Hyams
Walton Investments Co
2010: £320m (No change)
The 83-year-old veteran property man
Harry Hyams still has stakes in ?ve small
property companies with around £16m
of net assets.
The son of an East End bookmaker, he
was one of the top developers in London
during the 1960s and 70s.
Hyams is perhaps best known for Centre
Point, the 35-storey tower in central
London, just off Oxford Street.
One of his shrewdest moves was to buy
a stake in the Oldham Estates group in
1959 for £50,000. When it was taken over
in 1988 by the MEPC property giant, he
received £150m – not a bad return in less
than 30 years.
Hyams made a further £98m when
MEPC itself was taken over in 2000.
His Ramsbury Estate in Wiltshire,
the net assets in the smaller Hyams
companies and his valuable art collection
should easily take the low-key Harry to
around £320m.
SHREWD, LOW
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Vernon, 61, joined Green in 1993. Nine
years later, Green was taken private via a
£700m deal backed ?nancially by Merrill
Lynch and HBOS. Vernon set about selling
£1bn of assets to pay down debt and give
his backers a return on their money.
Vernon’s personal stake in the business
has increased from 2% to 32%. Green
Property still has a strong portfolio of
assets. It owns the Blanchardstown
shopping centre, one of Ireland’s biggest
retail complexes.
Other assets include a factory outlet
centre in Killarney; ofces let to eBay
in Leopardstown; an industrial site in
west Dublin occupied by Irish Express
Cargo; and a growing asset base in the
UK. Despite the Irish crash, we only clip
Vernon back to £280m.
66 £266m
Lord Iliffe & Family
Yattendon Investment Trust
2010: £240m (+£26m)
Yattendon Group had a tough 2010 with
a £14m asset writedown which pushed
the Birmingham-based property, marina,
media and agriculture operation into a
£4.5m loss on £108.9m sales.
The business is owned by the Ilife
family, which has solid links to the
Midlands.
Lord Ilife, 66, inherited the title from
his late uncle in 1996. After selling its
Birmingham papers in 1987 for £60m,
Yattendon still has more than 40 local
newspaper titles and also owns Channel
TV. We value the company on its £259m
net assets and the Ilife family at £266m
overall.
67 £260m
Bert and Maurice Allen
Lotan Holdings
2010: £208m (+£52m)
Bert Allen, 72, and his brother Maurice,
69, are prominent Wexford tycoons,
who are now backing local wind turbine
projects.
Ownership of their Slaney Meats
operation was transferred in 2010 to a
61 £300m
Joseph Hackmey
Israel Phoenix
New entry
A ?fth-generation Israeli whose forebears
hail from Tbilisi in Georgia, Hackmey took
over and expanded his father’s insurance
business in Israel, turning it into that
country’s third largest insurer.
In 2002, Israel Phoenix Insurance Co
was sold, netting the Hackmey family
nearly £160m for their 57% stake.
Since then, Hackmey has been involved
in property deals and has made a name
for himself as one of the world’s top art
collectors, especially of 20th century art.
He also collects rare stamps.
With his property deals, such as buying
a City property in Old Street in early
2007, and the value of his art and stamp
collection, we value the Hackmey family
at around £300m.
Hackmey, 66, spends much of his time
in Britain and that, of course, quali?es
him for this list.
61 £300m
Kevin and Michael Lagan
Lagan Holdings
2010: £350m (-£50m)
The Lagan brothers, Michael, 61,
and Kevin, 56, rank among the top
construction tycoons in Ireland.
They have steadily expanded their
Belfast-based establishment, which
was created by their father in 1960, into
construction-related businesses trading
within ?ve groups: Lagan Holdings, Lagan
Cement, Kingscourt Bricks, Lagan Homes
and Lagan Developments.
The pair are involved in road building,
property development, house building
and waste management; they also have
cement works and prime quarrying and
asphalt assets. We can see around £162m
of net assets in various Lagan companies,
including Lagan Holdings, in 2009-10.
At the height of the boom, the valuable
quarrying assets were reckoned to have a
potential sale price in excess of £200m,
representing around a quarter of the
business. But on the current ?gures, and
being very cautious about all things in
Ireland (north or south), we reckon the
Lagan assets are worth perhaps £300m.
63 £295m
Sam Morrison
Corbo
2010: £296m (-£1m)
Morrison is one of Northern Ireland’s
top developers. Starting by selling leather
jackets from the boot of his car, he
progressed to renting his ?rst retail shop
in Ballymena and then quickly expanded
to four retail stores. By 1998 he had moved
into property full time.
The developer recently applied for
planning permission for a £200m
development in Co Tyrone.
He also sold Newry’s Damolly retail
park for an initial payment of £28.4m.
Morrison’s property company, Corbo,
showed £294.5m of net assets in 2009-10
when it made a £2m loss.
Morrison’s speciality through the years
has been retail development, with a
particular focus on warehouses.
He has been largely responsible for
changing the look of the retail centre
around Boucher Road in Belfast, where
he developed the Boucher retail park.
Currently, he is developing another new
project in that area.
Morrison, 59, has a number of other
shopping centres, including Fairhill in
Ballymena and a large retail warehouse
development outside Newry. We value him
at the net asset value of £295m.
64 £282m
David Mabey & Family
Mabey Holdings
2010: £196m (+£86m)
Reading-based industrial group Mabey
Holdings was started by the late Bevil
Mabey after the Second World War when
he bought up spare Bailey bridges from
the army. In 2010, it went from a pro?t
of £33.2m to a £269,000 loss on over
£116m sales. It is worth its £205.2m
net assets – much of which are tied up in
property.
Dividends of nearly £75m since 1996,
and the separate Hare Hatch Holdings
with almost £23.5m net assets, would
normally take the Mabey family to £285m
after tax and spending. But its Mabey &
Johnson subsidiary was ?ned £3.5m in
2009 for breaching UN sanctions against
Iraq and systematically bribing foreign
ofcials with so-called “white
man’s handshakes”.
As a result, we value the Mabey family,
led by 50-year-old former chairman David
Mabey, at £282m.
65 £280m
Stephen Vernon
Green Property
2010: £350m (-£70m)
Stephen Vernon’s Green Property
operation has signed an agreement with
Lloyds Banking Group to asset manage
around €1bn of distressed Irish property
loans. Green’s remit will be to improve
the assets’ rental levels and maximise sale
proceeds.
Green Property is not, however, immune
from the crash itself: its pro?ts fell to just
£450,000 in the year to June 2010, while
its net assets also fell £18m to £414m.
Lord and Lady Iliffe
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years later through the merger of the
Rayne family’s London Merchant
Securities with Derwent Valley. It is one
of the top quoted property groups and
its shares had been riding high until the
recent stock market falls. It is now worth
£1.6bn.
The Rayne family has a £227m stake in
Derwent London and also a £26m stake in
investment company LMS Capital, which
is winding itself up after a shareholder
clash over strategy. After deducting hefty
charitable donations and tax, we value the
Raynes at £255m.
70 £250m
Manfred Gorvy & Family
Hanover Acceptances
2010: £195m (+£55m)
Gorvy, 72, an accountant, runs a highly
successful property, food and ?nancial
services group – the London-based
Hanover Acceptances, which he founded
in 1974. The company saw its pro?ts fall
from £25.9m to £18.2m on £616.8m of
sales in 2010.
The business, with over £239.2m net
assets, is owned by a parent called Lombas
Holdings. It is worth the net assets.
We assume that the Gorvy family, well
represented on the board, is the ultimate
owner and, taking into account past
dividends and other assets, we value them
at £250m.
70 £250m
Alan Lewis
Hartley Investment Trust
2010: £250m (No change)
Alan Lewis came to prominence in the
early 1980s through the battle to control
Illingworth Morris, the Yorkshire-based
British Virgin Isles company called Lotan
Holdings. The last accounts ?led in 2008
showed more than £71m of net assets.
From its pro?ts, the Allen brothers built
a property portfolio through which they
netted around £190m when they sold
their Bewley hotel chain in 2007.
The Allens reinvested some of this in
German property.
Other assets include hotels, more than
18% of energy ?rm Gaelectric, and a £10m
commercial building in Dusseldorf.
They also own land around the seaside
resort of Courtown and are moving into
bioenergy. They should easily be worth
£260m.
67 £260m
Marquess of Salisbury
Gascoyne Cecil Estates
2010: £250m (+£10m)
Hat?eld House was a location in the
Oscar-winning The King’s Speech ?lm. The
Salisbury family seat, completed in 1612, is
a regular on the big screen.
Hat?eld, the childhood home of Queen
Elizabeth I, is a treasure trove of hugely
valuable paintings worth £125m. But
we cut that value in half to allow for tax
demands in any future sales.
In addition, there is Cranborne
Manor, the family estate in Dorset. It was
originally the site of one of King John's
hunting lodges.
Salisbury's main farming company,
Gascoyne Cecil Farms, and three others
saw a sharp increase in net assets to nearly
£8.4m in 2009-10.
Salisbury is also developing the family’s
London acreage around Leicester Square.
The London estate, American land, the
two stately homes with their surrounding
20,000 acres, and the art collection take
Salisbury, 65, to £260m.
69 £255m
Robert Rayne & Family
Merchant Securities
2010: £220m (+£35m)
West End specialist Derwent London,
chaired by Robert Rayne, saw the value
of its portfolio rise 5% to £2.6bn in the
?rst half of the year – outperforming
IPD. Net asset value per share jumped
10% to 1,621p. Rayne puts this strong
performance down to resilient demand for
West End ofce space.
He says that the company will
push ahead with acquisitions and
developments, which include the
redevelopment of the Saatchi headquarters
site at 80 Charlotte Street, W1.
Rayne, 62, is the son of legendary
property tycoon Lord Rayne, who died in
2003, leaving £119.6m in his British will,
which excluded assets in France.
Derwent London was formed three
70 £250m
Gerald Ronson & Family
Heron Corporation
2010: £145m (+£105m)
Gerald Ronson struck a £350m deal in
June to grab hundreds of ?lling stations
from French rival Total.
Ronson’s petrol forecourt business,
Snax 24, is part of a consortium that will
buy 810 service stations from Total in the
UK. However, the consortium has agreed
to sell 254 sites to Royal Dutch Shell for
£240m. The deal is expected to conclude
at the end of the year, leaving Snax 24
running 556 sites across the country.
Meanwhile, Ronson’s £500m Heron
Tower in the City is now complete and
partially let. Ronson put £44m of his
own money into the development, and
the Oman government backed him in
late 2006. Yet his Heron operation nearly
went bankrupt years ago, a victim of the
property downturn in the early 1990s.
Ronson bounced back and made hefty
gains on buying and selling properties.
In 2009, Heron International, the
parent company, made a £2.6m pro?t
and showed £390m of net assets. Ronson
Capital Partners, a new investment
?rm, was established this year and, in its
maiden purchase, bought International
House in Chiltern Street, London, for
£63m. Also this year, Ronson picked up a
life-time achievement award at the 20th
annual Props lunch.
The Snax 24 business showed nearly
£43m of net assets in 2010, but it is worth
at least £100m. Ronson, 72, has given
away £35m to charities over the past 25
years, yet he is easily worth £250m.
RONSON FILLS
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TOTAL DEAL
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textiles group. Since then he has diversi?ed
into other areas such as property, forestry
and natural resources.
His Hartley Investment Trust showed
nearly £34.7m net assets in 2009-10. His
British property portfolio is growing and is
worth at least £100m. In addition, Lewis
has 4,000 acres of prime development
land in Florida, where gas has been
discovered, and forestry land in Russia
equivalent to the size of Wales.
Adding other banking, high-tech and
property assets in Britain, America and
Spain, Lewis, 73, is still worth £250m.
73 £237m
Michael Clare
Dreams plc
New entry
Mike Clare, the colourful founder of beds
retailer Dreams, has invested £85m in
property in the past 18 months, which is
now worth around £120m – a ripe return.
He has also put £5m into his charity,
the Clare Foundation, which aims to help
other charities become more efcient and
entrepreneurial.
It was in March 2008 that Clare sold his
Dreams business for a reported £230m,
some 23 years after he started it.
After taking a higher national diploma
in business studies, Clare ?rst went into
the furniture trade in High Wycombe,
working his way up to area manager.
In 1987 he took a lease on a shop in
Uxbridge and opened as the Sofa Bed
Centre, later renamed Dreams. Clare,
56, and his family owned it all. He
reinvested £20m in the ?rm under its new
owner, private equity ?rm Exponent.
His investments and various other
assets take Clare to perhaps £237m
after tax.
74 £234m
Sten Mortstedt & Family
CLS Holdings
2010: £186m (+£48m)
CLS Holdings announced a 13% hike in
net asset value to 869.1p a share in its
half-year results to the end of June.
The London-listed property investment
company, which has a £942m portfolio in
London, France, Germany and Sweden,
posted a 32% rise in pretax pro?t to
£37.1m.
Mortstedt, 71, is founder and chairman
of CLS and says the company bene?ts
from its “diversity across four European
property markets, three currencies, and
a broad and growing range of funding
structures and lending sources”.
In the UK, the company’s principal focus
is on plans for two schemes close to the
south London site that will house the new
US embassy from 2016. It is also buying
income-producing assets, picking up two
adjacent ofce blocks in Hounslow, west
London, recently for £5.5m – a 10% yield.
Mortstedt, a low-key Swede, and his
family have a £175m stake in the quoted
CLS, which has recovered well from the
2009 market crash.
Share sales of more than £95m and
other assets take the family to around
£234m after tax.
76 £230m
Nigel Wray
Prestbury Investment Holdings
New entry
The share price of Domino’s Pizza,
the quoted pizza delivery company,
stalled recently after a long rise, and the
Milton Keynes-based company is now
worth £747m. Wray, 63, is the largest
shareholder with a stake worth £85m.
Since 2007 he has also sold around
£67m worth of his shares in Domino’s.
Wray has stakes in 14 quoted companies
aside from Domino’s, worth around £46m
in total. Starting as a banker and later
a share tipster, he has made a series of
shrewd moves in the worlds of property,
media and communications since the early
1980s that have earned him a fortune.
Wray also chairs Saracens, the top-?ight
rugby club, and has put around £20m into
it over the past 14 years.
Working with Nick Leslau, Wray has
more than 47% of Prestbury Investment
Holdings, an operation dealing mainly
in sale and leaseback assets. It invested
an initial £20m in Leslau’s quoted Max
Property Group and is otherwise focused
on delivering pro?table exits from its
holdings. In 2010, it showed £69m net
assets, up from £65m the previous year.
Wray’s stakes, share sales and private assets
should take him to £230m.
77 £225m
Sir Stanley & Peter Thomas
Atlantic Property Developments plc
2010: £225m (No change)
After building a snack and pie business –
Peter’s Savoury Products – in the South
Wales valleys, the Thomas brothers sold it
in 1988 for £75m. The family then went
on to build the TBI group, involved in
property and, later, airports.
They made around £106m when
TBI was taken over in 2004.
Stanley, 70, was knighted in the 2006
Queen’s Birthday Honours for services to
business and charities in Wales.
A Spanish development, in which
Stanley’s brother, Peter, 68, had a 40%
stake, was sold in 2005 for £75m. Another
£40m in other Thomas ventures, such as
Atlantic Property Developments, take the
family to £225m easily.
78 £220m
Manny Davidson & Family
BL Davidson
2010: £220m (No change)
The Davidson family’s stake in Asda
Property was worth £253m when it was
taken over entirely by British Land in
2006. Davidson, 80, started in the London
property market in 1964.
His Asda Property – named after his
mother Astrid – was ?oated on the stock
market in 1985.
The company, which specialised in retail
and central London ofces, was taken
private in a £232m deal in 2001 by British
Land and the Davidson family through the
BL Davidson joint venture.
Other assets and share sales take the
family to £220m after tax.
TYCOON PLANS
TO FARM WIND
75 £232m
Christopher Moran
Chesterlodge
2010: £220m (+£12m))
Moran is best known for the restoration of
the 15th-century Crosby Hall on the banks
of the Thames, which he bought in 1988 for
just £100,000. It is now worth £100m.
Moran, a 63-year-old insurance and
property tycoon, is planning a 57-turbine
wind farm on his 48,000 Glen?ddich estate
near Aberdeen. His main property ?rm,
Chesterlodge, showed a £2.9m pro?t on
£8m sales in 2009-10. It is worth its £212m
net assets. We add £20m for his London
home (after deducting restoration costs).
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RICH LIST 2011
78 £220m
Gerard O’Hare
Parker Green International
2010: £220m (No change)
Property entrepreneur Gerard O’Hare
owns the Quays shopping centre in Newry,
which is popular with shoppers from the
Republic of Ireland.
In 1997, he left his family building
?rm to work on his own property
developments. His company Parker Green
International is behind some of the North’s
most important retail developments
and he has further shopping centres in
the South. However, he is not reliant
on Ireland, so he has not been as badly
afected by the downturn as other Irish
property developers.
O’Hare boosted his US interests
with two investments in the New York
commuter belt valued at more than
£125m in July 2007.
Parker Green International bought 500
acres of residential building land in New
Jersey for £75m, and a shopping mall in
Connecticut – the Millford Retail Centre –
for £50m.
O’Hare, 53, has also acquired a mixed
bag of investment and development assets
in Central and Eastern Europe.
With personal property and assets
included, he should still be worth around
£220m.
80 £214m
Alastair & Michael Powell
Cleveland Cable Co
2010: £209m (+£5m)

Cleveland Cable, Britain’s biggest cable
distributor, was started in 1977 by the
Powell brothers, Alastair, 59, and Michael,
54, who own all of the Middlesbrough-
based company. Pro?ts soared 400% in
2009-10 to £26m, but this was due to
rising copper prices rather than trading.
Turnover was down 15% at £166m and it
had £141m net assets.
A property operation, Cable Properties
& Investments, showed nearly £69m net
assets in the same period. Between them,
the two companies showed £210m net
assets. We value the brothers at £214m.
81 £205m
Martin Ainscough & Family
Ainscough Strategic Land
2010: £200m (+£5m)
Martin Ainscough’s Ainscough Strategic
Land has bought a 180-acre site in
Durham for development and also secured
planning approval for a £40m residential
development in the Cheshire green belt,
where there are plans for 150-plus
family homes.
The family company, Ainscough Crane
Hire, was founded in 1976 by Gerard
Ainscough. The Wigan-based ?rm was
run by his three sons Martin, 59, James
and Brendan, until its sale for £255m in
October 2007 to its managers.
The Ainscough family had around 90%
of the shares, worth around £230m. They
are now investing heavily in property
through Ainscough Strategic Land, which
is embarking on a £40m development on
a former Nestlé factory site in Cheshire.
We can see around £15m of net assets in
various companies, including Ainscough
Investments. After tax, the family should
be worth perhaps £205m.
82 £201m
Joseph Brennan & Family
Brennan Bakeries
2010: £197m (+£4m)
Despite being known for their bread, the
Brennan family retain some substantial
property assets worth around £130m,
including the Versace shop in London’s
Bond Street and the Hamleys building
on Regent Street. Pro?ts at family-owned
Joseph Brennan Bakeries came in at
£3.6m on £45.7m sales.
The company, which is controlled by
the Brennan family, is Dublin’s biggest
bakery. Other assets, such as Century
Finance, take the family, led by Joseph
Brennan, 69, to £201m.
83 £200m
Michael Oglesby & Family
Bruntwood
2010: £200m (No change)
Michael Oglesby, 72, was made a CBE
in the New Year honours list for services
to business and charity. Bruntwood,
his company, is extremely active, just
recently leasing 96,000 sq ft to law ?rm
Weightmans in Liverpool city centre.
