Rich List 2010

John Caudwell
Caudwell Holdings inside
page 8
6 Rich in the South East
Lord Foster 9 Rich in the West Midlands
Foster Holdings 11 Richest overseas
page 33
16 Number residing in each
region
18 Rich in Yorkshire & the
Humber
21 Richest in Wales
29 Rich by star sign
30 Rich in Ireland
36 Rich in the North West
38 Rich by decade born
43 Rich in the South West
47 Rich in the North East
47 Rich in the Channel Islands
all images: rex features

57 Five youngest
Gerald Ronson & Family
Heron 54 Rich in Scotland
Page 40 59 Rich in the East Midlands
60 Rich in the East of England

Property’s surviving super rich are marching in the right direction again: onwards and 61 Richest women
upwards. Two painful years wiped almost £30bn off their collective wealth, taking the top 250
property titans from a high of £98bn in 2007 to a low of £69bn last year. But, for most, the recovery is
now feeding through. The 2010 Estates Gazette Rich List scrutinised empires worth a total of £72bn –
still way below the peak of the boom but a not insignificant improvement.
Leading the charge are inevitably those with low borrowings and solid assets – witnessed by the
resilience of the big London estates such as Grosvenor, Cadogan and Howard de Walden, all of which
have seen their fortunes rise. But these centuries-old piggy banks are not the only ones in credit. Editor Julia Cahill
Assets acquired far more recently put consummate deal makers like David and Simon Reuben and Managing editor Alison Henry
Richard and Ian Livingstone among the top performers. Authors Philip Beresford,
Not everyone is seeing a recovery of fortune, however. The Irish feature heavily among those who fell Dominic Prince
several notches down the list. And they continue to be hammered. Many of the financial records and Sub-editor Alan Coventry
accounts that we use in the compilation of the list are historical, so events such as the restructuring of Layout Chris Gardner
Ireland’s property debts by “bad bank” NAMA (the National Asset Management Agency) can overtake us. Advertising Jonathan Lister
That said, the list provides an unmatched snapshot of how property’s elite stand in the wake of the
downturn. We hope you find it useful. If you have any comments, please contact our number cruncher For all Estates Gazette services
Dr Philip Beresford directly at philipberesford@aol.com. ring 0845 077 8811

Julia Cahill, deputy editor

Estates Gazette

20 November 2010 www.estatesgazette.com 3


estates gazette rich list 2010
sixth duke still
comfortably
number one
Grosvenor Group, the property
giant controlled by the 58-year-old
Duke of Westminster, is expected
to make around £55m from its joint
venture development of 197 flats
just behind the Tate Modern on
Bankside.
Its success prompted Grosvenor
to enter into a second joint venture
to pay £100m for the two-acre
Holland Park Comprehensive
School site. Some 72 upmarket
flats will be built when the pupils
vacate it in three years’ time.
Grosvenor, which owns
swathes of Mayfair, Belgravia and
Knightsbridge, reported pretax
losses in 2009 of £236m.
4 www.estatesgazette.com
This was down sharply from its
£594m pretax losses the previous
year, when it was still making
provisions for the costly Liverpool
One development.
The group has also built up a war
chest of nearly £1bn to return to
global property markets such as
Shanghai and other Chinese cities.
It has, according to chief executive
Mark Preston, “weathered the
downturn well”.
He said that the group had been
around for more than 300 years,
experiencing 20 recessions and
more than 250 wars worldwide
during that time.
The Grosvenor Group shares are
20 November 2010
1
£6,800m owned by various Grosvenor trusts
set up for the benefit of the family,
The Duke of which is now headed by the sixth
Westminster duke, who stood down as chairman
Grosvenor Group of the board in 2007 after 33 years
2009: £6,500m
in the role, although he remains
(+£300m)
chairman of the trustees.
The net asset value of the
Grosvenor Group fell sharply in
2009 to under £2.4bn.
However, with the private
estates outside the group added,
and with the top end of the London
housing market now in recovery
mode (as the Tate Modern sales
show), we raise our overall
valuation of Westminster slightly
to £6.8bn this year.

The
reubens
make
billions
£2,500m
Earl Cadogan & Family
The Cadogan Group
2009: £2,000m (+£500m)
Earl Cadogan is confident that
the property company which runs
his 93 plush acres in Chelsea has
the “fundamental resilience” to
come through the deep property
downturn.
It recently began drawing up
plans for a 100,000 sq ft office
development above shops on
Sloane Street.
The 2009 accounts showed
a rise in net assets from £2.1bn
to £2.3bn, though profits fell
slightly from £40.4m to £38m.
The crowning glory is the new
£150m redevelopment of the
old barracks and sports ground
at Duke of York Square on
fashionable Kings Road.
The foundation of the Cadogan
Estate was laid in 1713 when the
physician Sir Hans Sloane bought
the Manor of Chelsea.
In 1717, Sloane’s younger
daughter, Elizabeth, married
Charles Cadogan, later the
£5,432m
David & Simon Reuben
Aldersgate
2009: £3,300m (+£2,132m)
David and Simon Reuben are
hoping to implement long-
standing plans to float their fast-
growing data-centre company,
Global Switch, next year with a
value of more than £2.75bn.
The brothers are in talks with
banks including Barclays, HSBC,
Deutsche and Credit Suisse,
about listing the business which
has soared in value recently.
The strong performance has
been spurred by regulatory
2
requirements that have increased
the need for companies to
retain more data and back-up IT
facilities as part of their disaster
recovery plans.
Global Switch has centres
in London, Amsterdam, Paris,
Frankfurt, Madrid, Sydney and
Singapore, covering almost 3m
sq ft. It lets space to big blue-chip
companies such as IBM, Microsoft,
Shell and BP.
The business, one of the
brothers’ most successful
investments, has less than £80m
of debt and is on track to generate
underlying earnings of £175m in
Second Baron Cadogan of Oakley. The Earl and Countess
The present Earl Cadogan, Cadogan, at the launch of
73, began his career at merchant the 2009 Derby Festival
bank Schroder Wagg and took on
the management of the family’s
property portfolio in 1974.
Having inherited the title
from his late father in 1997,
Cadogan has presided over a hefty
investment programme covering
20 November 2010
2010-11. That figure is expected
to grow to £235m by the
following year.
The Reubens have been active
in the British property market
for the last decade after making
their fortune in Russia in the
1990s, where they were dubbed
the “metal tsars” for their role
in restructuring the aluminium
industry there. Their origins
were anything but regal. Born in
Bombay, they made their way to
London, where Simon, now 69,
went into property and David,
72, started trading in scrap
metal. Their foray into Russia,
which ended in 1999, earned
them at least £1.3bn.
Today, their vast interests
include a 29.5% stake in
racecourse owner Arena
Leisure, and the joint venture
Merchant Square development
in Paddington. They have
extracted hefty profits from
property investments sold
before the market crash.
Their two main companies,
Aldersgate and Reuben
Brothers, are now valued at
more than £5.5bn. Despite the
recent failure of their Sapphire
Retail Fund, other assets take
the Reubens to £5.432bn.
3
desmond o'neill features
the Cadogan estate. Cautiously,
with recovery in the air in the
upmarket London acreage, we
value the business on its net
assets figure.
Past dividends, quoted
investments held by the separate
Cadogan Settled Estates, personal
property and estates should take
Cadogan to £2.5bn.
www.estatesgazette.com 5
estates gazette rich list 2010
4
Eddie & Sol Zakay
£1,900m
Topland Group
2009: £1,500m (+£400m)
Topland Group swung from a
£29m loss to a £5.3m profit in
the year to May 2009. It should
see further improvement this year
after taking advantage of renewed
investor appetite by concluding a
number of UK property sales.
The Zakays launched their
business during the 1980s’
property boom before expanding
into the American and Middle
Eastern markets. They made
much of their fortune in the UK
in a series of multi-million pound
deals with chains such as Marks &
Spencer and Tesco.
The Zakays have around 146
directorships and their total
portfolio world-wide has been
valued at around £4bn. In all,
after stripping out borrowings, the
Zakay family should still be worth
£1.9bn in the current climate.
Sol has quit Britain after the
introduction of a 50% tax rate
on high earners. He recently
resigned as chairman and chief
executive officer of Topland
Group and the UK Topland
companies to join the group’s
offshore parent company as a
consultant.
Richest in the South East
No Name Wealth (£m)
1 The Duke of Westminster 6,800
2 David & Simon Reuben 5,432
3 Earl Cadogan & Family 2,500
4 Eddie & Sol Zakay 1,900
6 Ian & Richard Livingstone 1,650
7 Mark Pears & Family 1,600
8 Poju Zabludowicz 1,500
9 Baroness Howard de 1,400
Walden & Family
12 Viscount Portman & Family 1,000
13 Bernard Lewis & Family 920
14 Gerald Hines 800
16 Benzion Freshwater & Family 732
17 Lord Sugar 730
20 Jon Hunt 660
23 Richard Caring 600
23 The Jatania Family 600
25 Sir Donald Gordon & Family 530
25 Sir Anwar Pervez & Family 580
29 Chris Lazari 522
31 Leo Noé & Family 500
6 www.estatesgazette.com 20 November 2010
The Topland business, built
with his brother Eddie, will
remain in the UK. Eddie, 60, is
to become chairman of the UK
businesses and stay in England.
Sol, 58, will concentrate on
finding global opportunities.
Topland has also spent £289m
buying supermarkets in Spain,
and has become involved in a
£1bn housebuilding fund in
India to target the country's
burgeoning middle class and its
demand for home ownership. It
has £1.2bn in the bank.
5 £1,800m
Sir David & Sir Frederick
Barclay
Ellerman Investments
2009: £1,000m (+£800m)
The Barclay brothers are
investing in a vineyard on the
island of Sark with the hope of
producing a vintage worthy of the
wine list at their exclusive Ritz
Hotel in London.
Their mission is so serious that
they have recruited a leading
Bordeaux winemaker to take
charge of the project. It is a
sign of how much the brothers
are determined to make their
extensive assets “sweat.”
At the same time, their Home
Delivery Network bought the
parcels division of DHL to create
a £600m turnover operation
which will be a strong competitor
to Royal Mail.
The oncelow-key Barclays have
become much more prominent
in British business since
their £665m purchase of the
Telegraph Group in 2004.
The twins, 76, started on the
road to wealth in the 1960s
London property market. Their
first coup came in 1983 when they
bought the Ellerman Lines for
£48m. They later sold the assets
making over £250m.
They made a £100m profit on
the sale of a separate shipping
line and another £100m from
backing Sir Philip Green in the
break up of Sears in 1999.
By some adroit deals in
retailing, they gained the valuable
Littlewoods mail order business for
a total outlay of around £340m.
Although the Barclays’ main
operations in media, hotels,
property and retailing have had
mixed fortunes in the recession,
we can see much higher net assets
of more than £2bn in their four
main but separate companies led
by Ellerman Investments, which
had £728m net assets in 2008.
With economic recovery, we
raise our valuation of the Barclays
to £1,800m, which takes account
of both personal assets and
borrowings in their empire.
6 £1,650m
Ian & Richard Livingstone
London & Regional Group
Holdings
2009: £1,400m (+£250m)
The Livingstone brothers have
been stepping up their activity in
the UK property market over the
past 18 months.
Their London & Regional
business has recently teamed up
with Chelsfield Partners to buy a
stake in the £1bn redevelopment
of Elizabeth House in Waterloo,
and the brothers have added to
their hotel empire with the £50m
purchase of the Marriott Marble
Arch hotel.
They should be well cushioned
against the worst effects of the
recession and credit crunch,
having taken £619m in dividends
since 2007 from their Loopsign
company.
Ian, 48, who began life as an
optician, purchased and built up
the David Clulow chain which
now owns more than 50 opticians
and is overseen by the Optika
Clulow Group, which he still chairs.
Younger brother Richard,
45, was a chartered surveyor for
Richard Ellis, now CB Richard
Ellis, and the pair formed
Sir David Barclay London & Regional in the early
1990s, buying distressed assets
in the midst of the commercial
property crash.
The brothers shun publicity
but their empire stretches
from Russia in the east to the
Turks and Caicos Islands in
the west. They own more than
60 hotels with around 10,000
bedrooms, more than half of
Cape Town’s V&A Waterfront
shopping development,
Sir Frederick Barclay and a string of health clubs
including David Lloyd Leisure.
Loopsign's 2009 profits came
in at £12.1m on £390.3m sales.
Its net assets fell sharply to
£690m. We value it at £750m.
Past dividends and other assets
take the Livingstones to £1.65bn.