After leaving school at 16, Oglesby was
an apprentice plumber to his father, before
both realised it wasn’t working and he
went to college to do a degree in building.
Today, as founder and chairman of
Manchester’s Bruntwood Group, he is one
of the most high-pro?le property tycoons
in the North West.
Bruntwood owns more than 80 ofce
buildings in Liverpool, Manchester, Leeds
and Birmingham. In 2008 it bought one
site in each of the four cities as the market
softened.
The company is keen to foster links with
local communities and donates 10% of
pro?ts to charity and local good causes.
Each of its 400 staf takes two days of a
year to work with local communities.
It was in 1970 that Oglesby moved
from Scunthorpe to Manchester, forming
Bruntwood ?ve years later.
The share structure of the various
Bruntwood operations is complex but
the main family operation, Bruntwood
Ltd, saw its pro?ts fall slightly to £11m
on £100.2m sales in 2010. It is worth its
£147m of net assets. Other assets take the
Oglesby family to £200m.
84 £198m
John Hindle & Family
Brookhouse Properties
2010: £130m (+£68m)
Brookhouse is run by 76-year-old veteran
property man John Hindle and has been
in business since 1932. It is a Sale-based
industrial and residential developer and
has worked on a wide range of schemes
from London Docklands to Glasgow.
In 2010 it reported an £8.2m pro?t on
£17.8m sales. It is worth its near £198m
net assets.
Brookhouse is owned by a Luxembourg-
based trust, but we assume the ultimate
owner is the Hindle family.
85 £198m
The Astor Family
Sableknight
New entry
The Astor family’s main asset was the
former headquarters of The Times
newspaper next to Blackfriars station in
London. Working with a partner, the Astor
family company, Sableknight, developed
the site into the Thames Court ofce
complex in the late 1990s.
Sableknight made a £1.5m pro?t in
2010 when its net assets rose to nearly
£178m. It is worth its net assets ?gure.
In the last ?ve years, Sableknight has
paid out £23m in dividends. We value the
wider Astor family at £198m after tax.
Michael Oglesby
Richest Overseas/Isle of Man/
Monaco
No Name Wealth (£m)
2 Ernesto Bertarelli 6,870
5 Sir David and Frederick Barclay 2,200
21 Peter Green 725
28 Jim Mellon 580
42 Clarke Family 400
49 Alan Lewis 250
86 Alan Murphy 190
158 David Kirch 100
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ESTATES GAZETTE RICH LIST 2011
www.estatesgazette.com 24 12 November 2011
RICH LIST 2011
86 £190m
Alan Murphy
Nikal Investments
2010: £190m (No change)
Nikal’s mixed-use development projects
include Masshouse in Birmingham and
Altair in Altrincham.
Nikal, which had negative net assets
of £1.2m in 2010, is bankrolled by Alan
Murphy, 63. He made his original fortune
through supermarkets and then AM Paper.
He sold the supermarkets and in 1982
started the paper business, which turned
big reels of tissue into toilet rolls.
In 1997, after AM had grown sharply on
the back of a £30m investment, Murphy
sold part of his stake for £100m, and two
years later, the rest for £50m. Property and
other assets take him to £190m easily.
88 £185m
Nick Leslau
Prestbury Investment Holdings
2010: £150m (+£35m)
Max Property Group, in which Nick
Leslau’s stake is now worth around £20m,
has reported a full-year pretax pro?t of
£26.1m and a gross rental income of
£30.7m. The London-based company
?oated on the stock market in 2009 and it
is now worth £216m.
Its appetite for investment continues to
grow. Recently, it bought the St Katharine
Docks in London in a joint venture
with Newmarket Property Holdings for
£156.3m.
Leslau, 52, trained as a chartered
surveyor, and later teamed up with Nigel
Wray. Today they co-own a property group
called Prestbury Investment Holdings with
£69m net assets in 2010.
The pair sold of properties well before
the credit crunch, redeploying the proceeds
into budget hotels, private healthcare
and theme parks. Recently, it has had
to transfer leases on 21 care homes to
new operators because of the collapse of
Southern Cross.
Prestbury is now focused on maximising
pro?ts through shrewd sales. Conditions
have been tough, but its pretax loss
narrowed last year from £20m in 2009 to
£815,000.
Pro?ts from earlier deals, his Max stake,
hefty dividends of more than £40m since
2000 and his personal property assets
easily take Leslau to £185m.
89 £180m
The Duke of Buccleuch & Family
Buccleuch Estates
2010: £180m (No change)
Buccleuch Estates, the property arm of
the Buccleuch family, recovered slightly
in 2010. A near £7m loss in 2009 was cut
to a £4.2m loss in 2010 with sales down
slightly at £38.9m and the net assets down
at around £106m.
The company is building a rural
property management operation and
concentrating on commercial property
activities, renewable energy, tourism and
sustainable farming.
Buccleuch, the 57-year-old 10th duke,
inherited his title from his father in 2007.
The popular 9th duke, Europe’s largest
landowner, left £320m in his will. The
art treasures and antique furniture were
valued in the will at £224m, but we cut
that to £134m, taking account of any likely
tax bill should the new duke want to sell.
While the family’s huge land holdings
were never very valuable, diversi?cation
into property is paying dividends. In all, we
value the new duke at £180m.
89 £180m
Neil Taylor & Family
Crabtree Taylor International
New entry
Former plastics engineer Neil Taylor
moved into computer games in the 1990
recession through his Game retail out?t.
In 1998, Game ?oated on the stock market
and the Taylors made £33m. He made
another £15m when it was sold a year later.
Since then, Taylor and his two brothers
have built a German property portfolio
of more than 2,000 apartments, mainly
concentrated in Berlin. This, according to
the Taylors, has increased in value and is
worth “nine ?gures”.
Dublin-based Taylor, 50, exited many
of his quoted investments at the top of
the market in 2007. He has also made
a fortune on currency dealing, ?nancial
investments and bonds, but cautiously we
value the Taylor family at £180m.
91 £175m
Nick Capstick-Dale
UK Real Estate
2010: £148m (+£27m)
Back in 2006, shrewd property man
Nick Capstick-Dale made a wise move in
purchasing, for around £4m, the famous
86 £190m
Irvine & James Sellar
Sellar Properties
2010: £190m (No change)
The Sellars’ Shard is already a leading
London landmark. Backed by the Qataris,
the Shard forms part of the £2bn London
Bridge Quarter development.
The scheme covers 1.5m sq ft of
mixed-use space, including Europe’s
highest apartments, of?ces, hotel,
restaurants, new London Bridge Station
concourse and bus station.
It will be completed in May 2012 and,
until then, we hold the value of the
Sellars – Irvine, 73, and James, 38 – at a
conservative £190m.
SELLARS’ SHARD IS
A TOP LANDMARK
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RICH LIST 2011
Old Lighthouse building outside London’s
King’s Cross station. Enabling work for a
redevelopment started in June and a new
mixed-use building is due to complete in
July 2013.
Capstick-Dale, 49, is busy on other
projects too. Having bought Metropolitan
Wharf on the Thames in Wapping for
£9m in the downturn, he has just started
work on 28,000 sq ft of penthouse ?ats in
the stunning building. Eleven companies,
mainly fashion and design businesses, have
moved into the ofce space.
He learnt about property working as an
estate agent and, in 1986, started trading in
property.
Capstick-Dale’s portfolio is held mainly
through his UK Real Estate operation,
which is now worth around £175m.
91 £175m
David Coffer
Coffer Group
2010: £175m (No change)
In Cofer Group, David Cofer, 64, heads
the largest dedicated leisure property
advisory team in the country. He is an
investor too, making substantial returns
on the Earls Court & Olympia exhibitions
business.
The ?nal 50% stake in the operation
held by Cofer and Anthony Lyons was
sold in early 2010 to property giant Liberty
International. They sold the ?rst 50% in
2007 in a deal which valued the site at
£380m. The shrewd move was a highlight
in Cofer’s career, which spans more
than 35 years in the property and
leisure sectors.
He has a host of other property assets,
including stakes in a dozen companies with
net assets of nearly £43m. His personal
assets were valued at £80m at the market
peak. With the recent sale, he should be
worth £175m at least.
91 £175m
Terence Cole
Marcol
2010: £175m (No change)
Terence Cole and his partner Mark
Steinberg run Marcol, a London-based
company set up in 1978. They have grown a
vast portfolio with investments in the care
home, residential, industrial, retail and
ofce sectors. The pair are astute and have
often sold assets in order to retain other
investments and build up their value.
With 391 directorships listed at
Companies House, Cole’s holdings are
diverse. The largest company we can see is
New Derwent House Management, which
made a £4.5m pro?t and showed £187m
net assets in 2009-10.
Cole has a 40% stake in its parent. But
his other assets take him to a conservative
£175m.
91 £175m
David Gabbay & Family
O&H Capital
2010: £150m (+£25m)
David Gabbay, 67, saw the net assets of his
London property company rise in 2009-10
from £255.5m to nearly £301m.
The parent company of O&H Holdings
has been reorganised but we assume that
the Gabbay and Shahmoon families own
half. In the current climate, we value the
business on the net assets.
In all, we reckon Gabbay and his family
must be worth around £175m.
91 £175m
Eli Shahmoon & Family
O&H Capital
2010: £150m (+£25m)
Eli Shahmoon, 44, is David Gabbay’s
partner in O&H Holdings and a partner
in Sustainable Development Capital – a
green property out?t that developed the
Hampton Project, the largest private
residential development in the UK.
The parent company of London-based
property group O&H has been reorganised
but we assume that the Gabbay and
Shahmoon families own half. In the
current climate, we value the business
on the net assets. In all, we reckon the
Shahmoons are worth £175m.
91 £175m
Mark Steinberg
Marcol
2010: £175m (No change)
Mark Steinberg runs London property
company Marcol with partner Terence
Cole. Set up in 1978, it comprises at least
40 ?rms developing and owning property
across Europe. With 393 directorships
listed at Companies House, Steinberg’s
holdings are diverse.
The largest company we can see is New
Derwent House Management, which
showed £187m net assets in 2009-10.
Steinberg, 52, has a 40% stake in its
parent. But his other assets take him to a
conservative £175m.
97 £171m
Michael Herbert & Family
Lebreh
2010: £160m (+£11m)
Herbel Restaurants, based in Belfast,
holds the largest Kentucky Fried Chicken
franchise in Europe and also acts as a
franchisee for Haagen-Dazs ice cream.
Founded in 1981 by Michael Herbert,
it prospered through the troubles as few
rival fast food chains dared venture into
Belfast and other Northern Ireland towns.
The business has also opened in the Irish
Republic and Scotland.
Herbel made a £2.5m loss on £65.6m
sales in 2009, when it had net assets of
nearly £75m, and we value the business at
£65m. Herbert, 54, has also branched out
into property development in Belfast and
Scotland in a big way.
He names his buildings after his wife
Lesley, so there is Lesley Plaza and Lesley
Manor. Hoardings on his sites proclaim
“Lesley Does It Again”. It works. His
Lebreh (Herbel spelt backwards) property
operation had £106.4m of net assets in its
2009 accounts. It should be worth £106m.
In all, Herbert and his family are easily
worth £171m in the current climate.
98 £170m
John Berkley & Family
The Berkeley Leisure Group
2010: £160m (+£10m)
John Berkley, 77, chairs The Berkeley
Leisure Group, a largely family-owned
mobile home operator and property
developer based in Yeovil with 45 parks
throughout the UK. In 2010 it made
£6.2m pro?t on £17.4m sales.
The company has £75m of net assets but
its 2010 annual report states that these are
worth around £100m more than the book
value. The shares are largely owned by
Berkley and his family, who take little out
of the business. So, on their evaluation, we
value the family at £170m.
99 £168m
Gary Widdowson
GM Metal Recycling
2010: £165m (+£3m)
Widdowson sold his London-based metal
recycling operation to Barclays in 2006 for
around £120m, keeping a 22% stake.
The recycling operation is still active
with a portfolio of six recycling properties
around the UK. Now called Metal & Waste
Recycling, it was started by his father and
made £8m pro?t on £258.5m sales in
2010.
Widdowson, 53, bought a 2000-acre
Norfolk estate for £25m in 2008. We can
see around £20m of net assets in other
?rms, taking him comfortably to £168m.
Mark Steinberg
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ESTATES GAZETTE RICH LIST 2011
100 £166m
Chris Marshall & Family
Marshall Holdings
2010: £136m (+£30m)
Leeds property and construction company,
Marshall Holdings, made £1.4m pro?t on
£33.9m sales in 2010.
Run and owned by local developer
Chris Marshall, 72, the ?rm was started
by his great grandfather in 1901. Marshall
Holdings won a string of contracts in 2010
and with a strong balance sheet should be
worth its £160m net assets. We add £6m
to the Marshall family for other assets.
101 £165m
Frank Boyd & Family
William Ewart Properties
2010: £160m (+£5m)
Dealing with retail, ofces, industrial and
residential, William Ewart Properties is
one of the largest property companies
in Northern Ireland. It recently sold its
Victoria Place shopping centre, at Victoria
railway station, to Network Rail for £92m.
William Ewart’s net assets came in at
£210m in 2009. It was formed in 2002
when Frank Boyd and Andrew Creighton
paid £90m for the properties of Irish
group Dunloe Ewart. They each own 50%.
Boyd, 57, who owned an electrical
contracting business in Belfast, began his
career as a property developer by investing
in student housing. One of his companies,
Killultagh Estates, had £51.4m net assets
in 2008-09. We can see a further £9m of
net assets in other Boyd ?rms.
In all, we can see £165m of net assets
attributable to Boyd and his family.
101 £165m
Eliasz Englander & Family
Citywise
2010: £162m (+£3m)
Eliasz Englander’s Citywise has completed
the development of its prize asset, Holborn
Links in central London, after buying it for
£118m in 2000.
However, the 79-year-old has not been
immune from the downturn. In a rare
move for Englander, he has exited the
Kensington Arcade at Kensington Tube
station in west London. Meadow Partners’
Real Estate Fund took control of the retail
and ofce block earlier this year after a
£100m consensual restructuring of the
debt with Englander and the lenders.
Citywise had over £131.5m net assets in
2009, when it made an £8.8m pro?t.
The family also has several other
separate but interlinked companies with
net assets totalling at least £250m.
In all, and allowing for overlapping
stakes, the Englander family is easily worth
£165m in the current climate.
101 £165m
Henry Moser & Family
Jerrold Holdings
2010: £165m (No change)
Founded by Henry Moser in 1973, Jerrold
Holdings specialises in secured lending
to both residential and commercial
customers.
Moser, 62, left school at 16 and
worked as a market trader. Jerrold
Holdings made £44.1m pro?t on
£135.6m sales in 2009-10.
Barclays Private Equity invested
£113.5m for a 30% stake in 2006.
Cautiously, we value the business at
£200m in the current climate, valuing
the Moser family stake at £140m. Past
dividends should add £25m.
101 £165m
Michael & Robert Slowe
J Leon
2010: £125m (+£40m)
J Leon is a family-owned property
investment and holding company run
by two septuagenarian cousins, Michael
and Robert Slowe.
The London-based company and
family are very low key, but still active.
In 2010-11, J Leon made a £1.5m pro?t on
£6.1m sales and showed record net assets
of £178.3m.
With low borrowings and a strong
balance sheet, the company is easily worth
£160m in today’s market.
We add £5m for dividends and other
assets to the wider Slowe family.
105 £162m
Brian Scowcroft & Janet Lefton
Alard Properties
2010: £160m (+£2m)
Brian Scowcroft has put around £7m of
his own money into his Kingmoor Park
Properties operation site outside Carlisle,
helping to create more than 1,300 jobs.
Net assets climbed in 2009-10 to £21.1m.
Before his property work, Scowcroft,
55, was boss of Swinton Insurance, which
was started by his father in 1957. By the
early 1990s, the Scowcroft family had
made around £150m from the sale of
the business. His sister Lefton, 53, runs
Roundhouse, another property operation.
We can see £29m net assets in family
companies. Scowcroft is a sponsor of
Carlisle’s fast-improving Richard Rose
Academy School and also has interests
in a bottled water business located in
Morecambe Bay. In all, the family are
worth £162m after tax.
106 £160m
Sir Euan Anstruther-Gough-
Calthorpe & Family
Calthorpe Estates
2010: £162m (-£2m)
Calthorpe Holdings, which made a £1.5m
loss in 2009-10 when its net assets came
in at £4m, has embarked on a joint
venture with Wylam Investments for
the commercial element of a mixed-use
development at Edgbaston Mill in the
West Midlands. They aim to open the
new hotel and leisure facilities opposite
the famous Edgbaston cricket ground
by spring 2012, ahead of the London
Olympics.
The company has also been involved
in an ambitious £350m development
programme on the Calthorpe estate
covering 1,550 acres of Edgbaston. The
estate dates back to 1717 and is worth £80m.
Anstruther-Gough-Calthorpe inherited
his title from his late grandfather in 1985.
His trusts made around £40m pro?t in
1999 by selling 300 acres in Hampshire.
Anstruther-Gough-Calthorpe, 45,
also has interests in the US, the Gulf and
Europe. He is easily worth £160m.
106 £160m
Rashid & Aziz Tayub
Crown Crest
2010: £103m (+£57m)
The Leicester-based Crown Crest
distribution and property operation was
started in 1977 by the Tayub family in a
Number residing per region
Region Number of Rich List residents
South East 128
Ireland 26
West Midlands 17
Yorkshire/Humberside 13
North West 13
South West 11
East Midlands 9
Scotland 8
Channel Islands/Isle of Man/Overseas 8
East Anglia 6
Wales 5
North East 5
Sir Euan Anstruther-Gough-Calthorpe
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RICH LIST 2011
small corner shop after they left Malawi.
We can see three separate Tayub
companies led by Crown Crest Group,
which made a total of nearly £21m
pro?t on £528m sales in 2010-11. These
companies are easily worth £130m.
Adding other assets, we value the
Tayub family, led by Rashid, 63, and
Aziz, 54, at around £160m.
108 £157m
Michael Shanly
Michael Shanly Homes
2010: £122m (+£35m)
The Thames Valley and Buckinghamshire
is fertile territory for Shanly, 65, who
founded the upmarket Michael Shanly
house building operation in 1970. He
chairs and owns at least 12 signi?cant
but separate building or development
companies.
His main operation is Sorbon Homes,
which made a £7.3m pro?t on £50.3m
sales in 2010. It has £61.4m net assets.
But other companies, including Sorbon
Investments, take the total Shanly net
assets to £145m, with pro?ts of £17.3m.
We value the businesses on the total net
asset ?gure at £145m, and add £12m for
Shanly’s past salaries and other assets.
109 £156m
John Lynch & Family
John Lynch Builders
2010: £152m (+£4m)
Over the past 39 years, the Ayr-based
property company John Lynch Builders,
chaired by 62-year-old John Lynch, has
prospered.
The construction company had £11m
of net assets in December 2010, but under
Lynch’s shrewd management, it has built
up signi?cant holdings of around 280
acres of development land in Scotland.
The assets, including the landbank, are
worth around £100m. Other assets, such
as farms, investments and properties, take
the Lynch family to around £156m.
110 £155m
John Guthrie & Family
Broadland Properties
2010: £135m (+£20m)
Guthrie’s business, which was started in
1950, saw pro?ts rise sharply from £2.2m
to £12.4m on £31.8m sales in the year to
September 2010.