7
Mark Pears & Family
£1,600m
William Pears Family Holdings
2009: £1,500m (+£100m)
The Pears family is moving into
banking. The low-key London-
based brothers are backing a new
Home and Savings Bank to the
tune of £50m.
The move comes after they
pulled off a coup in January
2009 by buying the Trillium

8
outsourcing business for £750m
from Land Securities, merging it
with their own Telereal operation.
The price was around £250m
less than LandSec had hoped
to achieve. The deal reflects the
strength of cash-rich groups like
the Pears in a difficult market.
The family empire was started
by the grandfather and father of
the Pears brothers, in 1952. He
had assembled a Hampstead-
based property empire that now
embraces thousands of London
homes, flats, and office blocks.
The three young Pears were
propelled to run the family
empire when their father and ace magnate plays his cards right...
dealmaker, Clive Pears, died in
his early 50s. Mark is managing
director of the main company,
£1,500m Property magnate Poju
Zabludowicz gave two donations
for around £120m. He has a
number of companies including
William Pears Family Holdings, Poju Zabludowicz totalling £100,000 to the Tamares Real Estate Investments
but there are at least 23 separate Tamares Real Conservative Party last autumn to and Ivory Gate. Zabludowicz has
companies which showed around Estate Investments help swell the party’s election war- also moved into private equity
£835m net assets in 2008‑09. (UK) chest. Zabludowicz holds a Finnish with the launch of Synova Capital,
New entry
The family also owns fund passport, but has lived and worked an £80m fund which will invest in
management group Talisman. in London for most of his life. small UK companies.
A portfolio of more than 50 His father Shlomo, a holocaust Equity investments in areas
buildings let to Royal Bank of survivor, built the family business such as card payment technology
Scotland – including the Strand around Soltam, an Israeli defence have also proved lucrative for
HQ of top private bank Coutts contractor that was a major Zabludowicz, who is a major
– was put on the market by the supplier to the Israeli military. modern art collector and on the
Pears family at the beginning of Most of the defence interests have board of several Jewish/Israeli
this year with a £475m price tag. now been off-loaded and the family charities. Zabludowicz campaigns
The value of their entire portfolio has diversified into Las Vegas to improve the portrayal of Israel
has been put at £6bn. property and hotels. in the West and counts Bill Clinton
The Pears are also not short Zabludowicz, 57, has sold many and Shimon Perez among his
of a bob or two, with dividends of his Las Vegas assets but still friends. Though there is little
of £40m in the last four years holds some downtown real estate. evidence of asset wealth in his
and nearly £82m in 1996. With He recently sold a property called British companies, we believe
economic recovery, we nudge the the Princess Arcade on Piccadilly Zabludowicz is worth £1.5bn.
Pears up to £1.6bn.

20 November 2010 www.estatesgazette.com 7

estates gazette rich list 2010

upwardly mobile tycoon

11
John Whittaker
£1,060m
Peel Holdings
2009: £1,360m (-£300m)
The £600m MediaCity scheme
at Salford Quays in Greater
Manchester is the latest jewel
to be added to John Whittaker’s
crown. The Peel Holdings
development will become the
northern home of the BBC
next year.
The business empire amassed
by Whittaker, who is famous
for developing the Trafford
Centre, covers ports, airports,

9
John Caudwell’s buying spree
in the last three months of 2008,
when he spent £80m on properties
in London and elsewhere, looks to
have been well timed.
£1,400m But he could easily afford to
take such a gamble, having sold
John Caudwell his Caudwell Group in 2006 to
Caudwell Holdings Providence Equity Partners for
New entry
£1.46bn, a far higher price than
had been expected for the Stoke-
based mobile phone operation.
It was in 1970 that Caudwell
took his first job as an engineering
apprentice. He’d quit school
the year before after a term of
A-Levels with a burning desire to
get out, on, up and rich.
While waiting for his Michelin
apprenticeship to start, he swept
pottery floors, worked at a
steel factory and as a night club
bouncer. Eventually he became a
successful car dealer but his path
to serious money came through
an early move into the fledgling
mobile phone industry in 1987.
When he sold up, Caudwell
was the biggest independent
player in the European mobile
phone industry. 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.
Caudwell, 58, has retained a
financial interest in Phones4u.
He has also paid an undisclosed
sum to take a 51% shareholding
in Caudwell Marine, which has
developed a new propulsion
system for the recreational
boating market.
real estate companies and
energy – including a 28% stake
in UK Coal.
Whittaker, 68, nearly became
a Catholic priest but 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.
He has not been unscathed
by the recent recession. Peel’s
airport business, which owns
Liverpool John Lennon airport,
saw its losses widen from £4.6m
to £13m in the year to March
2009, for example. However,
the airport business has recently
found a strategic partner to help
it weather the drop in traffic,
selling a 65% stake to Vancouver
Airport Services.
Whittaker’s two main
companies, Peel Holdings (TCL)

9 £1,400m
Baroness Howard de Walden
& Family
Howard de Walden Estates
2009: £1,070m (+£330m)
Marylebone landlord Howard
de Walden Estates jumped at
the opportunity to buy in more
Harley Street property earlier this
year. It paid the Crown Estate
£34m for a block of 14 period
buildings that had not been
traded in more than 470 years.
In 2008-09, Howard de
Walden Estates made a near
£30m profit. More significantly,
it showed up-to-date values for
its estate for the first time and the
net asset figure was £1.248bn.
In the past 15 years, the family
has clocked up more than £266m
dividends. The family trusts
also own Welbeck Land, which
saw its profits rise sharply from
£187,000 to £15.4m in the same
period.
With £32.4m net assets,
it is highly active in property
development round the country
from Guildford to South Wales
and Manchester, to name but a
few of its developments.
With an uptick in central
London values, we reckon the
business assets of the family
are now worth £1.25bn and we
add another £150m for past
dividends and other property
assets to the Howard de Walden
family after tax.
and Peel Holdings (Land and
Property) showed £1.2bn of
assets in 2008-09. Whittaker’s
share is worth £660m. His
other assets, including personal
property and the quoted stakes,
should take him to £1.060bn.
12 £1,000m
Viscount Portman & Family
Viscount Portman
Portman Estates
2009: £950m (+£50m)
Viscount Portman’s Burtley
Estate consists of 2,000 acres of
farmland and woodland in the
Buckinghamshire countryside.
Home to an organic herd of 200
pedigree South Devon cattle,
it is Portman’s latest venture,