A chartered surveyor by training,
Guthrie chairs Broadland Properties, a
Scarborough property operation. We value
Broadland on its £140.2m net assets.
Guthrie was the biggest winner from
the May 2005 sale of the Merchant Retail
business to Hong Kong billionaire, Li
Ka-Shing, for £222m cash.
He picked up 10% of the company
“many years ago” when the shares were
trading at 9p. The takeover price valued
each share at 197p, so Guthrie, 75, made a
pro?t of around £22.3m on the deal.
Other assets such as White Rose
Finance, with £5m net assets, should
take the Guthrie family to perhaps
£155m after tax.
110 £155m
Sir Peter Michael
Stockford and High Cross
New entry
An electronics engineer, Michael started
his Quantel electronics special efects
operation in 1968 and made £60m when
it was sold 20 years later.
He later made over £20m from starting
and building Classic FM and established
the highly regarded Peter Michael Winery
in California.
Best known in ?ne dining circles for
his vineyard at the Stockcross Hotel in
Newbury, the 73-year-old Michael is
expanding his hotel interests.
Highcross, the development and
investment vehicle he founded, has
been busy on the acquisition trail after
launching a £1.7bn fund to invest in the
depressed ofce and industrial market.
His main company is Stockford, which
showed £35.2m net assets in 2010. In all,
Michael’s interests and share sales should
be worth £155m.
112 £150m
Anthony Brotherton-Ratcliffe
& Family
Croudace Holdings
2010: £135m (+£15m)
Croudace Homes recovered in 2010 to
make a £5.4m pro?t on £97.5m sales. The
Caterham-based company has more than
£80.4m of net assets.
Jack Brotherton-Ratclife, who served
in the RAF with distinction during the
Second World War, arrived as a partner at
Croudace after the war and bought out the
business entirely in 1950. He died in 2009,
aged 90. The business is now run by his
son Anthony, 61.
112 £150m
Lord Foster
Foster Holdings
2010: £168m (-£18m)
Foster, long regarded as one of
the world’s great architects,
is best known for buildings
such as Hong Kong’s
airport, the redesigned
Reichstag in Berlin, the
Hearst Tower in New
York and the Gherkin
in the City.
In 1967 he set up
his own practice, which
later became Foster &
Partners.
Foster, 76, had an 85%
stake until he sold a 40%
share in 2007, valuing the
company at around £300m.
Foster should have received
around £120m.
Foster & Partners has been hit
hard by the recession and, in
2009-10, the parent company
made a £14.8m loss on sales of
£134m .
We value Switzerland-based
Foster at around £150m.
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The family also own Croudace
Properties Group and Maybrook
Properties, which sold the 160,000 sq ft
Maybrook industrial estate in the West
Midlands for £6.1m at the start of the
year. They showed more than £66m of net
assets between them in 2010. We value the
three businesses at £146m. Other assets
take the family to £150m after tax.
112 £150m
Rodger Dudding
Lonsto International
New entry
Rodger Dudding’s latest venture is classic
car storage. With 70 of his own classic cars,
he has set up a secure facility in the Home
Counties where he will welcome other
enthusiasts.
The son of a naval ofcer, Dudding took
a craft apprenticeship in naval engineering
from 1954 to 1959 at Chatham’s naval
dockyard. He regards it as invaluable
experience in “keeping one on the straight
and narrow and instilling discipline”.
After his naval career was cut short
by injury, Dudding went into business
before launching Lonsto (International),
which makes and installs ticket and queue
management systems used by banks
and supermarkets. That business is still
thriving and at least six million people a
day pass through a Lonsto queuing system.
But in Britain the 73-year-old Dudding
is also the king of lugs – or lock-up garages.
He has around 12,000 of them and is
still buying them at the rate of one site a
week. In total, they were valued recently at
£120m.
The interest in lugs came about by
accident in 1975 when a friend suggested
Dudding should buy a block of lock-ups in
south London. He realised that the garage
business was fragmented and not regarded
as a serious venture. Single-handedly, he
changed all that. Today, he is also busy with
small-scale developments of garage sites,
turning them into badly-needed housing.
Several sites have been sold with
planning permission and others have been
developed and retained by Dudding.
Around 100 of his 800 sites are
currently being looked at by planners for
development purposes.
Dudding’s other assets and businesses
add £30m.
112 £150m
Michael Hunt & Family
Hippo Golf
New entry
The Hunt family owns or part-owns a
portfolio of 10 companies with nearly
£33.5m net assets.
Michael Hunt made his fortune initially
by helping to build Nissan UK into one of
Britain’s most successful car dealers.
By the late 1980s, the Sussex-based
business was making huge pro?ts and was
worth more than £1bn.
Hunt, 77, had a 13% stake before the
whole operation unravelled.
But he has a huge property portfolio and
we reckon Hunt and his family are worth
around £150m.
112 £150m
Paul Caddick & Family
Caddick Group
2010: £150m (No change)
With development projects such as
Scarborough Business Park and numerous
others on the go, the Yorkshire-based
Caddick Group, founded by 61-year-old
Paul Caddick in 1979, has evolved into a
high-quality property-to-construction
group.
In the year to August 2010, Caddick
Group made a £3.7m loss on £57.4m
sales, while net assets came in at £40m.
The Caddick family and trusts own
more than 90% of the shares. Other
private assets and sale proceeds take the
family to £150m.
112 £150m
Charles Clowes
Clowes Developments
2010: £150m (No change)
Clowes Developments, owned by
71-year-old East Midlands entrepreneur
Charles Clowes, con?rmed recently that
the Co-operative group had signed a prelet
with the company to take 477,000 sq ft at
the 112-acre Castlewoods Business Park in
Derbyshire.
The property development ?rm made
£2.6m pro?t on £12.2m sales in 2010-11.
It has £62.2m net assets but reports in
the property press suggest that Clowes is
looking to sell up for £300m.
However, in the current climate, we
settle for a £150m valuation.
112 £150m
John, Clinton & Spencer McCarthy
Churchill Retirement Living
2010: £140m (+£10m)
The McCarthy brothers learnt all about the
retirement home market from their father,
112 £150m
Sir Robert Ogden
Ogden Group
2010: £150m (No change)
Ogden, a leading owner of National
Hunt horses, recently spent £900,000 at
Tattersalls’ October yearling sale. He can
afford it, having made his fortune through
Yorkshire coal. He sold his coal washing and
processing business, A Ogden & Sons, for
£24.5m in 2006.
The son of a builder, Ogden left school
at 15 and, after national service, went
into supplying aggregates and, later, site
clearance. He then moved into property
and was an early investor in the London
docklands.
Ogden also saw the potential in slag
heaps, extracting coal and redeveloping
the land. His companies, including Ogden
Properties, had over £41m net assets in
2010. Other assets take Ogden, 75,
to £150m.
He is a generous supporter of cancer
charities and of Yorkshire charities aimed
at pit villages.
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29
John McCarthy, 71, who set up McCarthy
& Stone, which was ?oated on the stock
market in 1982. He grew the business but
left in 2004 after backing the rebufed bid
for the operation by his sons.
McCarthy stood down as chairman and
sold his stake for £74.4m.
His sons Spencer, 45, and Clinton,
47, run Hampshire-based specialist
housebuilder Churchill Retirement Living,
which is now valued at £130m.
In the year to May 2010, it made a
£4.5m pro?t. Other assets take the family
to £150m at least.
120 £145m
Eric Gadsden
WE Black
2010: £113m (+£32m)
WE Black made £10.3m pro?t on £21.4m
sales in 2010. Eric Gadsden’s Chesham-
based developer is worth its near £107m
net assets. Other stakes in property
companies and a quoted brick company
take Gadsden, 66, to £145m.
120 £145m
John Robinson
Jupiter Asset Management
New entry
Having been handed a £50m pay-of
when he left Jupiter Asset Management
in 2000, John Robinson, 61, did not stop
investing. His investments and high-end
properties worldwide easily give him a
£145m fortune. Robinson is involved in
the Mary Rose Trust, which displays and
cares for the Tudor warship raised from
the Solent in 1982.
122 £144m
Tony Bramall & Family
Bramall Properties
2010: £132m (+£12m)
Tony Bramall began his life-long
association with the car trade in 1963
when he joined his father’s Shefeld-based
car dealer, which was taken over for £45m
in 1987. Three years later, Bramall put
£1.5m into his second car venture, called
CD Bramall. Again, that was sold in 2004
and Bramall made £76m for his stake.
His third foray came in 2006 when
he paid £56m to acquire a stake in
Lookers, Britain’s second biggest quoted
car dealership. Bramall is its biggest
shareholder, with a 24.6% stake worth
nearly £50m.
A takeover approach fell through earlier
this year and the business is considering
sale and leasebacks of its freehold-rich
forecourt estate to fund acquisitions.
Bramall, 75, also had another car
dealership, Bramall & Jones, which netted
him a further £18m when it was sold in
2010. We can see another £38m of net
assets in the 2010 accounts of Bramall
Properties and Winterquay, two property
and farming ventures. In all, the Bramall
family is easily worth £144m after tax and
reinvestment of sale proceeds.
122 £144m
John Dunsdon & Family
Coldunell
2010: £130m (+£14m)
Coldunell made £6.5m pro?t on £10.2m
sales in 2009-10 when its net assets hit
£114.3m. The Esher-based property
company is run by John Dunsdon, 59, and
owned by his family and trusts.
Coldunell was founded by his father
in 1959. We value the company on its net
assets, and add £30m for other assets to
the Dunsdon family.
124 £140m
Keith Bradshaw & Family
Nurton Developments
New entry
Bradshaw owns half of Listers of Coventry,
the upmarket car dealer, which made a
£10.1m pro?t in 2010-11. Bradshaw, 68,
made his ?rst fortune when, in 1997, he
netted £21m for his stake in the Takare
nursing home operation.
Aside from his motor interests,
Bradshaw has a ?ourishing musical
instrument distributor and a large
property portfolio held by his property
company, Nurton Developments.
We can see around £17m of net assets
in various Bradshaw operations outside
Listers. In all, the Bradshaw family should
easily be worth £140m.
125 £139m
Sir Richard Sutton & Family
Sir Richard Sutton’s Settled Estates
2010: £129m (+£10m)
Sutton, 74, inherited his title from his
father in 1981 and runs the property-
to-farming group. The Suttons have
valuable acreage in Lincolnshire, London
(including on Mayfair’s Park Lane), the
West Country and the US.
Pro?ts at Sir Richard Sutton’s Settled
Estates increased in 2009-10 to £13.3m.
The estate is worth its near £133m net
assets. Other assets add £6m.
126 £137m
Ken Rohan
Airspace Investments
2010: £147m (-£10m)
Ken Rohan’s Airspace Investments
made a pro?t of nearly €7.5m for the
year ended November 2009, an actual
increase on the previous year. However, a
€12m writedown of the group’s property
portfolio contributed to total recognised
losses of more than €9m. That still left it
with retained pro?ts of more than €80.4m
when subsidiaries are included.
Airspaces’s conservative gearing – it was
23% last year and the company anticipated
it would fall to 18% at the end of the 2010
?nancial year – meant it was in far better
shape than most of its competitors. Net
assets stood at nearly €141.4m at the end of
the year, with development land and works
in progress valued at nearly €50m.
In May 2009, Rohan, a veteran property
man from Wicklow, gave each of his three
children a 14.8% stake in the company.
Rohan is involved in the industrial sector,
concentrating on the north side of Dublin
as well as a range of other interests in
Ireland, Britain and Barbados.
Rohan also has a strong UK property
portfolio. He worked in the London Stock
Exchange before returning to Ireland to
join the Rohan Group, which was set up
in the 1960s by his brother John. We can
see another £3m net assets attributable to
Rohan in other smaller companies. In all,
he should be worth £137m in the current
economic climate with other assets and
recent dividends.
127 £136m
Sir Tom Farmer
Morston Assets
2010: £115m (+£21m)
Tyres made Edinburgh-based Sir Tom
Farmer his ?rst fortune. One of seven
siblings from a devout Roman Catholic
family, he trained as an apprentice in
engineering but left in 1964 to found
his own ?rm, which he sold in 1969 for
£450,000.
He retired to the US, but became bored
and decided to ?nd a new challenge.
Noticing the standards of customer service
in the States, he returned to Edinburgh
to found the Kwik Fit chain of garages in
1971, later selling the company to Ford in
1999 for £1bn. Farmer netted £78m for
his stake.
He retained the freeholds on many
Richest in Yorkshire & the Humber
No Name Wealth (£m)
11 Eddie and Malcolm Healey 1,500
35 Michael Evans 490
100 Chris Marshall 166
110 John Guthrie 155
112 Paul Caddick 150
112 Sir Robert Ogden 150
122 Tony Bramall 144
138 Kevin McCabe 120
165 John Brooksbank 95
185 Earl of Yarborough 80
202 Demi Chervak 70
244 Mark Drans?eld 48
248 Christopher Ure 45
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Kwik-Fit properties and is now heavily
involved in property. His property
company, Morston Assets, has been
increasingly active this year. It has won
consent for a £500m mixed scheme near
Linlithgow in central Scotland, which
will deliver 1,500 homes, retail space, a
business centre and a primary school.
Moreover, the construction of his
220,000 sq ft Yours Business Networks
centre in Gatehead is set for completion in
the near future.
Farmer, 71, started Farmer Autocare in
2003 as a mini Kwik-Fit. We can see half
a dozen small companies controlled by
Farmer or his trusts with around £39m
net assets in 2010. Sales of stakes and his
ownership of Scottish Premier League club
Hibs take him to £136m.
128 £134m
Peter Horton & Family
Hortons’ Estate
2010: £135m (No change)
Peter Horton, 42, leads the Horton family
on the board of Hortons’ Estate as deputy
chairman, following the retirement of
Michael Horton as chairman in 2008.
The family-owned Hortons’ Estate
was founded in 1871 by Isaac Horton, a
farmer and butcher. Hortons’ Estate made
£7.7m pro?t on £14.3m sales in the year
to September 2010, but the net assets fell
from £116.2m to £114.4m.
We value the company at £114m, and
add more than £20m for other assets to
the family.
129 £131m
Julia Davey
Angel Group
2010: £131m (No change)
Formerly an estate agent, Julia Davey
decided to move into the more pro?table
world of property renovation. She has
never looked back. Davey now runs the
Angel Group, which made £2.9m pro?t
on £31.5m sales and showed £64.4m net
assets in 2009-10.
Currently, the Angel Group is involved
in major projects in London and other
developments in Eastern Europe, Cyprus,
and Israel.
With other companies such as the £4m
Angelic Interiors, Davey’s business assets
should be worth more than £80m. We
add a further £51m for her property and
personal assets.
130 £131m
Stuart Monk & Family
Jomast
2010: £118m (+£13m)
Run by Stuart Monk, a leading local
developer, Jomast has been transforming
the waterfront at Hartlepool Marina since
2008, when a £100m development was
approved.
Stockton-based Jomast saw its
pro?ts soar to £6.8m on £16.4m sales in
2009-10. We value Jomast on its £127.5m
net assets. Monk, 62, and his family own it
all. We add £3.5m for other assets.
131 £130m
Anton Bilton & Family
Raven Russia
2010: £100m (+£30m)
Anton Bilton’s property group Raven
Russia pushed up its pro?t from $8.1m to
$86.4m in the six months to June 2011.
Last year the company moved from the
Alternative Investment Market to a full
listing on the London Stock Exchange and
it is now valued at over £325m.
Raven is heavily involved in building
logistics space in Russia and let 2m sq ft
last year. Bilton, 47, grandson of 1960s
developer Percy Bilton, has a hefty stake in
the company.
The Bilton family made £80m from the
1998 takeover of their property company.
Other assets should take them to £130m.
132 £130m
Cyril Dennis & Family
Rumford Investments
2010: £130m (No change)
Active in his charity work, Cyril Dennis,
67, was the co-owner of an Essex
housebuilder, which he sold in 1987.
He later built up his own property
Anton Bilton
134 ££££127m
David Pearl
Structadene
2010: £131m (-£4m)
Structadene, the London-based property
investment ?rm run by David Pearl,
reduced its debt by close to £150m last
year as a result of a continuing disposal
of its assets.
In the year to September 2010, the
group’s net debt fell from £838m to
£693.5m. Over the period, Structadene
reduced the size of its portfolio by more
than £120m to £808m.
Pearl left school at 15 and spent four
years packing cardigans into boxes to earn
his living. He switched to property on the
advice of an estate agent friend.
In 1965, Pearl went into property, managing
?ats and factories, and never looked back.
He is now in recovery mode after a tough
time in the downturn. Structadene made
£22.3m pro?t on nearly £74.4m sales in
2010. Its net assets came in at £123m. We
value Structadene on this ?gure. Pearl, 66,
owns it all. We add £4m for other assets.
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business and, in 1994, sold 75% of the
portfolio for a £50m pro?t.
Dennis has made further hefty pro?ts in
London’s docklands, including £45m on
one sale.
More recently, he started buying hotels
in the South of France. There is little asset
wealth in Dennis companies but we value
the family at £130m on past and present
pro?ts and assets.
132 £130m
Peter Dawson & Family
Consolidated Property Wilmslow
2010: £112m (+£18m)
Property developer Peter Dawson runs
Consolidated Property Wilmslow, an
Alderley Edge developer.
Consolidated saw its net assets rise from
£49.6m to £57.4m in 2009-10. We value
the business, owned by Dawson and his
family trusts, on the net asset ?gure.
Dawson, 59, is also a director of the
separate Gemsupa Ltd, which showed
£70.8m net assets in the same period. It is
owned by the Jensal Settlement. Dawson
was the settler and trustee of this trust.
We assume that the Dawson family
is the ultimate bene?ciary of the Jensal
Settlement. In all, we value the family
at £130m.
135 £126m
John Seddon & Family
Seddon Group
2010: £126m (No change)
Founded in 1897 by two Lancashire
bricklayers, the Cheshire-based Seddon
Group is now run by the third and fourth
generations of the family.
In 2010, the company made an £8.8m
pro?t on £267m sales. It is worth its near
£90.5m net assets. The family also own
the separate Seddon Properties, which
showed £36m net assets in 2010. In all,
they should easily be worth £126m.
136 £125m
Tony Pidgley
Berkeley Group
2010: £95m (+£30m)
Berkeley has de?ed widespread gloom in
the housing market, thanks to founder
Pidgley’s smart focus on London and
his preference for expensive houses
rather than volume building. The quoted
company where he is now chairman
reported a 23.5% rise in pretax pro?ts to
£136.2m in 2010-11.
Revenue rose 20.7% from £615.3m
to £742.6m and the company’s net asset
value per share was up by more than 11%
to just over 709p.
Pidgley, 64, who calls himself an “old
dinosaur”, made his reputation in the early
1990s when he sold his landbank at the top
of the market, and cherry-picked the best
sites back for a fraction of their price as the
recession struck.
The former Barnardo’s boy has a 5%
stake in Berkeley now worth £77m. He
plans to return £1.7bn to shareholders
over the next decade. That should mean
an £85m payday for Pidgley. But for now,
taking into account past share sales and
dividends, we value him at £125m.
137 £124m
Robin Clark & Family
Taylor Clark
2010: £110m (+£14m)
Taylor Clark is largely owned by the Clark
family led by Robin Clark, 73, the son of a
prominent 1960s property developer.
The London-based property, farming,
hotels and investment group made a
£2.1m pro?t on £13.6m sales in
2010-11. We value the business on its
£159.7m net assets.