8 www.estatesgazette.com 20 November 2010

complementing his 3,000 acre
Herefordshire estate. Early
customers for the beef include
Waitrose and the Hyatt Churchill
Hotel. Portman’s principal
property holding – 110 acres
of prime London estate – is
undergoing a huge upgrade.
Gareth Clutton, who took the
helm of the property company
two years ago, has been finding
plenty to get his teeth into. The
estate has been busy forming a
joint venture to bring forward
a mixed-use redevelopment of
Marble Arch House, which sits
at the gateway to the Portman
Village shopping streets.
As well as the London estate,
Portman, 52, owns a clutch 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 and Palm Beach
in Florida. There are few signs of
family wealth in two companies,
called Brickleton Group and
Portman Settled Estates, with
£500,000 net assets between
them.
With the improvements on the
estate and the central London
property market showing signs
of revival, we raise the estate
valuation to £950m in the
current climate. We add another
£50m for family assets including
the Herefordshire estate and a
holiday home in Antigua.
Rich in the West Midlands
No Name Wealth (£m)
9 John Caudwell 1,400
40 Tony Gallagher 425
41 Roy Richardson & Family 400
55 Bob Edmiston 320
93 Sir Euan Anstruther-Gough 160
-Calthorpe & Family
111 Peter Horton & Family 135
142 Eric Grove 110
152 Simon Clarke & Family 100
160 The Marquess of Northampton 90
167 Con Folkes & Family 85
170 Bill Morris & Family 82
196 Woon Wing Yip & Family 67
198 Rupert Mucklow & Family 66
201 Jim Leavesley & Family 65
209 Paul Bassi 60
225 Fred Pritchard & Family 53
225 Andrew Ruhan & Family 53
13
Bernard Lewis & Family
£920m
Lewis Trust Group
2009: £920m (No change)
The Lewis Trust group saw its
profits fall sharply in 2009 from
£108m to £60.5m though sales
rose from £966m to £1.02bn.
The Lewis family, which
owns the retailing to property
and hotels group, is headed by
chairman Bernard Lewis, 84,
whose seven decades in retail
began when his parents ran a
fruit shop and aged ten when he
was left in charge of the till.
Years later, after being
demobbed from the RAF at the
end of the second world war he
tried his hand at the greengrocery
trade. His first venture in 1946
was a corrugated iron and timber
shack on a bomb site on north
London’s Holloway Road. He
paid £5 a week on a weekly
tenancy, with no security of
tenure. He was 22 years old.
Next came a knitting wool
shop, called The Wool Shop, on
another bomb site in Holloway,
and soon textiles won out over
soft fruits. In 1948, the first
clothes shop was open. The
numbers grew and the Lewis
Separates chain was born.
In the mid-1950s, Lewis started
designing his own clothes. By the
mid-1960s, with the Kings Road
in Chelsea seen as the centre of
fashion, the chain was renamed
Chelsea Girl. In 1987, the first
River Island store was opened
Bernard Lewis
20 November 2010
and, within four years, all the
Chelsea Girls had been rebranded
as River Island.
River Island profits fell 15%
in 2009, reflecting the highly
competitive retail market. The
Lewis family and trusts own
all the business, which showed
nearly £404m net assets in 2009.
We value the company at
£420m. Dividends and other
property assets should add
perhaps £500m after tax.
14
Gerald Hines
£800m
Hines
2009: £800m (No change)
Celebrated American developer
Gerald Hines, 84, knows all about
big projects, running one of the
largest property operations in the
world.
For the past 10 years he has
been based in Mayfair and is now
active in Britain. Having rejected
the opportunity to build the
original Canary Wharf, Hines is
now completing a £400m office
scheme over London’s Cannon
Street rail station.
Hines’s start in life was far
from silver spoon as the son of a
steelworker and a schoolteacher
from Gary, Indiana. He grew
up in the Depression, and his
ambition to make money was
present from an early age. His
first proper job was selling fans
and blowers for office buildings
in Houston. But in 1952, Hines
started out in property and
became one of the world’s best-
known property entrepreneurs,
bringing fine architecture to the
commercial market.
From London, Hines
spearheads expansion across
Europe and the world. Forbes
magazine reckons that Hines has
put up more steel and concrete
than any other American
developer.
The group manages more
than 120m sq ft, around half of
which is Hines-owned, and half
is on behalf of third parties. In
2000, a Forbes analysis suggested
that Hines was worth around
£1bn, and possibly a lot more.
In the current climate, we keep
him at £800m.
www.estatesgazette.com 9
estates gazette rich list 2010
15
Eddie Healey & Family
£750m
Stadium (Holdings)
2009: £750m (No change)
British Land sold a 50% stake in
its Meadowhall shopping centre
near Sheffield for £587.7m to
investment company London &
Stamford and an unidentified
partner in February 2009.
Meadowhall was valued at
£1.4bn in September 2008,
so British Land took a sizeable
hit with the sale. Even so, that
value reflects what a goldmine
Eddie Healey and partner Paul
Sykes created. The £1.17bn sale
of Meadowhall in 1999 netted
Eddie, 72, around £420m for
his 60% stake (taking account of
£470m debt in the sale price).
With some of the Meadowhall
proceeds reinvested, we can see
around £410m of net assets in
the 2008 accounts of four Healey
family companies including
Stadium Holdings, which is
slightly up on last year, although
overall the figures are down from
£650m net assets in 2007.
But the jewel in Healey’s
crown is CentrO, Europe’s largest
shopping centre built on 196
acres of an old steelwork site on
the Ruhr, Germany. Work started
in 1996 and it has been granted
permission for an extension.
Some 20m people visit it
every year and it is still entirely
owned by the Healey family.
With its success and scarcity
value, it should easily be worth
£300m on its own in the current
difficult climate.
In all, Eddie Healey should be
worth perhaps £750m, allowing
for any double counting.
16
£732m
Benzion Freshwater & Family
Daejan Holdings
2009: £495m (+£237m)
Daejan Holdings is now valued
at £376.5m. Chairman and
managing director, Benzion
Freshwater, 62, and his family
have a 79% stake in trusts in the
London-based property group.
That stake is now worth £325m.
Freshwater’s s father, Osias,
10 www.estatesgazette.com
sugar sweet
on mayfair
properties
arrived in London three days
before the second world war as a
penniless refugee.
In 1957 he took over Daejan
which had been created in 1935
to exploit Dutch East Indies
plantations. When he died in
1976, he was London’s biggest
private landlord with 20,000
tenants.
Benzion Freshwater has 292
directorships in a complex web of
companies. Aside from the stake
in Daejan, we can see three other
main companies, Highdorn,
Metropolitan Properties and
Centremanor, which had
£720m net assets between them
in 2008-09, but allowing for
double counting on our part
and any charitable stakes cuts
the net assets attributable to the
Freshwaters to perhaps £370m.
We have ignored a host of
minor companies to allow a
20 November 2010
17 £730m
Lord Sugar
Amshold Group
2009: £730m (No change)
BBC’s Apprentice TV show host Lord Sugar saw
profits at his Amshold Group slashed in 2008-
09 from £78.9m to £4.7m. The value of its net
assets also fell from £272m to £203m.
Amshold, which holds Sugar’s property
interests, said that it had “long-term faith in
the property market”. Showing his confidence
Sugar, 62, recently put two of his Mayfair
properties on the market with a £130m price
tag, reflecting a return to 2006 prices.
Sugar, knighted in 2000 for services to
business, was created a life peer by Gordon
Brown in 2009. A Hackney tailor’s son, Sugar
made headlines with his Amstrad operation,
started in 1968, which became a leading
consumer electronics group in the 1980s
and 1990s. But following the £125m sale of
Amstrad in July 2007, his business activity
is largely concentrated on property. Sugar
should have received around £36m for his
Amstrad stake. He has at least £400m worth of
property held either via Amshold or overseas.
Sugar certainly has not lost his eye for a
bargain , snapping up a £35m Spanish hotel
in 2009 for just £2.5m. But Mayfair is where
Amshold has been a hefty investor in property.
In addition he has £150m of cash, and personal
assets including property in London, Florida
and Spain. We value Sugar at £730m.
safety margin on these figures.
To the £695m business wealth,
we add £37m for past dividends
to the Freshwater family, taking
it to £732m.
18
Prince Charles
£680m
Duchy of Cornwall
2009: £520m (+£160m)
The heir to the throne’s
intervention in plans to build
a modernist scheme on the
prime Chelsea Barracks site was
described as “unwelcome” by a
high court judge earlier this year.
But Prince Charles, 62,
has never been shy about his
preference for more traditional
architecture. His own taste is
on view at Poundbury, outside
Dorchester, which was built
on Duchy of Cornwall land