The Underwood Trust, a charity, has
a 19.5% stake, which leaves the Clark
family’s stake worth around £124m.
138 £120m
Andrew Creighton
William Ewart
2010: £120m (No change)
With partner, Frank Boyd, a former
electrician, Creighton came to prominence
in 2002 through one of the biggest
property deals in Belfast’s history. The
pair spent £90m buying out the northern
property holdings of Dublin-based
Dunloe Ewart.
They gained around 12 properties,
including Lanyon Place, the Howden
Sirocco site, Windsor House and three
English-based properties, along with the
area around Cathedral Way which has
been touted as a new retail extension.
This formed the basis of William Ewart,
which in 2009 showed £210m of net
assets. Creighton started out as a plumber
and has since become one of Northern
Ireland’s leading developers, with a 50%
stake in William Ewart.
We can see other companies owned by
Creighton with around £15m net assets in
2009-10. More than £120m of net assets
can be attributed to him, and we value
Creighton, 50, at that level.
138 £120m
Kevin McCabe & Family
Scarborough Property Group
2010: £180m (-£60m)
Kevin McCabe’s Scarborough Group has
formed a joint venture with state-owned
AVIC International Shenzhen of China.
Called ScarVic Retail Management, its
aim is to get more UK and European
brand retailers into China. This re?ects the
fact that McCabe has signi?cant leisure
interests in the country.
His company has a substantial stake
in the Chinese property ?rm Top Spring
Group, which is involved in developments
in 11 major and fast-growing cities across
China. Further capitalising on his contacts
there, McCabe recently teamed up with
Hong Kong’s Wyndham Advisers to
launch funds for Chinese investors to buy
into UK property.
McCabe, 63, also chairs the
Championship football club, Shefeld
United. Born close to the Blades’ Bramall
Lane ground, McCabe trained as a
quantity surveyor and started working for
Bovis in 1964 at the age of 16. He joined
the Teesland property group in 1971 and
nine years later formed the Scarborough
Property Co.
McCabe sold this operation to Valad, an
Australian property group, in June 2007,
just before the recession, for £865m,
which included debt.
His proceeds from the original sale were
likely to have been the £142.7m, which
we can see was paid out to his family
and trusts in a special dividend from the
Scarborough Group in 2007-08. Yet its
new parent company, Scarborough Group
International, turned in a hefty £133.6m
loss in 2009-10.
With the dividend and his Chinese
investments, we now value the McCabe
family at £120m after tax.
138 £120m
The Marquess of Northampton
The Canonbury Academy
2010: £90m (+£30m)
The sale of his 3,200-acre Tandridge and
Chesham Estates in Surrey for £25m is
somewhat of a bonus for Northampton,
who lives quietly these days at Castle Ashby
in Northamptonshire.
Other family assets – including
paintings and medieval manuscripts –
have been sold of over the years, with the
Kevin McCabe
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money said to have been ploughed back
into the upkeep of the stately homes.
In 1985, two years after his divorce from
wife number three, Rosie, he sold The
Adoration of the Magi by the 15th century
artist Andreas Mantegna, for a then world
record £8.1m, despite protests over its
export to the Getty Museum in California.
Northampton’s country estates in
Warwickshire and Northamptonshire
cover 18,500 acres.
He also has at least one London home
on an exclusive square, as well as property
in Islington, North London, including a
conference centre in a mansion which has
been in the Compton family since 1599.
With the Tandridge and Chesham
Estates £25m sale proceeds and rising
land prices, we value Northampton, 65,
at £120m.
138 £120m
Sir John Ritblat & Family
British Land
2010: £100m (+£20m)
As chairman of Colliers International,
Sir John Ritblat was disappointed by the
£3.5m loss sufered in the six months
to June by the 700-strong AIM-listed
adviser. But new chief executive Tony
Horrell is determined to improve things.
Ritblat, 76, chaired British Land from
1970 to 2006 and built the group into
the UK’s second largest quoted property
company.
Ritblat’s retirement lasted just two
weeks and he resurfaced in 2007 when
he joined forces with his younger son,
Jamie, to spearhead a £2.6bn property
investment fund.
This summer, their company, Delancey,
pulled of a high-pro?le £202m takeover
of struggling London developer Minerva
through a joint venture with US fund
manager Area Property Partners.
Ritblat sold most of his stake in British
Land for nearly £57m. One of the family
companies, Delancey Real Estate Asset
Management, made a £3.2m pro?t on
£17.7m sales in 2009-10. The Ritblats,
notoriously difcult to value, should be
worth at least £120m.
138 £120m
Bakir Cola & Family
Cola Holdings
2010: £80m (+£40m)
London hotelier and property
entrepreneur Bakir Cola has placed a
£520m value on the three London hotels
he owns through Cola Holdings. The 2010
accounts show a book value of £207m at
September 2010, but the directors say the
market value is £312m above this.
It was in 2009 that Iraqi-born Cola
spent £30m buying a neighbouring
building to his Westbury Hotel in London’s
Richest in Wales
No Name Wealth (£m)
42 Steve Morgan 400
47 David Sullivan 398
77 Sir Stanley and Peter Thomas 225
218 Glyn Watkin Jones 62
244 Brian Moss 48
upmarket Mayfair. The ?ve-star Westbury
is the only hotel that fronts on to Bond
Street. It reopened in 2008 after a £25m
refurbishment. Cola, 69, bought the 246-
room hotel in 1999 for around £90m.
He also has the 550-room Kensington
Close Hotel.
Cola runs and owns Cola Holdings,
which made £2.4m pro?t on £50m sales
in 2010. It has £30m net assets. Past
dividends and other assets take the Cola
family to £120m.
138 £120m
David Roberts & Family
Edinburgh House Estates
2010: £120m (No change)
David Roberts is looking into opening
ofces in the Netherlands, Belgium and
Switzerland to asset manage distressed
assets for banks. He wants to reuse
the business model that has proven so
successful for him in Germany, where his
business employs 100 staf and manages
€2.7bn of assets.
A canny London property entrepreneur,
Roberts, 55, is best known as the man
behind the charitable David Roberts Art
Foundation in London.
He runs the London-based property
operation, Edinburgh House Estates. Its
parent made £2.2m pro?t on £64.2m
sales and showed over £119m of net assets
in 2009. The Roberts family owns a near
90% stake worth £107m.
His art collection and other assets, such
as a stake in Bawtry Properties, should
take Roberts to £120m.
138 £120m
Gerard Versteegh & Family
Gerard Versteegh Holdings
2010: £120m (No change)
Versteegh, 51, has been involved in the
London property market since his
mid-1920s.
The low-key Swede has owned some
asset-rich companies where he is a
director, led by Gestrix, which showed
£191m net assets in 2006. It showed only
modi?ed accounts in 2007 but £12.7m
pro?t. It is now dormant and no new
accounts are available.
The company is owned by a Jersey-based
parent but we assume that it is largely
owned by the Versteegh family.
Another dissolved Versteegh operation,
Anglo Scandinavian Estates, showed more
than £95m net assets in 2006.
In the current climate, we keep the
Versteegh family at £120m.
145 £119m
Elliott Bernerd
Chels?eld Partners
2010: £119m (No change)
Property veterans Elliott Bernerd and
Sir Stuart Lipton continue to run their
Chels?eld business with success. Recently,
they made a £45m sale of their Park Lane
Mews hotel in Mayfair.
Bernerd, who is ?ghting cancer,
previously ran another Chels?eld
operation, which he founded in 1986,
?oated on the stock market in 1993 and
took private in 2004, pocketing £45m for
selling part of his stake.
He reinvested the rest – around £56m
– in the ?rm and rapidly sold it again,
collecting another £82m.
Bernerd, 66, has hefty investments
in Europe but with Chels?eld Partners
making a £31m loss in 2009, we keep him
at £120m, and lop off £1m for his donation
to the Saving Faces charity.
VETERAN STILL
IN THE DEAL MIX
RIL_121111_026-034.indd 34 1/11/11 15:50:58
www.estatesgazette.com 36 12 November 2010
ESTATES GAZETTE RICH LIST 2011
146 £115m
Heinrich Feldman & Family
Inremco 26
2010: £115m (No change)
Feldman’s main holding company is
Inremco 26, which was incorporated in
1983. It made £2.1m pro?t on £17.7m
sales in 2009-10 when its net assets were
£108.5m. We can also see Feldman stakes
in a host of smaller property companies.
A very low-key London property owner
and trader, Feldman has more than 50
directorships to his name.
With other assets, we reckon the
75-year-old entrepreneur is now easily
worth at least £115m.
147 £115m
Baylis Family
JT Baylis
New entry
As a builder, the late Jack Baylis used his
army gratuity to repair bomb-damaged
buildings. Seeing the rise in land values in
the 1960s, Baylis cannily bought up the
land on which Cribbs Causeway is now
built.
Backed by the Pru, the centre was
opened in 1998 and is now Bristol’s main
out-of-town shopping mall. In 1998 it was
valued at £500m.
The family company, JT Baylis & Co,
showed £5.7m pro?t on £11.7m sales in
2009-10 when its net assets were £115m.
Jack Baylis died in 2005 and left more
than £95m in his will. We value the Baylis
family on the net assets.
148 £113m
Jonathan Hitchins & Family
The Robert Hitchins Group
2010: £112m (+£1m)
The Cheltenham-based developer, Robert
Hitchins Group, made £2.8m pro?t on
£28.9m sales in 2009-10. It is worth its
£88m net assets.
The company was started more than 45
years ago by the late Robert Hitchins, who
bought up large tracts of Gloucestershire
after the war very cheaply.
Now run by his sons, led by chairman
Jonathan Hitchins, 61, it has developed
more than 14,000 houses and over 1.5m sq
ft of commercial property. We add another
£25m for other assets.
148 £113m
Mathias & Miriam Kraus
Pall Mall Investments (London)
2010: £127m (-£14m)
Mathias and Miriam Kraus, both 69,
made a £1.4m pro?t on £12.3m sales in
2009-10 for their north London property
group, Pall Mall Investments. The business
owns an industrial distribution centre
in Lich?eld, Stafordshire. We value the
company on its near £111m net assets, and
add £2m for other assets.
150 £112m
Anthony Khalastchi & Family
Flodrive Holdings
2010: £118m (-£6m)
Veteran investor Tony Khalastchi was
among those said to have cast an eye over
the ?rst distressed property portfolio put
on the market by Lloyds Banking Group
earlier this year. In the end, it was the Pears
family who bought most of the assets, but
Khalastchi remains active.
In June, he sold a building on
Queensway, W2 – let to J Sainsbury – for
£5.1m, a 4.75% yield.
Khalastchi, 50, is well known in London
auction rooms. He made auction history
in May 2003 when he bid £8.55m for
an industrial ground rent in Bristol, the
biggest lot ever to have been sold under
the hammer.
His two property groups, Flodrive and
Strandpark Properties, showed £97.2m of
net assets in their 2009-10 accounts.
We value the businesses at the net
assets, and add another £15m for other
Khalastchi interests.
151 £110m
Bhupendra Kansagra & Family
Sola Holdings
New entry
Based in London, the Kansagra family has
interests in oil, agriculture, horticulture,
mineral processing industries, hospitality
and property businesses worldwide.
An Indian entrepreneur, Kansagra,
55, and his family sold their stake in the
Indian low-cost Spicejet airline last year
for around £20m.
The family’s main British company, Solai
Holdings, made £8.8m pro?t on £325m
sales in 2009-10. With £48m net assets,
it is worth £90m. Its parent company is a
Jersey Trust.
Other assets and sale proceeds add a
conservative £20m.
151 £110m
Robert Bourne & Sally Green
Happybadge Projects
2010: £110m (No change)
When the Local London property group was
sold in 1989, 61-year-old Bourne and his
family netted £16m. Since then, he has built
up and then sold stakes in companies such
as Ex-Lands and Clubhaus.
COUPLE
STAR ON
STAGE OF
WEALTH
His Happybadge Projects business
showed £60.4m of net assets in 2010,
when it made a £1.1m pro?t. His Bourne
Capital investment operation also sold a
luxury Park Lane block for £100m in 2006.
His wife, Sally Green, 57, is chief
executive of Old Vic Productions.
Bourne is battling to restructure
maturing loans and may sell his
Queensway Estate to ease his £130m debt
burden. For now, we stick at £110m.
RIL_121111_036-042.indd 36 1/11/11 16:14:30
www.estatesgazette.com 12 November 2010 37
RICH LIST 2011
151 £110m
Eric Grove
Catesby Property Group
2010: £110m (No change)
The Grove-owned Catesby Property Group
is a specialist in developing brown?eld
sites and has established an £80m bank
joint venture to tackle brown?eld sites in
London and the South East.
In addition, the company is working
with local authorities on ?ood alleviation
schemes and to provide afordable homes
for elderly people and key workers.
Catesby has major residential
developments in Les Arches, Jersey, as
well as in Hertfordshire and north Devon.
It is co-developing Firstpoint, a £200m
business and retail park near the M18 in
Doncaster. Catesby had around £14m of
net assets in 2009-10.
The son of a West Midlands blacksmith,
Eric Grove started Canberra, a Midlands
housebuilder, in 1968 and sold it 20 years
later for £40m.
He became a serious property developer.
With a range of assets, including a stake
in a property investment company, the
81-year-old Grove is worth £110m.
154 £107m
Simon Karimzadeh & Family
Eskar International
2010: £107m (No change)
Simon Karimzadeh’s late father started
Eskar International, a London-based
property trading-to-processing group,
more than 40 years ago.
The company's activities spanned
leather tanneries in the Middle and Far
East, dried fruit and nut processing plants,
and trading in iron and steel in the 1970s
and 1980s. Since then, it has focused on
property. The Karimzadeh family owns all
of Eskar, which showed nearly £286m of
net assets in 2009-10.
Cautiously, we still value Eskar at
£100m, and add £7m to the Karimzadeh
family for other assets.
155 £105m
Bill Gredley & Family
Unex Corporation
2010: £118m (-£13m)
Bill Gredley’s Unex Group made a £4.4m
pro?t on £8.6m sales in 2009-10. The
Sufolk-based company is worth its
£99.3m net assets.
Gredley, a keen follower of the turf, is
best known for his horse User Friendly,
which triumphed in both the Oaks and
St Leger.
His racing interests, a £13m dividend in
2002-03 and smaller companies we can
see with net assets of £2m, take Gredley,
78, and his family to £105m after tax.
155 £105m
Frank Burke & Family
The BDL Group
2010: £105m (No change)
Cabretta Holdings, a London-based
construction company, made £1.1m pro?t
on £45.5m sales in 2010. It has £5.4m of
net assets and is the parent for the BDL
Group, run by Irishman Frank Burke.
His family also owns Farmglade, a
property company with around £21m net
assets in 2010. Other property assets take
Burke, 62, to around £105m.
155 £105m
Nicholas & Peter Gould
Regis Group No 1
2010: £80m (+£25m)
The London-based Regis Group has been
investing in the residential property sector
for more than 50 years. In the early 1980s,
it successfully diversi?ed into property
development.
Parent company Regis Group
(Holdings) showed nearly £80m of net
assets in 2009-10. It is owned by brothers
Nicholas, 53, and Peter Gould, 52, and
family trusts. Other assets add £25m.
158 £100m
Sir George Meyrick
Meyrick Estate Management
New entry
Sir George Meyrick, a leading landowner
in the South West and Wales, has large
tracts of land in the Bournemouth area.
The family also owns the vast Bodorgan
estate in Anglesey.
Meyrick, 70, keeps a low pro?le
although he is well known in racing circles
as a successful owner of horse?esh. One
of his best horses was American-bred colt
Green Perfume, which he co-owned.
We can see ?ve companies, including
Meyrick Estate Management and
Bodorgan Properties, with £2.2m net
assets between them.
Our sources reckon that the total
Meyrick holdings could be worth as much
as £250m, but with asset and farmland
prices rising strongly, we value the Meyrick
family at a still conservative £100m.
158 £100m
Robert Adair
Melrose Resources
New entry
This year has proved tough for Adair.
In January, he agreed an out-of-court
settlement of several million pounds with
private equity group Advantage Capital
to settle allegations that he defaulted on a
commitment to invest more than £37m
into an Advantage fund. Adair had
cited ?nancial difculties for not being
able to pay.
The Oxford geology graduate certainly
has hefty shareholdings. In 1992 he bought
oil assets for £13.6m and seven years later
listed what had become Edinburgh-based
oil group Melrose Resources on the stock
market.
Today, it is worth £111m and Adair has a
£58.4m stake.
He also has £45m of stakes in other
private and quoted groups including
Plexus, another oil business, and property
group Terrace Hill, which he chairs.
Terrace Hill reported an interim pretax
loss of £1.2m in May after incurring losses
of more than £5m on the sale of three
residential portfolios within Terrace Hill
Residential.
However, Adair said trading was strong
in the commercial division, which includes
a pipeline of developments prelet to
foodstores. Cautiously, we reckon Adair,
55, is worth £100m.
158 £100m
David Kirch
Channel Hotels & Properties
2010: £118m (-£18m)
David Kirch has a nose for undervalued
assets. In 2004 the shrewd Jersey-based
property investor took over Property
Acquisition & Management, with a
£200m portfolio, by way of a £69.5m
deal.
The 75-year-old made his fortune in
London residential property in the 1960s,
selling his last properties for £30m in
Richest in Ireland
No Name Wealth (£m)
13 Dermot Desmond 1,300
33 John Magnier 520
36 JP McManus 480
61 Kevin & Michael Lagan 300
63 Sam Morrison 295
65 Stephen Vernon 280
67 Bert & Maurice Allen 260
78 Gerard O'Hare 220
82 Joseph Brennan 201
89 Neil Taylor 180
97 Michael Herbert 171
101 Frank Boyd 165
126 Ken Rohan 137
138 Andrew Creighton 120
155 Frank Burke 105
168 Lord Rana 93
169 Edward Lonergan 92
176 Martin Birrane 85
185 Eddie Irvine 80
185 Bill McCabe 80
185 Patrick McCormack 80
199 Austin Baird 72
201 Owen O'Callaghan 71
208 Patrick Doherty 66
208 James Egan 66
211 Mark & Kathleen Kavanagh 65
RIL_121111_036-042.indd 37 1/11/11 16:14:43
ESTATES GAZETTE RICH LIST 2011
www.estatesgazette.com 38 12 November 2010
RICH LIST 2011
1988. He now runs Channel Hotels and
Properties, which had a £4.3m asset
de?ciency in the 2010 accounts. The
company did have £85m of net assets
previously.
Kirch is generous too, and each year he
gives every Jersey resident aged over 70 a
£100 shopping voucher.
He was hit hard by the 2008-09
downturn and, taking into account his
generosity to local pensioners over the
years, we cut him back to £100m.
158 £100m
Jack Morris & Family
Business Design Centre
2010: £110m (-£10m)
The Business Design Centre in London’s
fashionable Islington made £6.2m pro?t
on £15.1m sales in 2009-10. It is worth
its £81.2m of net assets. The late Sam
Morris rescued what was the old Royal
Agricultural Hall and turned it into the
magni?cent centre at a cost of £12m.
And there is no stopping the Morris
family, who ?nalised plans with Islington
council for 355 homes and 130,00 sq ft of
commercial space on a site further north in
Finsbury late last year. They plan to work
with a partner to deliver the scheme.
The family, led by Jack, 55, also owned
Earls Court & Olympia, which they sold in
2004, making around £25m from the sale
after debt had been stripped out.
In all, after allowing for tax on that
deal, the wider Morris family should be
worth £100m.
163 £99m
Andrew Rosenfeld
Air Capital
2010: £100m (-£1m)
The generous Labour donor and adviser
Andrew Rosenfeld runs Air Capital, which
was funded initially by his own fortune
to invest in the property market as prices
fell. He is the former chief executive of
developer Minerva, which has just been
taken private.
With co-founder, Sir David Garrard, he
?oated Minerva on the stock market in
1996. Rosenfeld’s family trusts sold £35m
worth of shares when he left Minerva in
2007.
Rosenfeld, 49, claimed he had £100m of
his own money to invest in Air Capital after
selling all his and his family’s UK interests,
notably a large shareholding in Minerva
and their Highgate, north London home,
as part of a move to Switzerland.
He is now reported to have moved
back to Britain and recently gave £1m
to the Labour Party. As such, we trim
him to £99m.
164 £97m
Sir John Mactaggart & Family
Mactaggart Heritable Holdings
2010: £85m (+£12m)
The net assets at Mactaggart Heritable
Holdings rose nearly £9m to £87.3m in
2010.
The Glasgow-based company, which can
trace its roots back to 1898, also managed
to reduce its losses. It now owns a string of
high-value commercial properties, mostly
in London and Manhattan.
It is worth its net assets, and we add
£10m for past dividends to 60-year-old
Sir John Mactaggart and his family.
165 £95m
Woon Wing Yip & Family
W. Wing Yip & Brothers (Holdings)
2010: £67m (+£28m)
Wing Yip, 73, runs a large cash-and-carry
operation, W. Wing Yip & Brothers,
supplying 2,000 Chinese restaurants
from four depots.
Wing Yip stores, complete with Chinese
cookery schools and dentists, are more like
community centres than traditional cash-
and-carry outlets. The concept works.
In the year to September 2010,
Birmingham-based W. Wing Yip Brothers
Trading made £6.2m pro?t on £98.4m
sales, but it has £31.2m net assets.
The family also has the separate
158 £100m
The Duke of Roxburghe
Sunlaws Development Company
2010: £90m (+£10m)
A four-year campaign to stop 48 wind
turbines in the Scottish borders was
defeated last year – much to the delight
of Roxburghe. The land for the turbines
forms part of his 65,500-acre estate.
The duke, 57, is putting £3m into the
project, which one paper claimed would
make him around £14m over 25 years.
The duke’s entrepreneurial activity has
also led him into housing development,
and there are plans for a new golf
course. He is also hoping to upgrade his
Roxburghe Hotel into a 5-star resort.
Roxburghe, the 10th duke, inherited the
land and Floors Castle in 1974. He owns
Sunlaws Development Company, which
had £688,277 of net assets in 2009-10.
With the wind farm decision and rising
land prices, we put Roxburghe, who is
?ghting throat cancer, at £100m.
THE ENTREPRENEURIAL DUKE
Sir John Mactaggart
RIL_121111_036-042.indd 38 1/11/11 16:14:55
RICH LIST 2011
www.estatesgazette.com 12 November 2010 39
RICH LIST 2011
opened the Plaza, Belfast’s ?rst new
hotel for 20 years. The business survived
a series of bombings and, when peace
eventually came, it grew. In 2009-10 it
made £118,000 pro?t on £12.6m
sales.
Rana, 73, is starting work on a new
£10m hotel and development project
in Derry. The group also runs serviced
apartments and is planning new
developments in Portrush and Belfast.
In 2004, Rana was raised to the peerage
for his economic and charitable work in
Northern Ireland.
His business is worth its £73m net
assets. The Rana family’s other wealth
adds £20m.
169 £92m
Edward Lonergan
Deramore Holdings
2010: £85m (+£7m)
The highly pro?table Belfast property
developer and construction company,
Deramore, is owned and run by Edward
Lonergan. It showed nearly £88m net
assets in 2009-10 and should be worth
£85m. Lonergan, 61, also has £4.5m of
assets in two other property companies,
Lochinver and Deramore Ltd.
Taking into account other assets, we
value Lonergan at £92m.
169 £92m
John Muir & Family
Muir Group
2010: £75m (+£17m)
The Inverkeithing-based Muir Group
showed £2.6m pro?t on £67.3m sales in
2009-10. Despite this, the net assets of the
property-to-housebuilding company came
in at a solid £66.8m.
John Muir, 75, established the business
in 1973 after training as a joiner and later
trying his hand at teaching. Seeing no
future in teaching, he studied construction
and went into the industry, rising to
become MD of Scothomes.
We value Muir Group on the net assets,
and add £18m for the net assets of a
W. Wing Yip & Brothers Property &
Investments with £22m of net assets in
2010. The two companies should be worth
£85m. Other minority stakes in smaller
operations and past salaries add £10m
to the Yip family.
165 £95m
John Brooksbank
Blackshaw Holdings
2010: £89m (+£6m)
A leading waste entrepreneur, John
Brooksbank plans a 180,000 tonne
waste-to-energy plant in Bradford and a
new waste plant in Leeds. He is also active
in property and his Blackshaw Holdings
had £27m net assets in 2010.
Other interests and personal assets take
Brooksbank, 55, to £95m.
165 £95m
Sir David Garrard
Minerva
2010: £95m (No change)
David Garrard went into property on
leaving school at the age of 15. In 1955 he
joined an estate agency where he thrived.
He rose to prominence in the late 1980s at
a company called Land Investors, which
was sold for £180m in 1988.
With Andrew Rosenfeld, he launched
the Minerva property group, which ?oated
on the stock market in 1996.
Garrard, 72, left the business in 2005,
and his family trusts sold £37m worth
of shares at the time. He did not have any
shares left in the business by the time of
the recent takeover.
Other assets should take the Garrard
family to £95m in the current climate.
168 £93m
Lord Rana & Family
Andras House
2010: £90m (+£3m)
Arriving in the UK from India in 1963,
Diljit Rana worked in a foundry for
three years and used his savings to open
a business. He chose a run-down café in
Belfast. All was well until the Northern
Ireland troubles erupted. His empire –
now three restaurants – could not survive
the IRA bombing blitz. But he persevered
and has built up the Andras House Group.
He went into hotels and, in 1990,
separate company, Muir Holdings, also
owned by the Muir family. Past salaries
and dividends add another £7m.
169 £92m
Danny Desmond
Bride Hall
2010: £80m (+£12m)
Bride Hall property was started by
Desmond in 1984. Three years later,
he sold 50% of the company to Great
Portland Estates for £10m, but then
cunningly bought that stake during the
1992 recession for a much lower ?gure.
Until late 2004, Desmond owned all
of Bride Hall, but he sold a 25% stake to
Warner Estate for an undisclosed sum.
Bride Hall Holdings and other Desmond
companies had over £12m of net assets in
2009-10. With other investments and past
pro?ts, we value Desmond, 70, at around
£92m.
172 £90m
Con Folkes & Family
Folkes Group
2010: £85m (+£5m)
Folkes Holdings saw its pro?ts jump
sharply in 2010 from £3.7m to £8.3m on
an increased turnover of £27.3m.
The Midlands-based group, which can
trace its history all the way back to 1697
as a blacksmith making chain mail and
swords, has more than £60m of net assets.
Run by 58-year-old Con Folkes, it is now
one of the largest private property groups
in the Midlands. In the current climate, it
should be worth £60m.
We add another £30m for other assets
to the Folkes family.
172 £90m
John Hitchcox
Yoo Holdings
2010: £90m (No change)
Property entrepreneur John Hitchcox
owns about two-thirds of his Yoo
Holdings company, which is working on
33 developments worldwide. He formed
the development and design group with
designer Phillipe Stark in 1999.
Before the recession, the business was
worth around £170m but its value fell and,
in 2008, its design arm alone was valued
at £64m. That represents around half
the overall operation. With the sector still
under pressure, we cautiously value the
whole business at £120m today.
Hitchcox also has around £9.5m of
personal property assets and a stake in a
London estate agency. Last year he put
£10m into a new fund to invest in stalled
property developments.
In all, we reckon Hitchcox, 50, is worth
around £90m.
Richest in the North West
No Name Wealth (£m)
6 John Whittaker 2,075
22 Peter Jones 707
29 Trevor Hemmings 550
81 Martin Ainscough 205
83 Michael Oglesby 200
84 John Hindle 198
101 Henry Moser 165
105 Brian Scowcroft & Janet Lefton 162
132 Peter Dawson 130
135 John Seddon 126
192 Melvyn & Delia Grodner 79
193 David Russell 78
202 Philip Davies 68
Richest in East of England
No Name Wealth (£m)
155 Bill Gredley 105
181 Kip Bertram 82
205 Andrew & Sharon Turner 69
211 Gavin Howard 65
229 James Watts 57
230 Robin Tomkins 56
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ESTATES GAZETTE RICH LIST 2011
www.estatesgazette.com 40 12 November 2010
RICH LIST 2011
172 £90m
Roger Wickens & Family
Store Property Holdings
2010: £67m (+£23m)
Store Property Holdings began developing
shops and ofces in Sussex more than
50 years ago. Today, it is a broadly-based
property operation with 1.5m sq ft of
industrial and retail units throughout
London and the South East.
The Chichester-based operation
made £4.8m pro?t on £11.2m sales in
2010-11. Owned by Roger Wickens, 67,
and his family trusts, it is worth its near
£83m of net assets. Other assets take the
family to £90m.
175 £86m
Simon & Paul Upward
Ocobase
2010: £63m (+£23m)
The pro?ts for brothers Simon, 50,
and Paul Upward, 48, who own and
run Croydon-based property company,
Ocobase, hit £4.8m this year on a turnover
of £6.5m – a juicy return.
The company is worth its £76m net
assets. We add another £10m for other
assets to the Upwards.
176 £85m
Martin Birrane
Peer Group
2010: £110m (-£25m)
An Irish property magnate from Co Mayo,
where his father ran a tailoring business,
Martin Birrane developed a taste for real
estate and, in the 1960s, set up his property
company, Peer Group. In 2009-10, Peer’s
net assets rose from £70.5m to £76.4m
and it is worth that sum.
Birrane, 76, also owns the Mondello
Park racing track in Co Kildare which,
after signi?cant investment, hosts
international race meetings.
With other interests, including the Lola
racing car operation, which last year lost
£3.3m, Birrane is worth £85m in the
current climate.
176 £85m
Simon Clarke & Family
St Modwen
2010: £100m (-£15m)
The Estates Gazette award-winning St
Modwen reported a £37.5m pro?t in 2010.
It was co-founded by Sir Stan Clarke, who
died in 2004, leaving £138.9m in his will.
A plumber by trade, Clarke later started
a construction business with £125 of
savings. He sold it for £51m in 1987,
keeping the Birmingham-based property
arm, which became St Modwen.
Simon Clarke, his 46-year-old son, sits
on the St Modwen board. The family stake
is now worth £36m as the recent stock
market malaise takes its toll.
The Clarke family also owned a stake
in the Northern Racing operation, sold
for £65.9m in 2007. Other assets take the
family to £85m after tax.
176 £85m
The Duke of Richmond & Gordon
& Family
The Goodwood Estate Company
2010: £80m (+£5m)
Losses of £1.1m on £52m sales at The
Goodwood Estate Company in 2010 paint
a gloomy picture, but the ?rm still has
nearly £51m of net assets.
And the entrepreneurial Earl of March
has done wonders at the 12,000-acre West
Sussex estate. Horse racing, vintage car
races and other attractions have raised
huge revenue for Goodwood.
March’s father, the 82-year-old Duke of
Richmond & Gordon, succeeded his father
to the title in 1992.
With land prices rising, and taking into
account an incomparable art collection as
well as the value of the Goodwood brand
name, the family wealth should total
£85m at least.
176 £85m
John Marston & Family
Marston Properties
2010: £76m (+£9m)
Led by John Marston, 76, the London-
based Marston family has been in the
building and property business since 1895.
In 2002, the family demerged its hotel
interests and, four years later, these were
sold for £180m.
The separate Marston Properties
Holdings made £1.4m pro?t on £7.4m
sales in 2009-10. It is worth its £65m net
assets.
Marston had bought out family
members from the business before the
hotels sale. Allowing for this and any tax
on sale proceeds, we value the immediate
Marston family at £85m.
180 £84m
Jeff Smith
Proudreed
2010: £119m (-£35m)
Jef Smith chaired AIM, a Hampshire
company making cabins for aircraft
and trains. It was recently sold to its
management team. Smith had a stake
worth perhaps £24m.
The 65-year-old is a keen racehorse
owner and maintains a stud in Hampshire
where he breeds thoroughbreds.
His main asset is a property company,
Proudreed, which he owns jointly with
Caspar MacDonald-Hall. It had more
than £140m net assets in 2010, valuing
Smith’s stake at £70m. Other assets
take him to £84m after tax.
181 £82m
Zef Eisenberg
Maximuscle
New entry
Now based in the Channel Isles, where he
is heavily involved in property, bodybuilder
and athlete Zef Eisenberg wrote a book
about sports supplements at the age of
18. He used the pro?ts to launch his ?rm,
Maximuscle, which supplies supplements
for athletes and bodybuilders.
Eisenberg, 38, sold stakes to private
equity companies but remained a
shareholder until December 2010 when
pharmaceutical giant GSK bought the
company for £162m.
Following the sale, Eisenberg earmarked
£150m for investment in health and
?tness businesses and real estate, and in
May bought a retail and leisure property
on Kensington High Street, in west
London, for £12.8m, a 5.48% yield.
Eisenberg’s proceeds from the
Maximuscle sale and his other investments
take him to £82m.
181 £82m
Bill Morris & Family
Morris & Co (Shrewsbury)
2010: £82m (No change)
Started in 1869, Morris & Co (Shrewsbury)
has developed into a ?ourishing business
with interests in property, care homes,
power generation and marketing.
In 2009-10 the company made
£480,000 pro?t on £22.1m sales.
Richest in the South West
No Name Wealth (£m)
25 Prince Charles 680
53 Charlotte Townshend 342
55 Harry Hyams 320
98 John Berkley 170
112 Clinton, John and Spencer McCarthy 150
125 Sir Richard Sutton 139
147 Baylis family 115
148 Jonathan Hitchins 113
158 Sir George Meyrick 100
202 Nicholas Porter 70
236 Mark Kay 52
Richest in the North East
No Name Wealth (£m)
57 Duke of Northumberland 315
80 Alastair and Michael Powell 214
130 Stuart Monk 131
193 Jeremy Middleton 78
197 William Rankin 76
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RICH LIST 2011
Run and owned by the 73-year-old Bill
Morris and his family, it is worth its near
£82m of net assets.
181 £82m
Kip Bertram & Family
Rysa Lodge Residential Properties
2010: £80m (+£2m)
The UK’s largest independent book
wholesaler was founded in a disused
chicken shed in Norwich by Kip Bertram
and his late mother Elise. In 1999, it was
sold in a £54m deal, valuing the Bertram
family stake at £35m.
Bertram, 67, moved into property
development and other investments.
He is now worth £82m.
181 £82m
John Chamberlain & Family
Chamberlain Holdings
2010: £81m (+£1m)
Run by John Chamberlain, 67,
Chamberlain Holdings showed £74m
of net assets in 2010.
The Luton-based company started life
as a small joinery manufacturing ?rm in
1951, later diversifying into property.
The Chamberlain family own 99.5%.
Other assets add £8m.
185 £80m
Peter Gadsby
Ark Capital
2010: £80m (No change)
Peter Gadsby, one of the East Midlands’
top developers, sold his stake in the
Birch property group in 2000 for around
£35m.
Gadsby had a close involvement with
Championship football club Derby
County until its 2008 £50m takeover. In
March 2010, he launched a £37m bid to
buy the club back, but this was declined
by the Derby board.
Ark Capital is the holding company
for the Gadsby family trusts. The
group’s primary activity is commercial
and residential property development,
undertaken by its main operating
companies, Cedar House, Radleigh
Group and Miller Birch.
The latter is the developer behind the
ng
2
business park in Nottingham.
In all, Gadsby, 63, is easily worth
£80m.
185 £80m
Patrick McCormack & Family
Donegal Place Investments
New entry
The low-key McCormack family own
several Belfast property operations,
including Birchsilver, Charioteer and
Manach, which have around £15m of
net assets between them.
But their biggest stake is a 50%
shareholding in Donegal Place
Investments (Michael Herbert, of Lebreh,
has the other half ). This company showed
£151m of net assets in 2009.
In all, we value the McCormack family,
represented here by 44-year-old Patrick
McCormack, at around £80m.
185 £80m
Bill McCabe
LNC Property
New entry
Irish tycoon Bill McCabe backed a
venture capital operation, Atlantic Bridge
Ventures, which made a hefty pro?t on the
recent sale of a telecoms company, AEP
Networks, for over £50m.
McCabe, who hails from Belfast but
is based in Dublin, knows the tech scene
well. He made £47m from judicious sales
of stakes in SmartForce (now Skillsoft),
a Nasdaq-quoted global leader in online
learning he led until 2000.
He invested part of the proceeds in
other emerging technology companies
and Glasgow-based LNC Property Group,
which grew out of his €117m purchase
of a mixed property portfolio from
Scottish Life.
In 2004, LNC Property Group bought
an abandoned waterfront leisure complex
in the German city of Bremen for around
£40m. It has been converted into a top-
class shopping, leisure and hotel complex
worth around £180m.
In all, with his shrewd investments,
McCabe, 54, is easily worth £80m.
185 £80m
Ray Horney
Real Estate Opportunities
2010: £90m (-£10m)
Property group Real Estate Opportunities
is chaired by Ray Horney, a veteran
entrepreneur, whose early career was
renting out washing machines.
IRVINE RACES
TO FORTUNE
185 £80m
Eddie Irvine
E Irvine Enterprises
New entry
Eddie Irvine never managed to win
the Formula 1 world crown in an
exciting racing career from 1993 to
2000, but he earned £40m as a driver
who was pipped at the post for the 1999
championship.
The son of a Northern Irish garage
owner, Irvine, 46, invested heavily in
property, with around 50 ?ats and houses
to his name – the result of spending only
10% of what he earned.
His portfolio includes four palatial
houses in Miami, several in Milan and
two spacious apartments in Manhattan,
New York. There are also his Irish retreats
in Dalkey, just outside Dublin (he sold
another smaller house there for
around £5m).
Irvine’s biggest visible company asset
in the UK is Chrishardzoe Developments,
a property operation with £566,000 of net
assets in 2008-09.
His massive Eddie Irvine Sports complex
in Bangor, Northern Ireland, seems to
be going from strength to strength as a
popular venue for karting, football and
paintball events.
In all, he is worth around £80m. R
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Horney moved into white goods
retailing and sold his business for £21m
in 1985. Five years later, he took a stake in
St James Beach Hotels, making another
£27m when it was sold in 1993.
Horney, 75, has £1m-worth of share
stakes in four quoted property companies,
including Real Estate Opportunities,
which recently reported a loss of £91.1m in
the last year.
REO owns Battersea Power Station,
which has a £230m expired loan secured
against it. It has been looking for a
long-term equity partner for a £5.5bn
redevelopment, but this is not for the faint-
hearted. Schemes to redevelop the site
have repeatedly run aground since power
production ended three decades ago.
Nonetheless, taking into account other
assets, we value Horney at £80m.
185 £80m
The Earl of Yarborough
CYZ
New entry
The late Earl died in 1991, leaving £67m
in his will. He left Yarborough the family
seat – a 28,000-acre estate near Grimsby.