and tested his ideas about
architecture, the environment
and town planning.
The Duchy, created by royal
charter in 1337 by Edward III,
delivers its annual income to
Price Charles in his capacity as
Duke of Cornwall but he cannot
profit 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 the 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 figure, and Prince Charles
in his capacity as steward at
£680m with personal wealth
added, even though he cannot
personally benefit from realising
any assets.
19
Peter Jones & Family
£673m
Emerson Developments
(Holdings)
2009: £556m (+£117m)
Emerson Developments, the
Alderley Edge-based company
was started by Jones, a former
joiner, who moved into
housebuilding in Cheshire way
back in 1959.
He was one of the first
developers to spot the
development potential of
south Manchester, buying up
tracts of land cheaply. He never
looked back and has taken his
development work overseas
to Portugal and Florida. But
Emerson was not immune and
in 2008-09 went from a £34.7m
profit to a £6.1m loss, mainly due
to exceptional losses on foreign
exchange borrowings of over
£24m. Group turnover fell from
£180m to £130m and net assets
from £694m to £605m.
Jones, 75, has another
company, PE Jones (Properties),
with around £50m of net assets
in 2008-09. Jones and family
trusts own all the shares in both.
With economic recovery starting,
we value the businesses on their
£657m net assets, and add £16m
for other assets and property.
20
£660m
Jon Hunt
ex-Foxtons
2009: £660m (No change)
Since the collapse of Lehman
Brothers, Jon Hunt has invested
more than £150m in distressed
commercial, residential and
agricultural opportunities (the
assets at his Suffolk Estate
now include over 4,000 acres
of prime arable land ) which
he hopes will show significant
growth in the future.
Hunt, 57, is an expert at timing,
having sold the London-based
Foxtons estate agency at the
height of the boom in early 2007
for £375m. Foxtons has had
a torrid time in the property
downturn but Hunt showed no
inclination to buy it back even
for a fraction of the original
sale price.
Last year, he bought properties
for his serviced office business
Ocubis. In May 2009 he spent
£16m on a Kensington High
Street building, following that
with a £20m Victoria Street
building.
Hunt has clearly come a
long way since his days at
Millfield, the private school in
Somerset to which he won a
sports scholarship for tennis
and rugby. He left after O-levels
and tried his hand in the army,
but didn’t see it as a long-term
career.
He had a stint of part-time
employment, including one job as
a car washer in California, but his
talent for business came through
when he joined an independent
estate agency in Woking, Surrey.
He worked there for eight years
before striking out on his own
in property. A formidable estate
agent, Hunt also took Foxtons
into America but the business
folded as the American housing
market collapsed.
Hunt has also been built up his
own residential and commercial
property portfolio. including his
London home and Suffolk estate.
With personal assets added, these
are worth £335m.
Adding in his Foxtons
proceeds, Hunt is now worth
around £660m.
Richest Overseas/
Isle of Man/Monaco
No Name Wealth (£m)
21 Peter Green 650
28 Jim Mellon 530
62 Alan Lewis 250
79 Alan Murphy 190
152 Andrew Rosenfeld 100
21
Peter Green
£650m
Luscar
2009: £500m (+£150m)
Peter Green will have been
pleased with the sale in June
of the Knightsbridge Estate
for £580m, a yield of around
4%, to Saudi Arabian investor
Olayan Group. Green, 75, was
part of a consortium led by Derek
Quinlan which bought the trophy
asset for £532m in 2005.
In July 2009 Savills valued
the estate at £480m, putting
pressure on the loan, so the price
achieved this year will have come
as a relief. Green had a 20% stake
through a Cypriot company,
Misland.
Green’s father was a
Manchester draper who later
Rex features
developed a chain of grocery
shops which were sold in 1965
to Tesco. But Green’s life was to
Prince Charles change completely in 1975 when
he went on a cultural trip to
China. There he met Mary-Jean
Mitchell, daughter of Sir Harold
Mitchell, reckoned then to be one
of the top 20 richest Britons.
Mitchell had left Scotland for
Bermuda in 1947 disgusted with
the way his mining and railway
assets had been nationalised by
the Labour government.
He concentrated on the family’s
Empics
separate mining interests in
Jon Hunt Canada and established homes
or vast ranches round the globe
in Jamaica, Brazil, Canada,
Portugal, Guatemala, Honduras
and Switzerland.
Green settled with his bride in
Bermuda, at the £10m family
mansion, while her father
groomed her to take over the
business. Green was effectively
shut out at that period.
But Sir Harold died in 1983,
and then tragically, Mary-Jean
Peter Jones was diagnosed with breast cancer
20 November 2010 www.estatesgazette.com 11
in 1988 and died two years later
at 38. Green was effectively left in
charge of the family business with
their two sons.
In 1996, much of the family’s
Canadian huge 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, which itself was taken
over in 2001 in a £600m deal,
netting the Green family perhaps
£50m. In addition in 1996, the
Green family also made a £60m
profit from selling its stake in a
small energy company.
Green moved the management
of his substantial business
affairs from Bermuda to Dublin
in 2000. Family properties in
Bermuda and London, plus
assets in Canada and the profits
from his recent London deals put
Green at £650m.
21
Paul Sykes
£650m
Highstone Group
2009: £550m (+£100m)
Paul Sykes has left property
development behind. The
67-year-old Yorkshire-based
entrepreneur is now busy
investing in forestry.
His Highstone Foundation
charity is supporting rainforest
conservation and the preservation
of wildlife habitats. He has also
moved into forestry investment in
New Zealand.
Sykes, who left his Barnsley
school at 15, started making his
fortune by breaking up old buses
and selling parts to the Far East.
Later, he moved into property
and, working with Eddie Healey,
turned 1,500 derelict acres next
to the M1 into the Meadowhall
Centre. They sold Meadowhall in
1999 for £1.2bn.
In 2009 there were £260m net
assets in Sykes’ Highstone Group
and we reckon he should be worth
around £650m. He spent £6m
on a high profile campaign to
preserve the pound and against
loss of sovereignty to Europe. So
disillusioned is Sykes with the
state of Britain that he may even
follow his forestry investments to
live in New Zealand.
23
Richard Caring
£600m
International Clothing Designs
(Holdings)/Caprice Holdings
2009: £450m (+£150m)
The notoriously driven Richard
Caring has had another busy
year. At Wentworth, the Surrey
golf club he bought for £130m in
2005, he has completed a nine-
month, £6.5m redesign.
There has been a stream of
new restaurant openings, and
many more are on the cards: last
spring, Caring gazumped Wolsey
owners Chris Corbin and Jeremy
King to sign for a new restaurant
on Capital & Counties’ Covent
Garden estate.
The globe-trotting Caring also
opened a Los Angeles version
of private members club Soho
House, in which he owns an 80%
stake, and has branched into
hotels with a project in Shanghai.
Future projects will include
the redevelopment of the former
US Navy offices on Grosvenor
Square, Mayfair, which Caring
bagged as part of a consortium
for £250m in 2007.
He told a newspaper earlier
this year: “I think I suffer from
insecurity. I have to continually
prove something to myself all
the time.”
Caring has surely done that
time and again. His portfolio
of restaurants defied the credit
crunch by sharply increasing
profits in the year to June 2009.
Caprice Holdings, which
runs London favourites The
Ivy, J Sheekey and Le Caprice
in the West End, Daphne’s in
South Kensington and Scott’s in
Mayfair, made a profit of £8.4m
on £39.4m sales.
A fashion tycoon originally,
Caring, 62, owns International
Clothing Designs (Holdings),
which once dominated the supply
of fashion garments from the Far
East to UK retailers.
Retailers now increasingly
deal with suppliers direct, so the
business is smaller than it was.
In 2008-09, profits at the
company fell to £227,000 on
£65.2m sales. But this is but
a fraction of the total, and the
nearest figure Caring admits to is
“nine figures”. He inherited the
business from his father and built
it up after spending many years in
the Far East himself.
Caring also made a fortune in
desmond o'neill features
property deals in Hong Kong in
the 1980s and 1990s.
He does sell, occasionally.
Previously, he’d bought the
Belgo, Bierodrome and Strada
restaurant chains for £57m in
Richard Caring September 2005.
Two years later he sold them
for £140m.
Clearly, money is no object then
to Caring. Indeed, with his trophy
assets, his £15m North London
home and proceeds from the sale
desmond o'neill features
of his stake in fashion designer,
Amanda Wakeley, and remaining
stakes in other businesses such
as the upmarket Whistles and
a £10m stake in the quoted
Carluccios restaurant chain –
Mike Jatania currently the subject of a City
takeover bid – Caring is hugely
asset rich.
We raise him to £600m
this year.
23
£600m
The Jatania Family
Lornamead
2009: £380m (+£220m)
Lornamead, the personal care
operation, had a tough time
in the American market in
2008-09. But the business had a
record 2009-10, making around
£50m profit on its world-wide
operations.
Lornamead is run and
co-owned by four brothers, led
by chief executive Mike, 45,
with George, 60, Vin, 55, and
Danny, 51.
The family, originally from
India, came to Britain in 1969 by
way of Uganda.
Lornamead buys unwanted
toiletry or beauty care brands
from multinationals and, in
2005, snapped up the famous
Yardley brand for a reported
£60m.
Last year, it sold off part of
Yardley for nearly £30m.
With a large property portfolio
in the Paddington and Elephant
& Castle areas of London,
the Jatanias should easily be
worth £600m.
20 November 2010 www.estatesgazette.com 13
estates gazette rich list 2010
Pervez, the cash
and carry king
25
Sir Donald Gordon & Family
£580m
Capital Shopping Centres/
Capital & Counties
2009: £465m (+£115m)
The demerger of quoted property
group Liberty International into
two separate groups leaves Sir
Donald Gordon and his family
with big stakes in the two new
companies, Capital & Counties
Properties and Capital Shopping
Centres.
Gordon, 80, started a South
African life insurance operation
in the 1950s, finally selling out
of the South African group in
1999.
He also focused on British
14 www.estatesgazette.com
25 £580m
Sir Anwar Pervez & Family
Bestway (Holdings)/Palmbest
2009: £500m (+£80m)
Profits at West London-based
Bestway rose in 2008-09 to
£80.6m on sales of £2.05bn.
It is a triumph for Sir Anwar
Pervez, Bestway’s founder.
Pervez, 75, a farmer’s son
from Rawalpindi, built Bestway
into a chain of 11 shops and
then in 1976 he turned to cash
and carry with his first depot in
West London.
It was tough going at first
but he turned it into a business
empire with interests in banking
in Pakistan, as well as a major
cement business there, plus
property, rice milling and cash and
carry wholesaling in the UK.
With the £100m acquisition
of Batleys, the UK’s oldest cash
and carry operation in early 2005,
Bestway now has over 50 depots
round the country.
In the current climate, we
value parent company Bestway
(Holdings) at around £750m while
Pervez, his family and trusts have
a £360m stake.
A separate property operation,
Palmbest and other assets should
add another £220m.
Pervez would be much richer if
he did not give large amounts to
charity every year.
property through Liberty
International. His family stakes
in the two new Capital operations
are worth over £450m. South
African share sales and other
assets add around £150m.
“I’m hoping that I can now
switch the focus I’ve put on
business into opera. I want it
to be the focus of my life,” says
Gordon of his retirement.
If that is the case, then opera
in this country should be set for a
golden age.
He recently promised £10m
to the Royal Opera House and
a further £10m to the Wales
Millennium Centre.
As a result, we cut the Gordon
family wealth back by that £20m
to £580m.
20 November 2010
27
John Magnier
£540m
Coolmore/Sloane Capital
2009: £560m (-£20m)
Irish racing tycoon John Magnier
has had a rough time of it lately.
The Coolmore Stud cash cow that
he has relied on for so long hit the
buffers when Ireland went into
economic meltdown.
There have been redundancies
at the global operation and,
more significantly, prices
charged for the services of his
stallions crashed in Ireland and
the US, which must have had a
detrimental effect on Magnier’s
fortune. His horses on the
track have been disappointing
this year, too.
But Magnier, 62, and his
business partner JP McManus
have been quietly building a
stake in the troubled pub group
Mitchells & Butlers.
The duo have been steadily
buying shares through their
Elpida vehicle since late 2007
and more recently doubled their
stake to 17.6%. With the company
worth £1.23bn, that stake is now
worth £220m.
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 premiership
football club Manchester United
until May 2005.
When they sold to new United
owner, Malcolm Glazier, the pair
made a hefty £90m profit on
their original investment.
Magnier was also 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 profitable nursing home
operation (revalued at £1bn in
2006) the Sandy Lane Hotel
in Barbados and Global media.
These stakes are worth £339m
after borrowings.
He shared in a £40m windfall
in February 2006, selling an
option on a London office site.
With McManus and Desmond,
he also sold the Next Generation
fitness chain for around £132m.
He and MacManus plus
another partner, Aidan Brooks,
have a large property portfolio
held in Sloane Capital. Magnier
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 around £540m.
28
Jim Mellon
£530m
Regent Pacific Corporate
Finance
2009: £500m (+£30m)
Millionaire investor Jim Mellon
is investing heavily in German
property and around 70% of his
wealth is tied up in some 40,000
apartments there.
Mellon, who started out as a
fund manager in Hong Kong in
the late 1970s, made his money
from a range of investments
including a £55m return on a
firm called Charlemagne Capital
in 2006. He has also invested
heavily in solar power and says it
will be “bigger than the internet
within five years.”
He has stakes of around £20m
in a number of quoted companies,
including one called Emerging
Markets, which invests in metals
used in solar power technology.
Mellon, 53, is based in the Isle
of Man, where he is one of the
biggest property owners and,
with 450 staff, one of the largest
employers on the island. He
has two homes there, four other
homes round Europe and several
properties in Ibiza.
With annual earnings of
between $5m and $10m, he can
afford his own private jet, which
cost $8m. More recently, he has
made substantial profits selling
the euro against the dollar and
recently went short again on the
banks.
His Hong Kong- listed
company Regent Pacific is cash
rich with its main investments
in China and commodities,
particularly uranium. Mellon is
now easily worth £530m.
29
Chris Lazari
£522m
Lazari Investments
2009: £425m (+£97m)
Chris Lazari, the Greek
Cypriot‑born property mogul,
will shortly have a major new
tenant within his London‑based
portfolio. Global agent
CB Richard Ellis will move into
Lazari’s 100,000 sq ft Henrietta
House, W1, following a recent
refurbishment.
CBRE will be replacing
outgoing tenant Diageo, the
drinks firm.
The deal is characteristic
of Lazari’s skill in upgrading
buildings and getting good
tenants across its base in the
diverse West End.
Lazari’s portfolio was valued
at £1.33bn in accounts to
March 2010.
As a result, profits at Lazari
Investments rose in 2009-10
from £26.7m to £41.4m. This
55% increase was achieved on the
back of much lower interest rates
and a focus on cutting the group’s
borrowings sharply by £53m
over the year.
Lazari’s 130 buildings are also
filled with 424 blue-chip tenants
drawn from the top ranks of
British business.
With little new build in the
West End, Lazari can look
forward to healthy rent rises in
the future as demand outstrips
supply for Grade A space.
In late 2007, Lazari grew the
business with the acquisition
of Greater London House in
Camden for £165m and the
Met building in Percy Street,
W1, for £107m.
Lazari, 64, came to Britain
in the early 1970s to work in
the fashion business. However,
in 1978, he diversified into the
property field and has never
looked back.
Cautiously though, in the
current climate for property,
we value the Lazari real estate
interests on the net assets, which
hit £452.3m in early 2010.
And we add another £70m to
his portfolio for personal property
and cash in the bank, taking
Lazari to £522m.
30 £510m
Freddie Linnett & The Murphy
Family
Charles Street Buildings
(Leicester)
2009: £445m (+£65m)
Profits at Charles Street
Buildings (Leicester) fell from
£35.2m to £33.6m in the year
to November 2009. Despite the
severe downturn, net assets at
the family-owned property group
rose £27m to nearly £476m.
The company spent £15.5m
acquiring properties in the year.
Freddie Linnett, 60, is a director
and leading shareholder in the
business, which was started by her
uncles who came to Britain from
Ireland after the second world war.
When the uncles died, Linnett
inherited their stakes. She married
a top accountant in 1995.
We value the business on the
net assets figure. Other assets
and nearly £88m of dividends
from 1995 to 2009 take Linnett
and the Leicester-based Murphy
family to £510m after tax.
31
Trevor Hemmings
£500m
Northern Trust Group
2009: £300m (+£200m)
Trevor Hemmings’ Leisure Parcs
group sold the famous Blackpool
Tower to the local council for
around £40m earlier this year.
The council hopes to revive
the seaside resort. Hemmings
has been buying too, adding
a 175,000 sq ft former
BP/ Castrol facility to his
portfolio. Northern Trust intends
to let the commercial buildings
and review regeneration options
John Magnier for the rest of the site.
Hemmings, 75, started out as
a brickie’s apprentice locally in
Leyland. Later, he built his own
housebuilding firm and sold it for
£1.5m in the early 1970s to the
late Sir Fred Pontin.
Hemmings became his right
hand man in the Pontins leisure
operation. He later took over the
business and sold it in 1989 for a
hefty profit.
In 2000, Hemmings bought
Sir Donald Gordon Littlewoods’ pools operation from
20 November 2010 www.estatesgazette.com 15
estates gazette rich list 2010
the Moores family for £161m.
His main holding company,
the Northern Trust Group, had
£130m net assets in 2009.
In all, Hemmings is now easily
worth £500m.
31 £500m
Leo Noé & Family
F&C Reit Asset Management
2009: £530m (-£30m)
F&C Reit Asset Management
managed to hold on to the
lucrative management contract
for the F&C Commercial Property
Trust this year, and elsewhere the
business is thriving.
On chairman Leo Noé’s watch,
it launched its first open-ended
property fund for private and
institutional investors in July.
And the separate Devonshire UK
Opportunities Fund, launched in
May 2009 to take advantage of
the downturn, is expected to start
investing before Christmas after
reaching its first close.
Noé, one of the more low
key property men in Britain, 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.
Noé and business partner Ivor
Smith collected £60m in cash
and loan notes in the deal, which
created a business with £8.5bn
of real estate under management
from the UK to Israel to India.
But the downturn has caused
some problems for Noé –
St Katharine Docks, a major
development opportunity
owned jointly with AREA
Property Partners, breached its
loan‑to‑value banking covenant
this year and negotiations are
ongoing with debt servicer Capita.
We can see around £64m of net
assets in a number of companies
owned by the Noé family such as
Agra and Landmaster Properties,
and the extent of their deals
and investments indicate more
substantial wealth.
Early in 2006, for example,
Noé sold its Fosse Retail Park for
£360m, just a year after buying
it for £307m. In 2004, three
shopping centres in the north,
bought in 2002-03 for £294m,
16 www.estatesgazette.com
were sold for £378.5m. Noé has
a 55.8% stake in British-Israel
Investments, a mall owner, which
is in £300m takeover talks. In all,
we value Noé, 57, at £500m.
31
Jack Petchey
£500m
Trefick
2009: £450m (+£50m)
Jack Petchey reckons the recent
recession was the worst he has
seen in his 85 years.
A canny East End investor
and property man, he has taken
hits on several high profile
investments such as car dealer
Pendragon, office provider
Workspace, and property
companies Warner Estates and
Rugby Estates. At Rugby he took
a 25% hit on selling his stake.
But Petchey has plenty to
play to make up for such losses.
Last year, he said that he was
considering an £80m sale of his
leisure business to raise cash to
reinvest in property while values
were low. However, a string
of individual sales now seems
more likely.
In 2006 and 2007, Petchey
sold around £225m of stakes in
six companies including a pub
chain, Aston Villa football club
and Reg Vardy, the car dealer.
Petchey has no formal
education to pull off his deals.
He first earned money running
errands before working after the
war as a taxi driver. Using his £39
army gratuity, he built a fleet of
taxis. He later expanded into used
cars, property and timeshare.
He once bought Watford
football club from Sir Elton
John, but long ago sold that
stake. Based in Chigwell, Petchey
commutes to his office in Ilford
daily. He plans to give the bulk
of his fortune to charity through
the Jack Petchey Foundation,
which has given away £65m to
supporting youth projects in
London and the Home Counties.
Petchey has also helped more
than 40 schools achieve specialist
school status, earning himself an
OBE.
It will be a sizeable fortune
he gives away. He was the sole
shareholder in two Isle of Man
20 November 2010
companies which were sold to the
quoted Saville Gordon property
group in 1998. Petchey received
£72m in cash and £15m in
shares for his stakes.
Today, we can see more than
£37m of stakes he still holds in
quoted companies. With earlier
proceeds and past profits, his
quoted investments have yielded
around £400m of wealth.
Timeshare and property
interests take Petchey to £500m
in the current improving climate.
34
The Duke of Bedford
£490m
Woburn Abbey
2009: £490m (No change)
Though we can see just £11m
net assets in the 2009 accounts
of three family companies,
including Woburn Enterprises,
the Duke of Bedford surprised
the property community in April
2009 by purchasing the suitably
scruffy offices of Time Out
magazine in Tottenham Court
Road from Land Securities
for £14.1m.
The 340-year-old Bedford
Estate in London owns around
180 buildings in Bloomsbury,
centred on the square of the same
name. But this is the first deal to
make a splash for years. For the
Bedford Estate is probably the
quietest and most conservative of
the inherited London Estates.
In 2004, the Duke said he was
“very bullish” about Bloomsbury
and said £50m had been reserved
to buy some modern office blocks
to the west of Bedford Square,
Number residing per region
Where the money is
South East 116
Ireland 33
North West 17
West Midlands 17
Yorkshire & the Humber 14
Scotland 11
East Midlands 10
desmond o'neill features
South West 10
Overseas 5
Wales 5
East of England 4
Channel Isles 4
North East 4
The Duke of Bedford
but he has waited for prices to fall
before moving into action.
Recently, he joined a group of
wealthy investors who have put
nearly £20m into buying up
New Zealand property. Nearer
home though, the new £200m
Center Parcs holiday village
on his Woburn estate is under
construction.
It will create 1,500 jobs in
rural Bedfordshire. Planning
permission was granted after a
public inquiry, overruling a local
authority decision.
Bedford is also trying to
spruce up Bloomsbury with
better quality retailers. He is
at least trying to continue the
entrepreneurial activities of
his grandfather and father. He
inherited the title and estate from
his father, the 14th duke, who JP mcmanus races to a fortune
died in 2003.
Harrow and Harvard-
educated Bedford, 48, is well
versed in the management of the
extraordinary 13,000 Woburn
34
JP McManus
£490m
in premiership football club Manchester
United, until they sold out to United owner
Malcolm Glazer in May 2005, netting a £90m
Abbey estate and house. He has profit. He shared a £125m dividend from the
various and successful business Sloane Capital Barchester Healthcare group in 2006 and
2009: £430m (+£60m)
ventures under his control at also shared the £132m proceeds from the sale
Woburn, which were set up by his A former bookie, JP McManus and his business of a fitness chain.
grandfather to pay a £4.5m bill partner, Irish racing tycoon John Magnier, have McManus was active in the property boom
for death duties. been quietly building a stake in the troubled through Sloane Capital, in partnership with
His late father left £39.1m in pub group Mitchells & Butlers. The duo have Magnier and Aidan Brooks, the Limerick
his will, but we assume that much been steadily buying shares through their property developer. Sloane bought a
of the estate had been handed Elpida vehicle since late 2007 and now have a prestige Paris office and retail site in July
over some years ago as part of the stake worth £220m. 2007 for £439m. It was part of a world-wide
family’s tax planning. McManus, based in Geneva, is also one of the expansion drive by Sloane which saw it buy a
Although we can see just top racehorse owners in Ireland, with more Bloomingdale’s store in New York for £35m
£12m net assets in three family than 100 horses in training and a stud in Co and two streets of luxury shops in Los Angeles
companies, including Woburn Kildare. The recent marriage of his daughter for £150m. Sloane also has a castle in Dublin,
Enterprises, the house and cost McManus around £5.5m. But he can easily Unilever House in London and the Hilton
grounds must easily be worth afford the outlay. He is reckoned to have made Hotel at Canary Wharf. It remains particularly
£100m. But it is the art treasures £250m over the years from playing the foreign valuable. With a share of the Sandy Lane
inside, including 24 Canalettos, exchange markets. Hotel in Barbados and an adjacent £21m villa,
that are particularly valuable. With Magnier, he had a £227m stake McManus, 59, is easily worth £490m.
Our art expert puts a £300m
value on the total collection. But
in line with our art policy we
halve that to £150m to allow for
any inheritance tax or the like in
36
Ronald Hobson
£470m
£290m each. In 2004-05, they
divested themselves of further
firms, Consolidated Property
the event of a sale. Investments and later Metrose
Bedford also has his London Consolidated Property Property, for £189m. Hobson,
estate to fall back on. Bedford Investments 89, should have made around
2009: £470m (No change)
Estates owns 170 properties in £97m from those two deals.
and around Bedford Square in Ronald Hobson originally teamed He still has stakes in some
central London. Estates Gazette up with Sir Donald Gosling after small property companies with
put a £200m price tag on these the second world war to build Gosling as a partner. We can see
at the top of the market. car parks on old bomb sites in £2m net assets there. But huge
Allowing for any inheritance London and the rest of Britain. dividends from National Parking
tax following his father’s death, They sold the parent company, before its sale, plus the recent
we stick with a £490m valuation National Parking Corporation, property company sales, keep
for Bedford. in 1998, collecting around Hobson at £470m this year.