Yarborough also has some small
property companies with, in all, around
£280,000 net assets. With good
farming land soaring in value, we value
Yarborough, 48, at £80m.
185 £80m
Charles Yeates
WS Yeates
2010: £80m (No change)
Ex-RAF man Charles Yeates, 75, started
in business at the age of 22 and became a
leading dealer in buses and coaches.
Today, his Loughborough-based
company – WS Yeates – is involved in
property and ?ne art.
In 2010, the company showed nearly
£30m net assets. Overseas property and
his art collection take him to £80m.
192 £79m
Melvyn & Delia Grodner
Atmore Properties
2010: £80m (-£1m)
Melvyn, 67, and Delia Grodner, 58, own
Atmore Properties, which made a £6.5m
pro?t on £12.2m sales in 2010-11.
We value the Liverpool-based business
on its £48.5m of net assets. But we can see
at least another three small but separate
businesses with a further £15m of net
assets. Other assets add over £15m.
193 £78m
Jeremy Middleton
Homeserve
2010: £72m (+£6m)
Quoted household repair services group
Homeserve was founded by Richard
Harpin and Jeremy Middleton, who
teamed up in a joint venture with South
Stafordshire Water in 1993.
Growing rapidly, it was demerged from
South Stafs in 2004 and is now worth
nearly £1.56bn. Middleton is not on the
main board but sits on the operating
company board helping to grow the
business.
Middleton, 50, is also a canny property
investor and business angel. He retains a
stake in Walsall-based Homeserve now
worth £50m.
Other assets, including a property
company – Cortonwood 1 – with £3.6m of
net assets, plus past dividends from South
Stafs, should take him to £78m.
193 £78m
David Russell
Property Alliance
2010: £75m (+£3m)
David Russell’s fast-growing private
property empire has teamed up with a
fund management group to invest
£150m in the North West over the
next two years.
One of nine children, Russell trained as a
carpenter in his native Rochdale. He went
to work on a market stall but made his ?rst
fortune in ?tted kitchens.
During the 1980s, he built up the
Farouche Kitchens company. By the
age of 29, he had sold the business for
£12m. A few years in the jet-set world of
supermodels and high living followed.
Today, Russell, 55, spends his time on his
property and construction businesses. The
Russell empire, apart from city centre sites
in Manchester, also includes ofces and
leisure developments in Oxford, Chorley
and Blackburn.
His Property Alliance operation now has
a development and investment portfolio
valued at £240m. It showed £3.2m pro?t
and £57m of net assets in 2009-10. We
value Russell at £78m.
193 £78m
Howard Raymond
1861 Leisure
New entry
Howard Raymond was for many years
estranged from his father, the late
Paul Raymond, porn king and
owner of vast tracts of London’s
Soho. But the pair were reconciled
just before Paul’s death in 2008.
A deep family split over the
direction of the family property
empire was settled recently.
Raymond, 51, took 20% of the
Soho Estates’ property portfolio,
which includes 90 West End
freeholds.
It had net assets of
£378m in 2009, since when
it has been wound up. We
ascribe nearly £76m of
those assets to Raymond.
Other wealth should take
him to £78m.
RAYMOND IS NEW
KING OF SOHO
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Richest women
No Name Wealth (£m)
2 Kirsty Bertarelli 6,870
8 Baroness Howard de Walden 1,820
30 Freddie Linnett 550
53 Charlotte Townshend 342
60 Fawn & India Rose James 302
105 Janet Lefton 162
129 Julia Davey 131
148 Miriam Kraus 113
151 Sally Green 110
192 Delia Grodner 79
198 Debbie Dove 75
205 Sharon Turner 69
226 Amanda Yates 58
231 Elizabeth Abbott 55
239 Janet Knight 50
239 Linda Ashley 50
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ESTATES GAZETTE RICH LIST 2011
197 £76m
William Rankin & Family
Hanro
2010: £61m (+£15m)
Hanro, Newcastle’s largest commercial
property company, snapped up a prime city
centre property at a knock-down price of
£3.25m, a 7.5% yield, earlier this year.
The Bar Luga restaurant and ofce
premises on Grey Street had fetched £5m
at the height of the boom.
Hanro has been lauded for its sensitive
£2.5m redevelopment of the Grade
II-listed Cooper’s Auction Yard building in
Newcastle city centre. The 1897 building,
close to Newcastle Central Station, is a rare
example of a purpose-built, multi-storey
horse, carriage and motor car repository.
The company has invested heavily
in Newcastle’s city centre area around
Grainger Street, with £7.5m of purchases
in recent months. It is chaired by William
Rankin, 80, and, while he has only a small
stake, many of the shares are held in family
trusts.
In 2010, Hanro’s pro?ts came in at
£5.6m on £9.4m sales. With £70.3m net
assets, it should be worth at least that. It
is owned by the wider Rankin family and
trusts. We add £6m for other assets.
198 £75m
Debbie Dove
Spey & Dove
2010: £75m (No change)
After taking her A levels, Debbie Dove took
a holiday job as an estate agent in the late
1970s. Within three years she was branch
manager and she eventually bought the
local North London agency.
Later, Dove, 50, former wife of top
divorce lawyer, Raymond “Jaws” Tooth,
built up her own luxury property portfolio
in the area and ofered interior design
services to wealthy clients. Her portfolio
has been valued at around £80m.
The jewels in her property crown – a
seven-bedroom Victorian mansion with a
neighbouring 18th-century three-bedroom
cottage in north London – were on sale for
£30m.
Cautiously, we settle for £75m.
199 £72m
Austin Baird & Family
Ravenhill Estates
New entry
Austin Baird, 45, is now quietly working as
a property developer through a company
called Ravenhill Estates. It had £8.5m of
net assets in 2010 and Baird owns it all.
The Baird family previously owned
Bairds Chemists, Northern Ireland’s
largest chain of chemist shops. It was taken
over by the Alliance Unichem operation in
May 2005 in an £81m deal.
The family followed this by selling the
chemists’ shops that they still owned for
£20m.
We assume that they reinvested some
of the proceeds in property assets, such
as Ravenhill. After tax and any capital
gains, the Baird family should be worth
£72m today.
200 £72m
Duncan Sinclair & Family
Mountview Estates
2010: £75m (-£3m)
Mountview Estates, the London-based
property company, is now worth £155m.
It declared a full-year pretax pro?t of
£23.6m for 2010-11, down slightly on
the previous year.
The company is chaired by accountant
Duncan Sinclair, 64, and the Sinclair
family’s stake is now worth £67m. We add
another £5m for the family’s other assets.
201 £71m
Owen O’Callaghan
Elendale Investments
New entry
Veteran Irish developer Owen O’Callaghan
is pressing ahead with plans for an €80m
private hospital on Lancaster Quay,
Western Road in Cork city.
O’Callaghan, 71, seems to have escaped
the worst of the Irish recession. He
recently signed a deal with computer giant
Apple, which plans to lease the top two
?oors of a €75m building in a mixed-use
development.
He is also planning a €50m 5,000-seat
event centre in Cork city centre.
Largely avoiding the economic
meltdown through diversi?cation and
the development of property in Prague,
O’Callaghan also made £21m from the
sale of an ofce block in Grafton Street,
London, and £5m from a site at Mahon
Point, Cork, where planning was granted
for more than 240 residential units.
But the overturning of permission to
extend his part-owned Lifey Valley, West
Dublin shopping centre by 700,000 sq ft
cost him £13m.
Even so, the land is worth nearly
£9m and he has another £13m site at
Clonburris, Dublin, also designated for
housing.
His retail, ofce and residential projects
in Cork, at Opera Lane and Half Moon
Street, add £13m to assets that include
40% of the developer Moyglen Holdings
and a large Blackwater Property stake,
both held ofshore, plus an interest in a
trust holding London property.
Given concerns over Ireland’s
shaky economy, we value O’Callaghan
conservatively at £71m.
Richest in Scotland
No Name Wealth (£m)
89 Duke of Buccleuch 180
109 John Lynch 156
127 Sir Tom Farmer 136
158 Robert Adair 100
158 Duke of Roxburghe 100
164 Sir John Mactaggart 97
169 John Muir 92
248 Ben Brodie 45
196 £77m
Michael Heller & Family
London & Associated Properties
2010: £72m (+£5m))
London & Associated Properties chairman
Michael Heller, 75, says he is “cautiously
optimistic” about the future after the ?rm
swung back into the black. In its half-year
results to 30 June 2011, the shopping centre
specialist posted a pretax pro?t of £1.4m,
compared with a loss of £9.8m last year. Its
earnings per share also increased to 1.62p
from a loss per share of 7.23p.
The Hellers have controlled the business
since the early 1970s, with a £17m stake.
They also have a majority stake in the
quoted Bisichi Mining which, together with
other holdings and property interests,
conservatively values the family at
around £77m.
HELLER IS BACK
IN THE BLACK
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RICH LIST 2011
202 £70m
Demi Chervak & Family
High Point Estates
2010: £70m (No change)
Demi Chervak is managing director of
the Harrogate-based High Point Estates
property group. Founded in 1985, High
Point saw its net assets rise from £41.3m
to £43.5m in 2009-10. Chervak, 57, and
his family own it all.
We value the business on the net assets,
and add £25.5m for the net assets of
another ?ve separate Chervak companies
such as High Point (Bury).
With other assets, the Chervaks should
easily be worth £70m in the current
climate.
202 £70m
Philip Davies & Family
Philip J Davies (Holdings)
2010: £65m (+£5m)
Despite leaving the navy to follow the
family footsteps in the rag trade, Philip
Davies decided that investment in real
estate would get him further in life
and so he built up a property portfolio,
mainly in the north.
His company, Philip J Davies
(Holdings), had nearly £22m net assets
in 2009-10.
Private property partnerships take
the 90-year-old entrepreneur’s total
assets to £68m.
202 £70m
Nicholas Porter
Capital Values Group
2010: £70m (No change)
Nick Porter, the 42-year-old entrepreneur
who founded student accommodation
group Unite in 1991, stepped down as chief
executive to become non-executive deputy
chairman at the end of 2006.
He ?nally left the board in May 2010
and is now building his Capital Values
Group. It is working on developments at
the huge King’s Cross regeneration project
in central London.
Share sales and other assets take Porter
to £70m.
205 £69m
Andrew & Sharon Turner
Central Trust
2010: £65m (+£4m)
The lending shortage took its toll on
Central Trust, the Norwich-based ?nancial
broker, which axed up to 180 jobs in
March 2009.
Andrew Turner, 53, the chairman of
Central Trust, is an accountant by trade.
He set up the company in 1987 in a small
London ofce as a broker and lender of
secured loans in the consumer ?nance
sector.
Central Trust’s principal subsidiary is
one of the largest independent ?nance
brokers ofering loans to UK homeowners,
whilst other subsidiaries operate in loan
packaging, mortgage packaging and
telemarketing.
In 2010 it moved back into pro?t,
making £1.8m on £47m sales.
In the current climate we value Central
Trust, which has £88.5m net assets, at
around £67m. Other assets should take
Turner and his wife Sharon, 52, also a
director, to around £69m.
206 £68m
Cavan Pickering & Family
Pickering Properties
2010: £62m (+£6m)
Cavan Pickering is a long-time
Nottingham property and hotel developer
through his company, Pickering
Properties.
The family-owned operation made
£2.5m pro?t on £9m sales in 2009-10,
but it has nearly £27m of net assets.
Pickering, 75, built and ran three hotels
in Nottingham, including the Welbeck,
which was sold in 2002 for £6.5m.
He has been active in the regeneration
of Nottingham’s famous Lace Market
area, and has also built property in
America.
Other family assets, such as Pickering
Developments, with £61m of net assets in
2010-11, should take the wider Pickering
family to £68m easily, allowing for any
double counting.
207 £67m
Bruce Jarvis & Family
Ravensale
2010: £80m (-£13m)
A low-key London property developer,
Bruce Jarvis is active in the Paddington
area on prestige developments with the
Reuben brothers. We can see £18.6m
of net assets in their European Land &
Property joint venture company.
Jarvis’s main company, Ravensale, saw
its net assets drop sharply in 2009-10 from
£26.6m to £14m. With this fall, we clip
Jarvis, 63, back to £67m.
208 £66m
Patrick Doherty & Family
Harcourt Developments
2010: £93m (-£27m)
Donegal developer Patrick Doherty’s
most high-pro?le work is the £700m
redevelopment of Belfast’s Harland &
Wolf shipyard, where the Titanic was
built.
Doherty has given most of Harcourt to
his children. In 2009, the company lost
£21.2m but it has £94.4m net assets.
Doherty, 69, also has substantial hotel,
transport and property assets in the
Caribbean. But in the current climate he is
worth £66m.
208 £66m
James Egan
Broomford Holdings
2010: £65m (+£1m)
London-based Broomford Holdings
showed £48.6m net assets in its 2009-10
accounts. We can see another £11.2m of
net assets in the 2009-10 accounts of three
further but separate Egan companies.
James Egan bought Noel Edmonds’ west
country home after the TV star’s marriage
broke up in 2005. It was reported to have
been sold for around £10m.
We value Egan, 70, at £66m.
208 £66m
Paul Leach & Family
Hubert C Leach
New entry
Buntingford-based Leach Homes was
founded by Hubert Leach, a man of
high principles, who laid down strict
guidelines of quality and craftsmanship.
It was in 1931 whilst working as a builders
merchant, that he built his own home and
moved into housebuilding.
Today, Paul Leach, 83, his son, leads
the business in house building and
commercial development.
It is currently working on nine sites and
work is set to start soon on another three.
Most of its sites are in the Hertfordshire
area; the others are in Cambridge and
Milton Keynes.
Hubert C Leach, the parent company, is
a pretty solid operation and made £3.1m
pro?t on £17.2m sales in 2010. It has a
very strong balance sheet, with nearly
£53m of net assets and low borrowings.
Other Leach family businesses we can see,
including Swan?eld (Hamels), together
had around £10m net assets in 2010.
The Leach family take little out of the
businesses and we value them at around
£64m, adding £2m for other assets.
Richest in East Midlands
No Name Wealth (£m)
30 Freddie Linnett 550
50 David Wilson 360
106 Rashid & Aziz Tayub 160
112 Charles Clowes 150
185 Peter Gadsby 80
185 Charles Yeates 80
206 Cavan Pickering 68
216 Douglas Woolf 64
239 Robert Jolly 50
RIL_121111_044-051 45 3/11/11 12:10:58
ESTATES GAZETTE RICH LIST 2011
www.estatesgazette.com 46 12 November 2011
RICH LIST 2011
211 £65m
Gavin Howard & Family
Howard Investment Co
New entry
Gavin Howard, 42, has taken over from
his late father in this list. The two main
family property companies, Cambridge-
based Howard Investment Co and Howard
Ventures, together had more than £65m
net assets in 2010. We value the family
on that ?gure.
211 £65m
Mark & Kathleen Kavanagh
Hardwicke
2010: £69m (-£4m)
Dublin property developer Mark
Kavanagh has been involved in prestige
projects such as Dublin’s International
Financial Services Centre.
A prominent backer of Fianna Fail,
Kavanagh, 66, and his wife Kathleen, 50,
show two main companies, Hardwicke
and Kopian, with £53.5m of net assets
between them in their 2005-06 accounts,
the last published.
The former Wicklow-based couple now
live in Switzerland. Taking into account
their other assets, we value the Kavanaghs
at £65m.
211 £65m
Raymond Mould
London & Stamford
2010: £60m (+£5m)
Raymond Mould is looking to make his
third fortune with his latest property
company, London & Stamford Property.
It ?oated on the stock market in late 2007,
valued at £248m. It is now worth £654m
as investors back Mould’s ability to ?nd
property bargains at rock bottom prices.
Until May 2010, Mould also chaired
Arena Leisure, the quoted horseracing
group, which is entirely appropriate for
such an enthusiastic follower of the turf
and owner of a string of horses.
Mould quali?ed as a solicitor in 1964
and became a tax specialist. But he
switched to property and formed the
Arlington Group in 1976. It was sold to
British Aerospace for £279m in 1989.
Mould, who collected £19m from the
sale of his Arlington stake, started again
with Pillar Property, which ?oated on
the stock market in 1994. His stake in
Pillar was worth £34m when an £811m
takeover by British Land was agreed in
May 2005.
He also has a £22m stake in London &
Stamford. With earlier share sale proceeds
and his extensive racing interests, we
reckon 70-year-old Mould is worth £65m
after tax.
211 £65m
David Metter
Innisfree Group
2010: £56m (+£9m)
South African-born David Metter set up
Innisfree in the mid-1990s after a career in
the construction and property investment
business.
While the Private Finance Initiative was
still in its infancy, he sold the idea of a
specialist PFI investment vehicle to Hermes,
the giant BT pension fund that took a near
36% shareholding in Innisfree, though it
sold it back to Metter in 2006 for £13m.
Metter, 59, now has a 72% stake held
via a Jersey trust. Innisfree, based in the
City, employs just 14 people, but owns or
co-owns 28 NHS hospitals, 269 schools,
the Whitehall HQ of the Ministry of
Defence, a Scottish motorway and a
Welsh jail.
It made a £9.6m pro?t on £18.1m of
sales in 2009-10 and should be worth
£80m on these ?gures, valuing Metter’s
stake at around £58m.
He has had £17m in past salaries and
dividends since 2002. After tax, he should
be worth £65m.
211 £65m
Jim Leavesley & Family
Evans Property Holdings
2010: £65m (No change)
Leavesley deals in surplus military
equipment and also breaks up ships. But
the Leavesley family wealth now comes
mainly from property, particularly the
Midlands group St Modwen.
It was in the mid-1960s, when the big
brewers started upgrading their sites,
that Leavesley bought some redundant
Bass and Worthington buildings with his
brother-in-law, the late Sir Stan Clarke,
to set up St Modwen Properties. He has a
£33.5m stake there.
But Leavesley, 81, has also been involved
in another large business – Evans Property
Holdings, the Leeds property group
dominated by the Evans family. Its parent
company, Brightsea EPH, showed an £8.4m
pro?t and £440m net assets in 2009-10.
The family company, JD Leavesley, was
founded after the First World War when
James Leavesley Snr bought a few items of
equipment from the British army and sold
them from his home in Stafordshire.
Today, JT Leavesley is easily worth its
£12m of net assets. With other assets, such
as a pig rearing operation and a smaller
property company, the Leavesley family
should be worth £65m.
216 £64m
David Dangoor & Family
Monopro
2010: £50m (+£14m)
David Dangoor, 62, runs Monopro, a
family-dominated property company
based in London. In 2009-10, Monopro
made a £1.2m pro?t on £4.1m sales. With
more than £61.3m of net assets, it is worth
that sum.
But a number of other small companies
such as Discdale Limited, add perhaps
another £3m in asset value, taking the
Dangoor family to £64m.
216 £64m
Douglas Woolf & Family
Romulus Holdings
2010: £55m (+£9m)
Romulus Holdings, the Leicester-based
property group owned by 74-year-old
Douglas Woolf and his family trusts,
should easily be worth £59m in the
current climate.
The company showed £59.3m net
assets in 2009-10 when it made £1m
pro?t on £12.4m sales. We add £5m after
tax for past salaries and other assets, taking
the Woolf family to £64m.