20 November 2010 www.estatesgazette.com 17

estates gazette rich list 2010
37 Bramall’s work was recognised
£450m
Terry Bramall & Family
Keepmoat
2009: £400m (+£50m)
Terry Bramall has not given up
on business despite selling his
Keepmoat operation at the top of
the market in 2007.
Bramall is now financing
developer 4Urban. Formed
in 2007, the company’s aim is
to form strategic partnerships
with financiers and the public
sector.
Projects taken on so far include
a £5m retail redevelopment,
5Rise, in Bingley, and a retail and
office complex in Harrogate.
Bramall, 68, made his money
with Doncaster-based Keepmoat,
which dates back to 1931, when it
was established by Bramall’s late
father and a partner.
In 1968, after a stint with
Taylor Woodrow, Bramall
joined what was still a modest
operation.
The business started to move
forward in the 1970s when local
authorities started to refurbish
their housing stock.
A lot of other building
companies were not interested,
seeing the work as dirty and
complicated, but Bramall realised
that refurbishment was much
more profitable than new-build,
and Keepmoat began to carve out
a niche reputation.
18 www.estatesgazette.com
when he was awarded the title
Master Entrepreneur in 2004.
His family had a 72% stake
with trusts in the company which
was sold to the management in a
£783m deal backed by the Bank
of Scotland in August 2007.
However, allowing for tax on
the sale proceeds and any debt
built into sale prices, we cut that
back to £430m.
As one of the owners of
Doncaster Rovers, Bramall
has also helped underwrite the
Championship team. Other assets
and past dividends take him to
around £450m.
37
Jack Dellal
£450m
Allied Commercial Holdings
2009: £450m (No change)
“Black Jack” Dellal keeps a
very low profile now, aside
from occasional forays into the
property market.
In July 2007, Dellal showed his
mettle when his consortium sold
Shell-Mex House in London for
£490m, just a month before the
credit crunch and property crash.
It had been bought for
£327.5m in 2002.
A dealmaker whose prowess is
only matched by his astonishing
virility, Dellal became a father
again for the ninth time in his
late 1970s.
tycoon with a love for the sea
37
Sir Donald Gosling
£450m
Hildane Properties
2009: £450m (No change)
As an honorary commodore in the Royal
Naval Reserve, Sir Donald Gosling will have
been delighted and honoured in early 2009 to
have been promoted to the rank of honorary
rear admiral on his 80th birthday.
The navy and the sea are consuming
passions for Gosling. He is president of naval
charity, the White Ensign Association. His
yacht, the 245-ft Leander, was named after
HMS Leander in which Gosling served as a
signalman after the war.
20 November 2010
Richest in Yorkshire &
the Humber
No Name Wealth (£m)
15 Eddie Healey & Family 750
21 Paul Sykes 650
37 Terry Bramall & Family 450
41 Michael Evans & Family 400
82 Kevin McCabe & Family 180
99 Paul Caddick & Family 150
99 Sir Robert Ogden 150
110 Chris Marshall & Family 136
111 John Guthrie & Family 135
114 Tony Bramall & Family 132
166 John Brooksbank 89
193 Demi Chervak & Family 70
245 Christopher Ure & Family 45
250 Alistair Pullan & Family 44
He made his mark in the
early 1970s, selling his Dalton
Barton bank for £58m. Later,
he went on to become a major
property player.
His most famous coup was
to make £75m in a six-month
period in 1987 by buying and
quickly selling on Bush House in
central London.
Dellal’s main company,
Allied Commercial Holdings,
saw its losses fall in 2008‑09
from £3.6m to £2.1m on
£3.4m sales, while its net
assets also fell slightly to
£54.6m. 
With asset prices continuing
to recover this year, we keep
87-year‑old Dellal at £450m
in the current uncertain
economic climate.
Gosling, of course, is one half of the duo that
made a fortune from car parks. With partner
Ronald Hobson, he started the National
Parking Corporation in 1948 as post-war
Britain started to recover. They built it up until
1998 when they sold the business, netting
around £290m each at the time.
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.
So affording Leander is no problem for
Gosling, who still has a £1m stake in a small
property company called Hildane Properties.
In all, with £92m net assets and after hefty
charitable donations to the Gosling Foundation,
he should be worth at least £450m.
40
Tony Gallagher
£425m
Gallagher UK
2009: £500m (-£75m)
Midlands developer Tony
Gallagher capitalised on renewed
investor demand earlier this
year, selling several retail parks
off market over a three-month
period for a combined value of
more than £150m.
With these deals in the bag,
Gallagher, 59, pulled the £118m,
6% yield, sale of a retail park near
Walsall in the West Midlands to
JP Morgan Asset Management
in April. Instead, it will complete
a redevelopment project at
the Junction 9 park to provide
65,000 sq ft of space, which has
been let to Next, Mamas & Papas,
Boots and TK Maxx.
Gallagher’s vast spread of
activity includes extensive
residential developments such
as a sustainable new town in
Bedfordshire called The Wixams.
He has a substantial investment
programme in Europe and has
acquired in excess of three million
sq ft of retail space in Germany.
The recession has inevitably
slowed things down, but this
diversity has helped Gallagher
come through in good shape.
We can see £288m of net
assets in the 2008 and 2008-09
accounts of five of Gallagher’s
main companies, Countywide
Developments, GW305,
Gallagher UK, Wixams First
and Ashflame.
Gallagher also has various
other interests in a substantial
finance/consultancy business
and the financial markets. We
still value him conservatively
at £425m.
41
Clarke Family
£400m
C Le Masurier
2009: £400m (No change)
The Clarke family, now the largest
private landowners on the island
of Jersey, have large tracts of St
Helier, retail outlets and pub sites
across the island. Their business –
C Le Masurier – is celebrating its
175th birthday this year.
It also owns property in the
UK, Luxembourg, Germany,
Poland and the Czech Republic.
41
Roy Richardson & Family
£400m
The death in 2001 of patriarch
Fred Clarke led to a major Swiftfire
desmond o'neill features
2009: £350m (+£50m)
refocusing of this secretive family
business with the aim of raising The death of Don Richardson
asset values. in September 2007 robbed the
But for now, we keep the family Midlands of one of its greatest
at a conservative £400m. developers.
With twin brother Roy, 80,
41
Michael Evans & Family
£400m
Jack Dellal Don Richardson had made a
name for building shopping
centres, most notably Merry Hill
in the Black Country.
Evans Property But shopping centres from
2009: £350m (+£50m)
afar as Rome or Salzburg by
Evans Property Group paid way of Broadstairs, Liverpool
£21.3m for a prime slice of real and Nuneaton have been on the
estate in Leeds city centre in Richardsons’ menu in recent
June 2009. times.
The purchase of 1 Park Row Born within the shadow of
defied the recession and showed the old Dudley steelworks, the
that Evans had the support of twins left school at 14 and started
its bankers at Barclays who trading in ex-Army vehicles with
provided £13.5m to help fund their father.
the purchase. Indeed, right Later, they moved into
in the depths of the economic transport and property.
crisis, Barclays jointly arranged a The brothers sold Merry Hill
£175m loan facility for Evans to in 1992 for a £50m profit. Since
“further enhance its purchasing then, they have been involved in
power and enable it to build on its scores of flagship projects in the
successful track record”. Midlands.
The low-key Evans family, The family has also taken a
led by Monaco-based Michael 50% stake in a £600m new
Evans, 74, is heavily involved town project which will resurrect
in development work all over the site of Scotland’s iconic
the north of England. The late Ravenscraig steelworks.
father of Michael Evans, refusing Another Scottish development,
to go into the family’s tailoring in association with construction
operation, started Evans of Leeds group Carillion, is a retail park on
as a transport firm, but moved the site of the former truck plant
into housebuilding and property. in Bathgate.
He was still hard at work in his The Richardsons’ main
90s. The Evans family took the company, Swiftfire, went from
company private in 1999 in a deal a £2.3m profit to a £1m loss in
which valued it then at £164m. 2008 while the net assets fell
Recently, the firm has been slightly to £145.2m.
reorganising its structure and We value the business on the
no accounts have yet been filed net assets.
for the new Evans Property There are also £25m of net
holding company. It is owned
by companies with the name
Brightsea followed by initials
assets in two more separate
Richardson companies we
can see, including Clubhouse
(for example, Brightsea EP Ltd, Investments, the parent of
Brightsea FP Ltd). Between Richardson Capital Property
them they had a huge £2.2bn Investment Group.
net assets in 2008-9. We assume Yet after the acquisition of
there may be some duplication of the European assets, and taking
assets here and value the Evans account of other deals and £54m
business at the £350m net asset of salaries in recent years, we
figure that Barclays attributes reckon the Richardson family,
to the group. We add £50m for now led by Roy alone, is easily
other assets and past dividends. worth a net £400m.
20 November 2010 www.estatesgazette.com 19
estates gazette rich list 2010

Britain’s biggest privately-owned

housebuilder. In 2008, Miller
Group had to cut its British
workforce from 2,000 to 1,400
as the housing market slumped
and its figures became a sea of red
ink – compared with a profit of
£81m in 2007.
Chief executive Keith Miller,
61, grandson of founder Sir James
Miller, took over the helm in 1994
and oversaw the company’s rapid
growth before recession hit.
In April 2008, HBOS bought
a stake in Miller in a deal which
valued it at around £500m.
We now value the Miller family
stake at perhaps £350m. Past
dividends (£43m from 1997-
2006) and other assets take the
Miller family to £385m after tax.

46
Kevin & Michael Lagan
£350m
Lagan Holdings

The beautiful game

2009: £250m (+£100m)
The Belfast-based Lagan
Group is active on the world

41
David Sullivan
£400m
Roldvale
2009: £400m (No change)
David Sullivan is desperate to relocate West
Ham United to the 2012 Olympic Stadium
as part of plans to revive the fortunes of the
struggling club now under his chairmanship.
Together with business partner David Gold,
Sullivan bought a 50% stake in West Ham at
the start of the year in a deal valuing the East
London club at £105m.
He just can’t leave football alone. The ink had
barely dried on his sale of Birmingham City.
Sullivan had 16 years at Birmingham and made
around £20m from selling his stake, but he
ploughed many millions into the Blues over the
years. He will be expected to do the same with
his new club even though his other business
ventures are having a tough time. Roldvale, his
main company, made a £528,000 loss in 2009.
stage building roads and airport
facilities in places such as
Jamaica, Bermuda and Puerto
But Sullivan, 61, can’t complain. His Rico, as well as Northern Ireland.
dividends and salaries over the past 12 years The Lagan brothers, Michael
total £55m. His Sport Newspapers, publisher and Kevin, who rank among
of the lurid tabloids, was sold in August 2007 the top construction tycoons in
for around £50m. Ireland, took over the operation
Property is where Sullivan has been active, established by their father
though, and he has a £300m-plus portfolio. in 1960. They have steadily
We can see part of it in Sullivan’s separate expanded into construction-
Conegate Holdings, a property company related businesses trading within
which saw its net assets rise from £39.5m to five groups: Lagan Holdings,
£136.8m in 2009. Lagan Cement, Kingscourt
But it was soft porn, and latterly football, that Bricks, Lagan Homes and Lagan
have brought him to public prominence. He Developments.
owns the biggest chain of licensed sex shops These are involved in road
in Britain, the 90-strong Private Shops empire. building, property development
Sullivan’s property portfolio and other assets and waste management. They
should take him to £400m. also have advanced cement
works and prime quarrying and
asphalt assets.

45
Keith Miller & Family
£385m
Miller Group
2009: £280m (+£105m)
A fairly upbeat trading statement
came from Miller Group, the
Edinburgh-based builder, at the
start of the year. It said it was
seeing a gradual improvement in
the housebuilding market, but
warned that mortgage availability
would be crucial to restoring
stability.
We can see around £20m
profit on £400m sales in various
Lagan companies in 2008-09.
Its losses had narrowed from They had £203m net assets
£170m in 2008 to £72.4m between them. The valuable
last year. Transaction volumes quarrying assets were reckoned
for the year were up 35%, to have a potential sale price in
and forward sales of £108m excess of £200m at the height
represented an increase of of the boom.
100% year-on-year. But on the current figures, we
But it has been a difficult reckon the Lagan assets are worth
journey through the recession for perhaps £350m.