218 £62m
Glyn Watkin Jones & Family
Watkin Jones
2010: £54m (+£8m)
Property-to-construction group Watkin
Jones saw sales rise sharply in 2010 from
Richest by star sign
Note: there are more than 250 in total as some entries include two,
or even three, people from the same family
Star sign Number of Rich List members
Gemini 32
Capricorn 28
Cancer 26
Leo 25
Taurus 24
Libra 22
Aries 21
Aquarius 20
Sagittarius 20
Pisces 19
Virgo 19
Scorpio 18
Raymond Mould
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RICH LIST 2011
£95.9m to £142m. The group, which
has projects all over the UK, also reported
pro?ts down from £12.2m to £10.6m. It
should be worth its £60m net assets.
The company recently unveiled a £50m
proposal to transform Birmingham’s
former central ?re station and West
Midlands ?re service headquarters into a
student accommodation block.
Glyn Watkin Jones, 66, is the eighth
generation to run the Bangor-based
?rm, which was founded in 1791, and
his son, Mark, is now taking over more
responsibility on the board as a ninth-
generation family member.
The company has done well from
doing general construction work and
building student accommodation, helping
to shield it from the credit crunch and
housebuilding collapse.
In 2007 it successfully completed
developments in Salford, Brighton and
Birmingham.
The Watkin Jones family also has a small
company called Heritage Holdings (North
Wales) and, taking into account other
assets, we value them at £62m.
219 £61m
Solomon Potel & Family
Fairholme Estates (Holdings)
2010: £57m (+£4m)
In the year to August 2010, Fairholme
Estates made £3.1m pro?t on £4.6m
sales. It has more than £60.4m in net
assets and we value the business on this
?gure.
Fairholme Estates, a London-based
property developer and building
contractor, is owned by chartered
accountant Solomon Potel, 78, and his
family trusts. Other assets take the Potel
family to £61m.
220 £60m
Mo Chaudry & Family
MIC Properties
New entry
Born and raised in a remote village in
Pakistan, Mo Chaudry moved to Britain in
1969 with his parents and settled in Luton.
His family later moved to Telford.
Chaudry attended Stafordshire
University where his natural sporting
talent was tested. He won a silver medal
for weightlifting at the 1982 Student
Olympics, and also several caps as a
Warwickshire under-19 cricketer.
After university, he worked in ?nancial
services before moving into property.
He has also entered the leisure industry,
buying the then loss-making Waterworld
theme park from Rank in 1999 for a
knockdown price.
Chaudry, 51, has turned it into Stoke’s
most popular tourist attraction.
Plans for a £3m expansion this year
include a 20,000 sq ft extension to the
venue, encompassing two new diners,
a rapids feature and an extension to the
family zone. It is anticipated that visitor
numbers will rise from just under 400,000
to 750,000, injecting a further £20m into
the region’s economy.
Chaudry’s property and Waterworld
operations are progressing from strength
to strength. His MIC Properties operation
had net assets of around £15.4m at the
end of 2010.
With the Waterworks development and
other assets, Chaudry is worth around
£60m.
220 £60m
Melvyn Cooper & Family
Mountcharm
2010: £53m (+£7m)
Mel Cooper and his family own and run
Barnet-based Mountcharm. Cooper
shrewdly sold 90% of its portfolio in 2005
and 2006 at the top of the market and
concentrated on development.
But the company has returned to the
market, buying properties quickly. In
May 2009, for example, Mountcharm
completed two deals totalling almost
220 £60m
Michael Slade
Helical Bar
2010: £73m (-£13m)
Michael Slade, a 65-year-old veteran
property developer, is the chief executive
of London-based Helical Bar, which sold
£42m worth of assets and bought £17m
worth of properties in a three-month
period until the end of June. The company
is now embarking on a joint venture to build
63 homes in Exeter.
Slade is working through his fourth
property downturn. Recently, he warned
that recovery might take until 2012.
But, reckoning the market boom was
ending, Slade was shrewd enough to sell
investments in 2005 and 2006.
He may have been a year early but
Helical Bar ended up as one of the best-
placed of quoted property companies.
Slade, regarded as one of the most astute
developers in the quoted property sector,
hails from Port Isaac in Cornwall. Working
hard at school and the College of Estate
Management to please his parents, he
quali?ed as a chartered surveyor and later
dabbled in property overseas.
Slade’s stake in Helical Bar has not been
immune from the market crash and it is
now worth £27m.
But his past salaries, share options and
dividend gains, stakes in other ventures
such as Interactive Digital Broadcasting
and Europa Property Investments, plus his
own property assets, should easily take
him to £60m after tax.
SLADE SEES NO
BAR TO RICHES
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RICH LIST 2011
£20m, one of which was agreed in just
24 hours. Mountcharm’s net assets were
nearly £50m at the end of 2010. Other
smaller company assets add another £4m.
In May 2006, through a company
called Pixie, Cooper, 70, bought a prestige
building in Tel Aviv. He sold it two years
later for around double the price. Taking
other assets into account, we value the
Cooper family at perhaps £60m.
220 £60m
David Gradel & Family
UK Estates
2010: £60m (No change)
David Gradel’s family were involved in
property development in the north in the
1960s. Gradel, 62, came into the business
in the late 1980s and ran UK Estates, a
quoted property operation, where the
family had a large stake.
The Gradels eventually took UK Estates
private and now, through various trusts,
own most of the shares.
The company had £47.3m net assets in
its 2009-10 accounts. However, the family
has signi?cant wealth outside UK Estates,
including large property portfolios in
Glasgow, Leeds and Birmingham.
Gradel’s background was in property,
banking and ?nance. He was a vice-
president of US bank Security and Paci?c
National Bank before taking up his present
role at UK Estates in 1987.
The previous generation of the family
shrewdly cut borrowings and sold a lot of
property before the early 1990s’ crash. We
stick at a £60m valuation.
220 £60m
Paul Rooney
Arun Estate Agencies
New entry
Pro?ts rose at Horsham-based Arun Estate
Agencies in 2010 from £2.8m to £5.6m
on sales up a sprightly £10m at £51.4m.
While the business looks in good shape
with a strong balance sheet and minimal
borrowings, it has not been immune from
the difcult economic climate for estate
agency chains.
But its ?nancial strength looks like
prudent management by owner Paul
Rooney, one of Britain’s top estate agents.
His move to the sector’s premier league
came in 1991 when he bought 98 estate
agency branches from the Pru for £2m to
add to his then 10-strong chain.
He changed the name of the business
from Rooney & Co to Arun Estate Agencies
and never looked back.
With branches across London and south
east England, Arun is now the largest
independent chain of estate agents in the
South East.
It has added ?nancial services and
chartered surveying to its ofering. We
of land to large computer companies such
as Dell and Hewlett Packard, raising more
than £40m.
After tax, Nike should be worth at least
£58m in today’s market.
226 £58m
Richard Ross & Family
Regentsmead
2010: £48m (+£10m)
Richard Ross, 69, is chair of development
?nance ?rm Regentsmead, which was
created in 1934 by his immigrant father. Its
net assets came in at more than £58m in
2009-10, and we value it on that amount.
Ross’s parents established the charity
Rosetrees on their golden anniversary. It
funds cutting-edge medical research by
way of grants.
In all, it has funded over £35m of
research, and the family hope to raise more
than £100m. The charity had a 2010-11
income of £2.5m.
226 £58m
Amanda Yates & Family
Yates Property Holdings
2010: £58m (No change)
The London-based company, Yates
Property Holdings, showed assets of nearly
£58m in the 2009-10 accounts.
Amanda Yates, 62, is a director of the
?rm, which is owned by the Yates family
and trusts, and is here representing the
wider family.
In the current climate, we value the
business and family on the net assets.
229 £57m
James Watts & Family
CA TP 3
New entry
The net assets at CA TP 3 Ltd, an oddly-
named Essex property operation, came
in at £35.3m in 2009-10. The business is
owned by James Watts, 73, and his family.
Among its schemes is the Tollgate Retail
Park near Colchester.
The Watts family also has other smaller
but separate property groups with another
£22.3m of net assets in 2009-10.
Property Associates is the largest, with
£14.2m net assets. We reckon the Watts
family should be worth £57m.
230 £56m
Robin Tomkins & Family
Frincon Securities
2010: £56m (No change)
Robin Tomkins, 85, started as an estate
agent in Essex but built up a pro?table
property business which was taken over
by Grainger Trust, the quoted property
value the business at around £35m.
Past salaries and dividends should take
Rooney, 64, to £60m.
225 £59m
Rupert Mucklow & Family
A & J Mucklow
2010: £66m (-£7m)
Birmingham property group A&J
Mucklow is looking to start prelet
development again, if tenant demand
holds up for the rest of the year.
Chairman Rupert Mucklow, 48, says
there is only a small supply of quality
industrial space currently available in the
Midlands, so any increase in demand is
likely to cause rental values to harden and
incentives to reduce, which will bene?t
the value of the company’s investment
portfolio.
He took over the running of the business,
which has a large family shareholding,
when his father, Albert, retired as
chairman in 2004. The company ?oated
on the stock market in 1962 and ceased
house building in the 1990s to concentrate
on property. It reported an interim pretax
pro?t of £4.8m in February.
The Mucklow family has a 31.7% stake
now worth £57m. Past salaries and
dividends add £2m.
226 £58m
John Nike & Family
Nike Land Securities
2010: £58m (No change)
John Nike, the Bracknell-based leisure
and property entrepreneur, has patented
a new kind of arti?cial ski slope surface
that he hopes will avoid common friction
injuries. As he has a large ski slope in
Bracknell, his new invention will come in
very handy.
With interests in property, car dealing
and leisure, Nike is best known locally for
the John Nike Stadium, though it is
afectionately known as the Beehive. The
stadium is owned by Nike Land Securities,
a company run and owned by Nike.
Though Nike Land made a £1.8m loss
on £72m sales in 2009-10, it still has
nearly £22m of net assets.
Nike, 76, owns all the business with his
family and trusts. But he also has 50 acres
of land in Bracknell. It was bought in the
1960s and carries no debt.
In addition, Nike has already sold tracts
Five youngest
Name Wealth (£m) Age
India Rose James 302 20
Fawn James 302 25
Zef Eisenberg 82 38
James Sellar 190 38
Kirsty Bertarelli 6,870 40
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www.estatesgazette.com 12 November 2011 49
RICH LIST 2011
company, for £61m in October 1994. After
the takeover, he sat on the Grainger board
and had a sizeable stake.
But he is no longer a director or listed as
a major shareholder. Our sources in Essex
report that he has handed the bulk of the
sale proceeds to his family, but we cannot
con?rm this.
In 2006, Tomkins sold of the Triangle
shopping complex he created in Frinton-
on-Sea for an undisclosed price, described
locally as “many millions”.
It was sold by the Tomkins family
property operation, Frincon Securities,
which in 2010 showed £1.2m net assets.
With the recent sale and the net assets
in Frincon, we value the Tomkins family at
£56m after tax.
231 £55m
Elizabeth Abbott & Family
Abbott Bros Holdings
2010: £55m (No change)
Abbott Bros, a St Albans-based property
investment company, made a £1.9m pro?t
and had £44.2m of net assets in 2008-09.
However, in late 2009, it was wound up
and put into voluntary liquidation by its
directors.
In a declaration of solvency, it was stated
that the company’s assets were £45.9m
and its liabilities just £773,000.
Elizabeth Abbott, 57, is a director and
represents the family as a whole who, with
their trusts, own all the shares.
The company assets are worth £45.2m.
Past dividends and other assets should
take the Abbott family to £55m, allowing
for tax.
231 £55m
Peter Dosanjh & Family
The Monarch Partnership
New entry
Peter Dosanjh left school without any
formal education and began work for an
energy cost consultancy in Croydon in 1975.
Despite persistent requests, the
company would not promote Dosanjh,
so he set up his own companies in 1987
known as The Monarch Partnership and
The Monarch Partnership Ltd, specialising
in utility cost consultancy.
Dosanjh, 55, has certainly achieved his
aim, as his companies make annual pro?ts
in the region of £1.2m.
He has increased his property holdings
and is an active investor in the market. The
Dosanjh family is easily worth £55m.
231 £55m
John and Stephen Rose?eld
Endeavour
2010: £50m (+£5m)
John, 67, and Stephen Rose?eld, 58, are
directors of Endeavour, a low-key London
property group.
The Rose?eld family and family trusts
own Endeavour, which made £965,000
pro?t on £7m sales in 2009-10. In the
same accounting period, its net assets rose
to £36.2m.
But its subsidiary, Estates & Agency
Holdings, shows £72.8m of net assets in
the same period. As a result, we value the
wider Rose?eld family at around £55m in
the current climate.
234 £54m
Richard Higgins & Family
Higgins Group PLC
2010: £52m (+£2m)
The redevelopment of east London in
preparation for the Olympic Games has
proved a boost for the family-owned
construction and property group. Its
pro?ts came in at £2m on £182.6m
sales in 2009-10.
The Essex-based operation was founded
in 1960 by the late Derek Higgins, who
died in December 2004. His three sons are
directors, led by the eldest, Richard, 55,
who is chairman and here representing the
family as a whole.
We value the company on its near £52m
net assets, and add £2m for other assets.
236 £52m
Mark Kay
ROK Property Solutions
2010: £52m (No change)
Chartered surveyor Mark Kay is a
prominent South West developer who
founded the Rockeagle operation in
Exeter. His father was a former
vice-chancellor of Exeter University.
In 2001, he sold the business to the
local EBC construction ?rm in a £14.7m
deal and the business was renamed ROK
Property Solutions.
Kay joined the board of the quoted
group as property director, but he left the
board and in August 2005 sold his stake
for £14.3m. At the same time, it was
reported that he was suing the company
VAUGHAN: A SERIAL ENTREPRENEUR
234 £54m
Patrick Vaughan
London & Stamford Property
New entry
London & Stamford Property is the latest
property company run by two of the
industry’s serial entrepreneurs, Raymond
Mould and Patrick Vaughan. The ?rm,
which bids to buy assets from distressed
sellers, ?oated on the Aim in late 2007
valued at £248m. It is now worth £654m.
Vaughan and Mould set up the Arlington
property company in 1976
and sold it to British Aerospace for
£279m 13 years later. Later, they ran the
Pillar property group – ?oated in
1994 – which was sold in May
2005 to British Land in
an agreed £811m
takeover.
Vaughan
collected £9m
from the sale
of his shares
in Arlington,
followed by
another
£26m from
his shares
and options
in Pillar. He
has an £22m
stake in London
& Stamford. Earlier
share sale proceeds and
past salaries take Vaughan,
64, to £54m after tax.
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for what he claimed were unpaid bonuses
of £5m. In July 2006, ROK agreed to pay
£1.25m in an out-of-court settlement, and
we add that ?gure to our calculations.
But Kay also has around £30.9m of
net assets we can see in companies such as
Eagle One Investment Holdings and some
other, smaller ?rms in 2009-10. With
other assets, Kay, 61, is a £52m man.
236 £52m
Graham Mellstrom & Family
Glen House Estates
New entry
Property tycoon and farmer Graham
Mellstrom is busy restoring the historic
Woolhanger Estate manor house on
Exmoor. In 1997 he was beaten by a local
syndicate in his eforts to take over the
Scottish island of Eigg.
Mellstrom, who left school at 16, started
his ?rst business venture just after the war
when milk was rationed. He did a milk
round in the morning and trained to be
a chartered accountant during the day.
It paid of: his family own Glen House
Estates, a property group with £16.5m of
net assets in 2010.
Aside from his property ?rm and the
Devon estate, the 80-year-old Mellstrom
also has some choice agricultural land and
estates in Hampshire, Northumberland
and Lincolnshire worth a further £25m.
In addition, an industrial estate and
huge cattle station in Australia are worth
around £7m. With the addition of
private assets, and after allowing for debt,
Mellstrom and his family are worth £52m.
236 £52m
Engrez & Palminder Singh Sanghera
SEP Properties
New entry
Engrez, 48, and Palminder Singh Sanghera,
47, run SEP Properties, a Wolverhampton
real estate operation. Early in 2010, SEP
Properties bought the failed Threshers of-
licence brand, along with the Bottoms Up,
The Local and Victoria Wine trademarks
from the administrator.
SEP also bought 23 stores, which it
intended to trade under the Bottoms Up
name, along with its four existing Dave’s
Discount stores in the West Midlands.
In 2009-10, SEP made a £1.9m pro?t
and showed £46.3m net assets. With at
least another £2m of net assets in other
smaller property companies, we value the
Sangheras at £52m.
239 £50m
Linda Ashley
Current Design
2010: £50m (No change)
As a property developer, Ashley has stakes
in several small businesses, including
Watford-based Current Design.
Swedish-born Ashley, 45, is the ex-wife
of Mike Ashley, the sportswear billionaire
who also owns Newcastle United FC.
With her divorce settlement, she is
worth at least £50m.
239 £50m
Robert Jolly & Family
Limes Developments
2010: £50m (No change)
Limes Developments is a pro?table Lincoln
developer which was started in 1986, and is
owned by Robert Jolly, 74, and his family.
In 2010, it made a hefty £2.4m pro?t
on £3.2m sales but its net assets came in
at £44m. The Jolly family also owns the
separate Limes Estates with £6.4m net
assets.
Limes Developments is particularly
good at developing sites for supermarkets
and the like in the East Midlands.
In the current climate, we value the Jolly
family at £50m.
239 £50m
Ashley Whittome & Family
Avon Capital Estates (Australia)
New entry
Ashley Whittome, a former star banker
at Credit Suisse First Boston, is heavily
involved in property through a number of
small Hampshire-based companies.
The largest, owned by his family, is
Avon Capital Estates (Australia) which
made £1.7m pro?t on £11.3m sales in
2010 when its net assets rose by over
£5m to £33.6m.
Other companies, such as Whittome
Holdings, add another £14.4m of net
assets. With his earnings from CSFB
added, Whittome, 48, should easily be
worth £50m.
239 £50m
Jerry & Janet Knight
Lexadon
2010: £50m (No change)
Owned by its directors, husband-and-
wife team Jerry, 55, and Janet Knight,
53, Lexadon is a London-based property
company.
Jerry Knight left school and went to
college to retake A levels but dropped out
and followed his wife’s brother into the
plumbing trade. After four years with
a small ?rm in west London, he met a
fellow plumber who played in the same
football team and they started Lexadon
in 1980.
They did plumbing and central heating
in various projects across London for
property developers.
After working all hours, they saved
enough to buy a three-storey house just
of Clapham High Street in 1982. They
converted it into three ?ats and sold them
on for a small pro?t.
For the next 18 years, Lexadon was
active in Clapham and Brixton, buying up
and converting properties, often problem
homes bought at auction from Lambeth
council.
Knight’s partner left in 1986 for
Australia. In 2000, Lexadon moved to
work on bigger developments. It retained
many of the properties and its net assets
came in at £30.2m in 2010.
Other assets and property take the
Knights to around £50m.
244 £48m
Brian Moss & Family
GAT Holdings
2010: £46m (+£2m)
Brian Moss, an engineer by training, runs
GAT Holdings, a property group based in
South Wales.
The company made £1.5m pro?t on
£3.3m sales in 2009-10 when its net
assets rose to nearly £32m. The business,
which is owned by the Moss family and
trusts, should easily be worth £32m.
Moss, 75, also founded Nuaire Holdings,
a South Wales-based air conditioning
manufacturer, which was sold for £38m in
March 2004.
In total, allowing for tax, the Moss family
is worth around £48m.
244 £48m
Mark Drans?eld

& Family
Drans?eld Properties
New entry
Drans?eld Properties has ?nished work on
its new £32m Sanderson shopping mall
in Morpeth, Northumberland, con?rming
the award-winning company's reputation
as one of the north's leading retailing
developers.