20 www.estatesgazette.com 20 November 2010

46
£350m
Anthony Lyons
St James Capital
2009: £250m (+£100m)
Three recent deals have made
Anthony Lyons a lot richer. First,
in April, the property entrepreneur
sold his home in Hampstead,
north London, for £43m to a
private Russian investor in the
most expensive Hampstead
residential property sale ever.
Second, working with Brett
Palos (Sir Philip Green’s stepson),
Lyons, 43, bought the O2 retail
and leisure centre in north
London for £92.5m in 2009,
selling it a year later for £120m.
Third, in February, Liberty
International, the FTSE 100
property company, bought full
ownership of the Earls Court
and Olympia complexes in west
London from Lyons and his
partners. It was in July 2007,
just a month before the credit
crunch struck, that Lyons and his
partners sold 50% of Earls Court
& Olympia to Liberty in a deal
which then valued it at £380m.
Lyons is also active in pubs and
restaurants and plans to roll out
more in European capitals. He is
also director of St James Capital,
a property investor with £23m
net assets in 2008-09. It has
netted around £45m profit from
the break-up of The Brewery on
Chiswell Street, EC1, which it
bought in 2005.
Lyons also owns Anthony
Lyons Investments, which made
a healthy£2m profit on £6.8m
sales in 2008-09. With the
recent deals and Earls Court &
Olympia sale, we value Lyons at
£350m this year.
46
Caspar MacDonald-Hall
£350m
London & Cambridge
Properties
2009: £300m (+£50m)
London & Cambridge Properties,
one of Britain’s largest private
real estate companies, saw its net
assets fall sharply from £579m
to around £420m in 2008-09,
while profits rose slightly from
£36.5m to £38.8m.
Richest in Wales
No
41
Name
David Sullivan
Wealth (£m)
400
46 Steve Morgan 350
67 Sir Stanley & Peter Thomas 225
224 Glyn Watkin Jones & Family 54
243 Brian Moss & Family 46
Falling property values and
the strength of the euro against
sterling forced the company to
renegotiate loans with three
banks. It is a leading developer
of industrial estates. Property
man Caspar MacDonald-Hall,
59, has a 40% stake in London &
Cambridge as well as a number of
other property assets.
He also has half of Proudreed, a
Southampton property investor,
with £130m net assets in 2009,
so his stake there should exceed
£65m. Then there is a 45.5%
stake in Ringmerit, which had
over £126m net assets in 2009.
In all then, there are more than
£290m net assets attributable
to MacDonald-Hall, who is
regularly listed by Field magazine
as one of the 50 best shots in
Britain. With past dividends,
and his proceeds from the recent
takeover of the AIM Group, he
should be worth £350m.
46
Steve Morgan
£350m
Redrow Group
2009: £350m (No change)
Steve Morgan, 57, is the proud
owner of Wolverhampton
Wanderers, which is now in its
second season in the Premier
League.
Morgan paid just £10 to Sir
Jack Hayward to take over at
Molineux in August 2007, but he
Keith Miller promised to invest £30m in the
club. Morgan can afford it.
He started out labouring for
his father’s small civil engineering
company after a move to a new
school in Liverpool proved
a disaster. He went on to set
himself up as a subcontractor
and founded housebuilder
Redrow in 1974.
Morgan floated the company
20 years later and then sold most
of his stake before leaving in
Anthony Lyons 2000. He returned as chairman in
20 November 2010
March 2009, determined to turn
the ship around after the mistakes
of the boom years.
Morgan has seen the share price
revive in recent months, taking his
stake to around £114m.
Morgan sold £240m worth of
shares when he floated Redrow in
the 90s and 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.
Morgan also recently shared
the £75m sale proceeds on a
Spanish development. After
allowing for reinvestment of his
Redrow money, Morgan is worth
perhaps £350m after tax.
46
David Wilson & Family
£350m
Davidsons Developments
2009: £275m (+£75m)
David Wilson just can’t leave the
building and property business.
His new company, Davidsons
Developments, made a £1.5m
profit on £30.2m sales in
2008‑09. It has nearly £77m
net assets and should be worth at
least £75m.
Davidsons is being relocated in
premises that were once used for
his old Wilson Bowden company.
Wilson joined his dad’s small
Ibstock building business in 1961
after graduating from the Leicester
Polytechnic School of Building.
Wilson Bowden prospered and was
floated on the stock market in 1987.
It was always regarded as one of the
top quoted housebuilders by City
analysts, and in May 2007 Wilson,
68, 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 cash and Barratt shares.
His remaining Barratt stake
is now worth £19m as the
shares have drifted downwards
recently. The cash element of
the deal, £98m of share sales
and dividends over the years
at Wilson Bowden, and the
£75m for Davidsons, take
the Wilson family to £350m
after tax. He will rise higher if
Davidsons proves as successful
as Wilson Bowden.
www.estatesgazette.com 21
estates gazette rich list 2010

46
Stephen Vernon
£350m dixon and regus stage recovery
Green Property
2009: £280m (+£70m)
Stephen Vernon’s Green Property
operation unveiled a new joint
venture company in June 2010
with €900m of debt and equity to
invest in distressed property assets.
Dublin-based Green has joined
forces with the private equity firm
TPG Capital to target commercial
real estate opportunities in
Britain and Ireland.
Green seems to be defying
the Irish property crash too – in

the year to June 2009 its profits
moved up sharply to around £2m
and it showed £420m net assets.
Vernon, 60, went to university
in London, and his first job after
graduating was in the public
sector, with the Greater London
Council. He then moved to St
Quintin, a long-established firm
of chartered surveyors. He joined
Green in 1993.
Nine years later, Green was
taken private via a £700m deal
backed financially 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.
Merrill Lynch cashed in its chips
in 2005 as part of a refinancing of
the company. Vernon’s personal
stake in the business has increased
from 2% to 32%.
“This is my business now,” said
Vernon. “I’m very glad we did the
buyout. The writing was on the
wall for us (as a public company)
and I think predators would
have emerged.”
Green Property still has a strong
portfolio of assets. Consequently,
we value Vernon at £350m.
52
Regus, the world’s largest serviced
office operator, recently signed
an agreement to provide GE’s
workforce with space across its
portfolio. This was positive news in
£330m what has been a tough market for
the firm founded by Mark Dixon.
Mark Dixon Despite what he has described
Regus as the “fragile” nature of the UK
2009: £382m
recovery, Regus has accelerated its
(-£52m)
expansion plans as the recession
powers a shift towards flexible
working. It is also expanding
overseas and now has more than
1,000 centres in 450 cities.
Dixon, 51, stresses that Regus
is no longer just a serviced office
company. It also operates meeting
rooms and video conferencing
in April after the Candys and
their Qatari partners put sales on
hold for a year due to the global
downturn.
Earlier this year, the legal dispute
between Christian Candy’s CPC
Group and Qatari Diar over the
withdrawal of plans for Chelsea
Barracks was discontinued after a
confidential settlement.
We stick with last year’s £330m
suites, and offers business support
to people who work from home.
His stake is now worth £240m.
A former sandwich and later
hamburger salesman, Dixon
formed Regus in 1989. It floated
on the stock market in 2000. The
shares soared initially, making
Dixon a billionaire on paper. But
his wealth collapsed six years ago
when the shares went into freefall
after hasty over-expansion.
Dixon nursed the business back
to health. With other assets and
the proceeds of a £61m share sale
before the flotation and another
£35m last year, he is doing fine.
But in this uncertain climate, we
value him at £330m after tax.
Developments drew up plans
for a scheme in London’s Soho
which would comprise a 35-room
hotel, a 6,000 sq ft restaurant, three
shops, a roof-top bar and seven
flats. His portfolio in Soho and
around Holborn also includes
Tin Pan Alley, one of the last
undeveloped sites in central
London.
Kirschel, 47, hopes to transform

52
Nicholas and Christian Candy
£330m
valuation for the developer and
interior design duo until the sales
of more luxury homes at One
Tin Pan Alley into a new cultural
quarter for London and spent
£14.5m buying a building next
Hyde Park are completed. to Centre Point to turn into an
Candy & Candy innovative music centre.

2009: £330m (No change)
The Candy brothers – Nick, 37,
and Christian, 36 - are developing
the spectacular One Hyde Park
residential scheme of 86 flats near
Harrods. The Qatari Royal family
are investors in the development.
A lavish show flat was unveiled
54
We can see £204m net assets
£325m in Consolidated Developments’
2008-09 accounts and other
Laurence Kirschel operations. But these asset values
Consolidated Developments do not take account of Kirschel’s
2009: £300m (+£25m)
substantial holdings in Soho. We
Before the recession, Laurence mark him down to £325m in the
Kirschel’s Consolidated current climate.

22 www.estatesgazette.com 20 November 2010

55
Harry Hyams
£320m
Walton Investments
2009: £300m (+£20m)
Harry Hyams, one of London’s
top developers in the 1960s and
1970s, is still involved in business
even at the age of 82.
He has stakes in six small
property companies with around
£17m of net assets. Hyams is also
involved in the £200m revamp of
Newcastle city centre. This is, of
course, small beer for Hyams, the
son of an East End bookmaker.
Best known for the 1970s
Centre Point 35-storey tower
in central London, his real
coup 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.
55
£320m
Bob Edmiston
IM Properties
2009: £300m (+£20m)
edmiston
steers way
to riches
Bob Edmiston’s IM Properties
is determined to make the most
of its cash-rich position in the
current market.
The company plans to pursue
new development opportunities
through direct land acquisition,
joint ventures, and sale-and-
leasebacks. IM’s existing portfolio
includes the 400-acre Birch
Coppice Business Park where a
planning application has recently
been submitted for 2m sq ft of
distribution space.
Over the summer, IM released
capital with the sales of a portfolio
for £23m and its stake in Wolsey
Place in Woking, Surrey, for £68m.
An accountant by trade, who
Hyams made a further £98m
when MEPC itself was taken
over in 2000.
His estate, the net assets in the
small Hyams companies, and his
art should easily take the low-key
Hyams to £320m in the current
climate.
55
Charlotte Townshend
£320m
Addison Developments
2009: £300m (+£20m)
A new investment operation,
Cygnet Industries, has been
formed by Charlotte Townshend.
In 2008-09 it showed nearly
£20m net assets.
In July 2008, her Ilchester
Estates company bought the
Yeoman Industrial Estate in
Bournemouth for £13m. The
estate will add to Townshend’s
once worked for the now defunct
Jensen sports car operation,
Edmiston has built the IM Group
into one of Britain’s biggest
importers of Far Eastern cars.
It made a healthy £32.8m
profit on £351.6m sales in 2009
and showed net assets of over
£391m. We value the company at
perhaps £320m. Its IM Properties
subsidiary made £23.4m profit on
£43.7m sales in 2009. It, too, has
a strong asset base, with nearly
£254m there.
Since 1998, Edmiston, 64, has
had nearly £79m in salaries from
IM Group, but has given more than
£120m to charity. We value him at
£320m this year.
already considerable portfolio.
Townshend, 55, has 20 choice
acres round London’s exclusive
Holland Park, and 15,000 acres
in Dorset, where she has her
main home.
We can see six farming and
estate companies including
Cygnet, Addison Developments,
Harry Hyams
and Ilchester Estates, which
together showed £39m net
assets in 2008-09.
Ilchester Estates carries out
other property developments in
Britain and also sold a complex
of Essex offices and shops for
£5.14m in 2005.
With other assets, such as
property and choice bloodstock,
we raise our valuation of
Townshend by the £20m net
asset figure of Cygnet to £320m.
58 £296m
Charlotte Townshend
Sam Morrison
Corbo
2009: £250m (+£46m)
Sam Morrison recently sold
Newry’s Damolly retail park
to newly-formed REIT Metric
Property Investments for an
initial payment of £28.4m. He
also made £48m from selling a
Co Antrim retail park.
Morrison, Northern Ireland’s
top developer, started by selling
leather jackets from the boot of
his car, progressing to renting
his first retail shop in Ballymena.
He expanded to four retail stores
within a short space of time.
By 1998 he had moved into
property and one of his sons
took over as MD of the retail
business called SVM Textiles. It
now has seven clothing stores
across Northern Ireland, with
four smaller sites having closed
recently, as part of a strategy
refocus.
The stores concentrate on high
end designer fashion.
Morrison’s property company,
Corbo, showed £296.5m net
assets in 2008-09. He has a
number of other shopping
centres, including Fairhill
Shopping Centre in Ballymena
and a large retail warehouse
development outside Newry.
We value Morrison, 58, at
around £296m.
20 November 2010 www.estatesgazette.com 25
estates gazette rich list 2010

smurfit stays on course

59
Sir Michael Smurfit & Family
Ballymore
2009: £294m (+£1m)
£295m
Sir Michael Smurfit is having to subsidise losses at the K Club, the Ryder
Cup golfing venue, of which he owns half. Its value has nose-dived to
£25m in the past year. He has built a £7m mansion on the course and
others in Spain and Monaco, the tax-haven where he is resident, and has
postponed plans to replace his £14m 164ft yacht with a bigger one.
Smurfit, 74, has seen the value of his remaining small stake in his
former employer, Smurfit Kappa, rebound to £70m. He received £7.7m
when he left the firm in 2007. But it is outside of his former day job that
Smurfit claims to have made his most money. He has assets of about
£205m. This includes a £40m collection of art, which features works
by Louis Le Brocquy and Yeats. He plans to give some of it to the Irish
National Gallery and the rest to his six children from two marriages.
Smurfit invests widely in growing Irish private companies including
AEP Networks, a Dublin technology firm. He became a director and
shareholder in Ballymore International, one of Europe’s largest urban
regeneration companies, just as the property bubble burst.
In all, he should be worth £295m.