Drans?eld's recent projects have
included the £39m Gainsborough
Marshall's Yard retail complex. The
Barnsley-based operation is run by its
MD Mark Drans?eld, 49.
Started in 1992, it made £629,000
pro?t on £6.8m sales in the year to
September 2010. We value the business
on its £43.8m net assets. Other assets
take the Drans?eld family to £48m.
246 £47m
Andrew Perloff & Family
Panther Securities
New entry
Panther Securities has been increasingly
active this year. Among other things, it
won planning permission for a 450,000
sq ft £100m scheme in Birmingham,
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RICH LIST 2011
www.estatesgazette.com 12 November 2011 51
RICH LIST 2011
which will include a casino and a new
headquarters for the Girl Guides.
Pro?ts are up and the company secured
a new banking facility with HSBC and
Santander worth £75m for future
investments.
Andrew Perlof, a 67-year-old veteran
property man, has been running Potters
Bar-based Panther Securities since 1972
and quietly delivering decent returns to his
investors.
He is renowned in the City for his
annual report, which contains his pearls of
wisdom on life and the universe under the
heading of chairman’s ramblings.
His family has a £42.5m stake in
Panther, including family trusts. Other
stakes in quoted companies add around
£5m, taking the Perlofs to £47m.
247 £46m
John Elkington
Penhurst Properties
New entry
John Elkington owns Kent-based
Penhurst Properties. Its portfolio of more
than 300 properties has net assets of
£27m with an annual income in excess of
£3m.
Most of the properties were acquired in
the early 1990s and, as such, have seen very
considerable growth in value. A number of
the units are let to Notting Hill Housing on
long-term leases.
The strong balance sheet shows
substantial cash reserves, leaving the group
well placed to acquire more properties in a
buyer’s market.
In addition to Penhurst, we see
numerous trusts and companies that lead
back to Elkington and his direct family,
all of which have virtually no debt and
signi?cant income from its 40-strong
property portfolio. Past hefty dividends
and share buy-backs would take Elkington
easily to £46m.
248 £45m
Christopher Ure & Family
ATC Properties
2010: £45m (No change)
Christopher Ure’s ATC Properties made
£1.6m pro?t on £4.5m sales in 2009-10,
when it showed £39.5m net assets.
Ure’s great-grandfather George
Watson launched Associated Tower
Cinemas in Leeds in 1932 and it grew to
operate a dozen cinemas and ballrooms
in Yorkshire. However, the decline in
audiences at small cinemas led him
to diversify into the property market
and to develop bars and restaurants in
Headingley.
ATC Properties is owned by Ure and his
family trusts and we value the business at
£40m. Past dividends and other assets
should easily take the Ures to £45m.
248 £45m
Ben Brodie
Carrick Capital
2010: £45m (No change)
A former electrical contracting apprentice,
Ben Brodie founded Glasgow-based
Carrick Care Homes in 1986 with its
?rst home in Prestwick, Ayrshire. Brodie
owned all the business until its sale to Bupa
in September 2004 for more than £40m.
Brodie, 59, is now involved in property
development through Bothwell Bridge
Estates, which showed £402,000 net
assets in 2009-10. Following the success of
his other investments in China and India
and, of course, the Bupa sale, we value him
at around £45m.
250 £44m
Charles Lousada & Family
Lousada
New entry
Charles Lousada founded his property
company, Lousada plc, in 1969 and
was in the news in the early 1990s when
he took over the Invest In Britain
campaign.
Bedford-based Lousada made a £1.1m
pro?t in the year to September 2010.
With £42.6m net assets, it is worth £43m
in the current economic climate. It is
owned by the Lousada family.
Other assets, including a stake in
Telford Property, add £1m to the
family wealth.
239 £50m
Tony Bloom
Blue Lizard Consulting
New entry
American Express will, it appears, do
nicely for Brighton FC fans. The Seagulls
signed a multi-year naming rights
agreement for their new £93m venue last
July. The 22,500-seat arena, now known
as the American Express Community
Stadium, opened for the 2011-12 season.
It is the brainchild of chairman Tony
Bloom, who took over in 2009 and
appointed former Chelsea star and
assistant Spurs manager Gus Poyet
as manager. Under Poyet, the Seagulls
clinched promotion to the Championship
in April.
Bloom, 41, has been reported as
injecting £80m into the club to fund its
new Falmer stadium. Described, with
Brighton's promotion, as the Roman
Abramovich of League One, Bloom has
converted £18m of loans to the club
into shares, making him the majority
shareholder with a 75.61% stake.
He is one of Britain’s top poker players,
his interest in gambling having started at
the age of seven when he lost his pocket
money on fruit machines.
He later made his real money by
launching the online gaming ?rm,
Premierbet, in 2002. It was taken over
in 2005 and Bloom moved into property
development in Brighton.
His main company, Blue Lizard
Consulting, showed £5.4m net assets
in 2009-10. In all, four of his companies
have £10m net assets. Cautiously, we value
Bloom at around £50m, as any return on
the Seagulls investment will depend on the
club making it to the Premiership.
BLOOM GOES ALL IN WITH SEAGULLS
R
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ESTATES GAZETTE
www.estatesgazette.com 52 12 November 2011
RICH LIST 2011 ESTATES GAZETTE
Alphabetical index New entrants are shown in brown
Abbott, Elizabeth & Family 231 55 55 0
Adair, Robert 158 100 – –
Ainscough, Martin & Family 81 205 200 5
Allen, Bert & Maurice 67 260 208 42
Anstruther-Gough-Calthorpe, Sir Euan 106 160 160 0
Ashley, Linda 239 50 50 0
Astor, Family 85 198 – –
Baird, Austin & Family 199 72 – –
Barclay, Sir David & Sir Frederick 5 2,200 1,800 400
Baylis, Family 147 115 – –
Beckwith, Sir John & Peter 52 350 270 80
Bedford, The Duke of 32 520 490 30
Berkley, John & Family 98 170 160 10
Bernerd, Elliott 145 119 119 0
Bertarelli, Ernesto & Kirsty 2 6,870 – –
Bertram, Kip & Family 181 82 80 2
Bilton, Anton & Family 131 130 100 30
Birrane, Martin 176 85 110 -25
Bloom, Tony 239 50 – –
Bourne, Robert & Green, Sally 151 110 110 0
Boyd, Frank & Family 101 65 160 -95
Bradshaw, Keith & Family 124 140 – –
Bramall, Tony & Family 122 144 132 12
Brennan, Joseph & Family 82 201 197 4
Brodie, Ben 248 45 45 0
Brooksbank, John 165 95 89 6
Brotherton-Ratcliffe, Anthony 112 150 135 15
Buccleuch, The Duke of & Family 89 180 180 0
Burke, Frank & Family 155 105 105 0
Caddick, Paul & Family 112 150 150 0
Cadogan, Earl & Family 4 2,850 2,500 350
Capstick-Dale, Nick 91 175 148 27
Caring, Richard 23 700 600 100
Caudwell, John 10 1,500 1,400 100
Chamberlain, John & Family 181 82 81 1
Charles, Prince 25 680 680 0
Chaudry, Mo & Family 220 60 – –
Chervak, Demi & Family 202 70 70 0
Clare, Michael 73 237 – –
Clark, Robin & Family 137 124 110 14
Clarke Family 42 400 400 0
Clarke, Simon & Family 176 85 100 -15
Clowes, Charles 112 150 150 0
Coffer, David 91 175 175 0
Cola, Bakir & Family 138 120 80 40
Cole, Terence 91 175 175 0
Cooper, Melvyn & Family 220 60 53 7
Creighton, Andrew 138 120 120 0
Dangoor, David & Family 216 64 50 14
Davey, Julia 129 131 131 0
Davidson, Manny & Family 78 220 220 0
Davies, Philip & Family 202 68 65 3
Dawson, Peter & Family 132 130 112 18
Dellal, Jack 40 445 450 -5
Dennis, Cyril & Family 132 130 130 0
Desmond, Dermot 13 1,300 – –
Desmond, Danny 169 92 80 12
Dixon, Mark 58 300 330 -30
Doherty, Patrick & Family 208 66 93 -27
Dosanjh, Peter & Family 231 55 – –
Dove, Debbie 198 75 75 0
Drans?eld, Mark & Family 244 48 – –
Dudding, Rodger 112 150 – –
Dunsdon, John & Family 122 144 130 14
Edmiston, Lord 42 400 320 80
Egan, James 208 66 65 1
Eisenberg, Zef 181 82 – –
Elkington, John 247 46 46 0
Englander, Eliasz & Family 101 165 162 3
Evans, Michael & Family 35 490 400 90
Farmer, Sir Tom 127 136 115 21
Feldman, Heinrich & Family 146 115 115 0
Folkes, Con & Family 172 90 85 5
Foster, Lord 112 150 168 -18
Freshwater, Benzion & Family 19 785 732 53
Gabbay, David & Family 91 175 150 25
Gadsby, Peter 185 80 80 0
Gadsden, Eric 120 145 113 32
Gallagher, Tony 42 400 425 -25
Garrard, Sir David 165 95 95 0
Gordon, Sir Donald & Family 26 630 580 50
Gorvy, Manfred & Family 70 250 195 55
Gosling, Sir Donald 39 450 450 0
Gould, Nicholas & Peter 155 105 80 25
Gradel, David & Family 220 60 60 0
Gredley, Bill & Family 155 105 118 -13
Green, Peter 21 725 650 75
Grodner, Melvyn & Delia 192 79 80 -1
Grove, Eric 151 110 110 0
Guthrie, John & Family 110 155 135 20
Hackmey, Joseph 61 300 – –
Healey, Eddie & Malcolm 11 1,500 750 750
Heller, Michael & Family 196 77 72 5
Hemmings, Trevor 29 550 500 50
Herbert, Michael & Family 97 171 160 11
Higgins, Richard & Family 234 54 52 2
Hindle, John & Family 84 198 130 68
Hines, Gerald 18 800 800 0
Hitchcox, John 172 90 90 0
Hitchins, Jonathan & Family 148 113 112 1
Hobson, Ronald 38 470 470 0
Horney, Ray 185 80 90 -10
Horton, Peter & Family 128 134 110 24
Howard, Gavin & Family 211 65 – –
Howard de Walden, Baroness 8 1,820 1,400 420
Hunt, Michael & Family 112 150 – –
Hunt, Jon 17 875 660 215
Hyams, Harry 55 320 320 0
Iliffe, Lord & Family 66 266 240 26
Irvine, Eddie 185 80 – –
Ives, William & Family 59 305 266 39
James, Fawn & India Rose 60 302 120 182
Jarvis, Bruce & Family 207 67 80 -13
Jatania Brothers 24 700 600 100
Jolly, Robert & Family 239 50 50 0
Jones, Peter & Family 22 707 673 34
Kansagra, Bhupendra & Family 150 110 – –
Karimzadeh, Simon & Family 154 107 107 0
Kavanagh, Mark & Kathleen 211 65 69 -4
Kay, Mark 236 52 52 0
Khalastchi, Anthony & Family 150 112 118 -6
Kirch, David 158 100 118 -18
Kirschel, Laurence 55 320 325 -5
Knight, Jerry & Janet 239 50 50 0
Kraus, Mathias & Miriam 148 113 127 -14
Lagan, Kevin & Michael 61 300 350 -50
Name 2011 Wealth in Wealth in Change
rank 2011 (£m) 2010 (£m) (£m)
Name 2011 Wealth in Wealth in Change
rank 2011 (£m) 2010 (£m) (£m)
www.estatesgazette.com 12 November 2011 53
Alphabetical index New entrants are shown in brown
Lazari, Chris 27 614 522 92
Leach, Paul & Family 208 66 – –
Leavesley, Jim & Family 211 65 65 0
Lee, Sammy & Family 54 335 – –
Leslau, Nick 88 185 150 35
Lewis, Bernard & Family 16 1,150 920 0
Lewis, David & Family 49 380 – –
Lewis, Alan 70 250 250 0
Linnett, Freddie & Murphy Family 30 550 510 40
Livingstone, Ian & Richard 14 1,288 1,650 -362
Lonergan, Edward 169 92 85 7
Lousada, Charles & Family 250 44 – –
Lynch, John & Family 109 156 152 4
Lyons, Anthony 41 425 350 75
Mabey, David & Family 64 282 196 86
MacDonald-Hall, Caspar 51 355 350 5
Mactaggart, Sir John & Family 164 97 85 12
Magnier, John 33 520 540 -20
Marshall, Chris & Family 100 166 136 30
Marston, John & Family 176 85 76 9
McCabe, Bill 185 80 78 2
McCabe, Kevin & Family 138 120 180 60
McCarthy, Clinton & John & Spencer 112 150 140 10
McCormack, Patrick & Family 185 80 – –
McManus, JP 36 480 490 -10
Mellon, Jim 28 580 530 50
Mellstrom, Graham & Family 236 52 – –
Metter, David 211 65 56 9
Meyrick, Sir George 158 100 – –
Michael, Sir Peter 110 155 – –
Middleton, Jeremy 193 78 72 6
Monk, Stuart & Family 130 131 118 13
Moran, Christopher 75 232 220 12
Morgan, Steve 42 400 350 50
Morris, Bill & Family 181 82 82 0
Morris, Jack & Family 158 100 110 10
Morrison, Sam 63 295 296 -1
Mortstedt, Sten & Family 74 234 186 48
Moser, Henry & Family 101 165 165 0
Moss, Brian & Family 244 48 46 2
Mould, Raymond 211 65 60 5
Mucklow, Rupert & Family 225 59 66 -7
Muir, John & Family 169 92 75 17
Murphy, Alan 86 190 190 0
Nike, John & Family 226 58 58 0
Noe, Leo & Family 34 500 500 0
Northampton, The Marquess of 138 120 90 30
Northumberland, The Duke of 57 315 – –
O’Callaghan, Owen 201 71 80 -9
O’Hare, Gerard 78 220 220 0
Ogden, Sir Robert 112 150 150 0
Oglesby, Michael & Family 83 200 200 0
Panayiotou, Andreas 42 400 250 150
Pearl, David 134 127 131 -4
Pears, Mark & Family 9 1,600 1,600 0
Perloff, Andrew & Family 246 47 – –
Pervez, Sir Anwar & Family 31 550 580 -30
Petchey, Jack 37 480 500 -20
Pickering, Cavan & Family 206 68 62 6
Pidgley, Tony 136 125 95 30
Porter, Nicholas 202 70 70 0
Portman, Viscount & Family 15 1,200 1,000 200
Potel, Solomon & Family 219 61 57 4
Powell, Alastair & Michael 80 214 209 5
Rana, Lord & Family 168 93 90 3
Rankin, William & Family 197 76 61 15
Raymond, Howard 193 78 – –
Rayne, Robert & Family 69 255 220 35
Reuben, David & Simon 3 6,180 5,432 748
Richardson, Roy & Family 48 395 400 -5
Richmond & Gordon, The Duke of 176 85 80 5
Ritblat, Sir John & Family 138 120 100 10
Roberts, David & Family 138 120 120 0
Robinson, John 120 145 – –
Rohan, Ken 126 137 147 -10
Ronson, Gerald & Family 70 250 145 105
Rooney, Paul 220 60 – –
Rose?eld, John & Stephen 231 55 50 5
Rosenfeld, Andrew 163 99 100 -1
Ross, David 49 380 – –
Ross, Richard & Family 226 58 48 10
Roxburghe, The Duke of 158 100 90 10
Russell, David 193 78 75 3
Salisbury, Marquess of 67 260 250 10
Scowcroft, Brian & Janet Lefton 105 162 160 2
Seddon, John & Family 135 126 126 0
Sellar, Irvine & James 86 190 190 0
Shahmoon, Eli & Family 91 175 150 25
Shanly, Michael 108 157 122 35
Sinclair, Duncan & Family 200 72 75 -3
Singh, Sanghera, Engrez & Palminder 236 52 – –
Slade, Michael 220 60 73 -13
Slowe, Michael & Robert 101 165 125 40
Smith, Jeff 180 84 119 35
Steinberg, Mark 91 175 175 0
Sugar, Lord 20 770 730 40
Sullivan, David 47 398 400 -2
Sutton, Sir Richard & Family 125 139 129 10
Taylor, Neil & Family 89 180 – –
Tayub, Rashid & Aziz 106 160 103 57
Thomas, Sir Stanley & Peter 77 225 225 0
Tomkins, Robin & Family 230 56 56 0
Townshend, Charlotte 53 342 320 12
Turner, Andrew & Sharon 205 69 65 4
Upward, Simon & Paul 175 86 62 24
Ure, Christopher & Family 248 45 45 0
Vaughan, Patrick 234 54 – –
Vernon, Stephen 65 280 350 -70
Versteegh, Gerard & Family 138 120 120 0
Watkin, Jones Glyn & Family 218 62 54 8
Watts, James & Family 229 57 – –
Westminster, The Duke of 1 7,000 6,800 200
Whittaker, John & Family 6 2,075 1,060 1,015
Whittome, Ashley & Family 239 50 – –
Wickens, Roger & Family 172 90 67 23
Widdowson, Gary 99 168 165 3
Wilson, David & Family 50 360 350 10
Woolf, Douglas & Family 216 64 55 9
Wray, Nigel 76 230 – –
Yarborough, The Earl of 185 80 – –
Yates, Amanda & Family 226 58 58 0
Yeates, Charles 185 80 80 0
Yip Woon Wing & Family 165 95 – –
Zabludowicz, Poju 12 1,500 1,500 0
Zakay, Eddie & Sol 7 2,050 1,900 150
Name 2011 Wealth in Wealth in Change
rank 2011 (£m) 2010 (£m) (£m)
Name 2011 Wealth in Wealth in Change
rank 2011 (£m) 2010 (£m) (£m)
ESTATES GAZETTE
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RICH LIST 2011
12 November 2011
1 Valuations for quoted property companies
are usually based on their share price as at
mid-October 2011. For private companies we
have based valuations largely on their latest
net asset ?gure. After the credit crunch and
property crash, we have been cautious in our
private company valuations – particularly
where accounts are not up-to-date.
2 We have also been in?uenced by levels
of borrowings, the strength of the balance
sheet and credit ratings in arriving at our
?gures. Where private companies pay large
salaries to their owner-directors, we have
added a proportion of the salary to our pro?t
and wealth calculation.
3 Though there may be some concern about
valuations in the current economic climate,
we take comfort from the fact that private
companies are much more conservative in
their balance sheets and that the net asset
?gure may not re?ect the true position.
Second, many of the property tycoons
who have private property companies also
have large assets elsewhere that we do not
know about.
4 We have counted family trusts as part
of family shareholdings in making our
assessments of company ownerships.
5 Only those who have made or invested
all or a signi?cant part of their fortunes
in property investment, trading or related
areas, such as estate agency, qualify for this
list. Where construction magnates have
a signi?cant property element, we have
included or excluded them on a case-by-
case basis.
Where retail tycoons such as Sir Philip Green
of Arcadia have used property trades to help
them on their way to fortunes, we have not
included them.
The Queen is not included as she does
not have full control of the Crown Estate
in the normal meaning of the word. Most
landowners are also excluded, unless – like
the Duke of Westminster – their wealth
derives from urban property holdings.
Inevitably we will have missed people who
feel they should have been included. We ask
them to send in their details for next year to
[email protected].
Any other comments also gratefully received
here.
All our calculations for valuations are
ballpark ?gures, which may be challenged
by those listed. We will adjust valuations next
year for any who feel that we have been too
wide of the mark.
Dr Philip Beresford and Dominic Price
Rules of engagement
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