60
Sir John & Peter Beckwith
£270m
Pacific Investments & Red
River Capital
2009: £330m (-£60m)
Sir John Beckwith has teamed
with ex-Lehman banker Gerald
Parkes to invest in property
across Europe.
Old Harrovian Beckwith
and his brother Peter made
their first fortune in property,
netting around £80m when
they sold their London and
Edinburgh Trust property group
to a Swedish group in 1990 just
before the then property crash.
Sir John, 63, moved into new
areas of investment and has two
main investment vehicles, Pacific
Investments and Red River
Capital.
Pacific Investments, set up in
1994, has controlling stakes in
everything from warehouses in
Asia to property managers in the
City of London.
Red River Capital invested
£3m in the Thames River Capital
hedge fund and “his return on
the deal would make a private
equity financier’s eyes water,” the
Financial Times reported in July
2006. Thames River was sold
in April 2010 for £54m, netting
Beckwith some £17m for his
stake there.
Red River Capital, Beckwith’s
company, made a healthy
£36.6m profit on £65.5m
sales in 2008-09, while Pacific
Investments made £11.7m profit
in 2008-09. Both are owned by
Sir John and his trusts.
His more low-key brother,
Peter, 65, is best known perhaps
as the father of Tamara Beckwith,
the It girl-about-town. He has
invested in property and theatres.
But the brothers have also
invested in sports-related
businesses, which they sold on at
a profit of at least£50m.
Further sales of properties
since 2005 have also added
several million pounds to the
Beckwith coffers.
Adding hotels in France, and
Sir John’s investment in the
Model Frontiers fashion agency,
we cut the value of the Beckwiths
back to £270m as the sale of Red
River was at a much lower price
than mooted in recent times.
61
William Ives & Family
£266m
Rainham Steel
2009: £282m (-£16m)
The man of steel is now
supporting The Iron. Bill Ives,
founder and owner of Rainham
Steel, signed a three-year
sponsorship deal in December
2009 with Championship
football club Scunthorpe United,
aka The Iron.
Ives, 67, a straight-talking
Eastender and Conservative
Party donor, is one of the biggest
employers in Scunthorpe through
his steel stockholding operation.
Sir John Beckwith But it has not been immune
from the recession and has had to
cut jobs when the economy fell off
a cliff in the autumn of 2008.
Ives started Rainham in 1973
as a new and reusable steel
supplier. The company then
diversified and started to target
builders and builders’ merchants
in the 1980s.
The parent company, Rainham
Steel Holdings, made nearly £3m
profit on £113m sales in 2008-09
Peter Beckwith but, adding in directors’ pay to

26 www.estatesgazette.com 20 November 2010

the bottom line takes the profit to
around £13m. This year it will be
lucky to get into the black.
Despite this, Rainham is
building a huge warehouse
facility and Ives said that the
group would start to hire again as
soon as the economy recovered,
although he did not expect to
start doing so for another two
years.
On its figures, Rainham is
worth £120m. It is owned by Ives
and his family trusts.
Property companies and
other assets easily take Ives to
£266m.
62 £250m
Andreas Panayiotou
Ability Developments
2009: £250m (No change)
A new hotel opens at West
London’s Syon Park in November.
The £60m development on
the Duke of Northumberland’s
London acreage has been built
by Andreas Panayiotou’s Ability
Group.
It will be managed by Hilton
and takes Ability’s hotel portfolio
to seven.
Panayiotou, 44, is a former
boxer of Cypriot parentage
famous for selling most of his
residential portfolio at the end
of 2006 in anticipation of a
property crash.
He plans to develop a number
of other Hilton hotels in the UK
and Europe, with the intention
of amassing a portfolio of over 40
hotel properties by 2012 .
Ability Group has invested
more than £300m in hotel
assets over the past two years and
expects to invest a further £1bn.
The total value of Panayiotou’s
portfolio and assets is put at
more than £600m. Ability
Developments itself made £3.6m
profit and showed £112m net
assets in 2008.
The accounts of the other
companies which should
show more net assets remain
confidential so we have not seen
any further figures to take the
valuation to that £640m.
Until we can see them, we are
cautious and value Panayiotou
at £250m.
lewis interests are
spread far and wide
62
£250m
Alan Lewis
Hartley Investment Trust
2009: £225m (+£25m)
Alan Lewis wrote in his
chairman’s statement for
his Hartley Investment
Trust operation that he
regarded the property
crisis as “an opportunity”
and that his group was
ready to take advantage of
investment opportunities
that arise.
Among Hartley’s
investments is
Leeds‑based J&J Crombie,
which is best known for its
legendary gents’ woollen
topcoats favoured by
62
Marquess of Salisbury
£250m
Gascoyne Cecil Estates
2009: £250m (No change)
The 7th Marquess of Salisbury
is where he loves to be – at the
centre of Conservative politics.
In January 2010 he hosted a
weekend of talks at his Hatfield
seat aiming for a historic
generations of city slickers.
Lewis was not born
into great wealth. His
Welsh grandfather was a
successful entrepreneur
but his father gambled
away the family’s money.
Hartley Investment Trust
showed nearly £37.4m
net assets in its 2008-09
accounts.
His British property
portfolio, principally
old industrial sites in
Yorkshire, is worth at least
£100m.
In addition, he has
4,000 acres of prime
development land in
Florida, where gas has
been discovered, and
forestry in Russia.
With other banking,
hi-tech and property assets
in Britain, America and
Spain, Lewis, 72, is worth
perhaps £250m in the
current climate.
Marquess of Salisbury
20 November 2010
realignment that would see
Northern Ireland’s two main
unionist parties, the Ulster
Unionists and the Democratic
Unionists, merge with the
Conservatives. It came to naught
but reflected Salisbury’s passion
for the union and his love of high
Tory politics.
But it is, of course, ownership
of Hatfield House that still puts
Salisbury into this list. Completed
in 1612, it is a treasure trove of
hugely valuable paintings. The
art is easily worth £125m, but we
cut that in half to allow for any tax
demands on any future sales.
Hatfield also has a 3,000‑acre
park and woodland, and a further
vast acreage of farmland. In
addition, there is Cranborne
Manor, the family estate in
Dorset from where Salisbury’s
son, Lord Cranborne, sells his
organic sausages.
Salisbury’s main farming
company, Gascoyne Cecil Farms,
made a £129,000 profit on
£2.2m turnover in 2008-09
when it showed £4.9m net assets.
We can see more than
£500,000 of net assets in smaller
companies such as Perlpart
Developments. Shrewdly,
Salisbury is also developing
the family’s London acreage
round Leicester Square. The
London estate, American land,
the two stately homes with their
surrounding 10,300 acres and the
art collection keep Salisbury, 64,
at £250m.
65
Lord Iliffe & Family
£240m
Yattendon Investment Trust
2009: £220m (+£20m)
Earlier this year, Edward Iliffe,
65, won an appeal to build an
octagonal eco-friendly home on
Green Island in Poole Harbour.
The millionaire great-grandson
of newspaper publisher Lord
Iliffe bought the island for
£2.5m. His application was
originally rejected on the grounds
that it was too big for the island.
Yattendon Investment Trust,
the Iliffe family company, saw
its profits plunge in 2009 from
£24.6m to £1.2m on sales
down sharply too at £97.8m. Its
www.estatesgazette.com 27
estates gazette rich list 2010

net assets came in at £240m.

Yattendon had previously sold moran: star of wealth
its Birmingham papers to an
American publisher for £60m in
1987. It still has interests in media
and TV, including more than 40
local newspapers. It also owns
Channel TV, and has property
and marina interests.
With property, estate assets and
past dividends, we value the Iliffe
family at £240m.

66
Sir Stanley & Peter Thomas
£225m
Atlantic Property
Developments
2009: £225m (No change)
Plans for a new £8m golf course
near Cardiff were unveiled
by Sir Stanley Thomas in
September 2009. The 200‑acre

championship standard course
will be designed by Welsh
golfing legend Ian Woosnam,
a friend of Thomas.
Knighted in the 2006 Queen’s
Birthday Honours for services to
business and charities in Wales,
Thomas can afford it. The family
money comes originally from
the much more mundane world
of pies. The Thomas brothers,
Stanley, 69, and Peter, 67, built
up a large snack and pie business
which they sold to GrandMet in
1988 for £75m. The family then
went on to build the quoted TBI
group, involved in property and
then airports.
There was a near £106m
payout for the family late in
2004 when TBI, owner of
Luton airport, was taken over
in a £551m deal by the Spanish
infrastructure company, Abertis.
The family also has commercial
property investments. A Spanish
development, in which Peter had
a 40% stake, was sold in 2005 for
£75m. Another £40m in other
Thomas ventures take the family
to perhaps £225m.
67
Christopher Moran, who made
his fortune in Lloyds and on the
stock market in the 1980s and
1990s, has made even more in
£220m property since then. By his own
admission, he is “astronomically
Christopher wealthy”.
Moran Chesterlodge, Moran’s main
Chesterlodge holding company, saw its net
2009: £144m
assets hit £210m in 2008-09, when
(+£76m)
it made a £1.7m profit on turnover
of £7.9m. We value it at £200m in
today’s climate.
Moran, 62, has been helping
the NHS with designs for a £110m
cancer centre to be opened by
University College Hospital in
central London by 2012.
He is also active in Tory
Manny Davidson Trust bought a
portfolio of Guildford high street
shops for £13.45m in December
2009.
But he lost his right-hand man
in the family property empire in
February 2009 when Jonathan
Rose left to join the Pears family
as group property director at
the William Pears Group. Rose
politics and brokered a deal in
February 2007 which made the
Conservatives more than £30m
from the sale of their old Smith
Square headquarters.
For Moran, this activity followed
on from restoration of the 15th
century Crosby Hall on the banks
of the Thames in Chelsea.
The private palace was built by
City merchant Sir John Crosby in
the 1460s and was later owned by
Sir Thomas More.
Moran bought the freehold in
1988 for just £100,000 and has
since spent around £50m on
restoration. Moran, who had a
controversial career in finance,
should easily be worth £220m.
Davidson. It showed £440m of
net assets in 2005 when it made
a £12.4m profit. The Davidson
family’s 50% stake was worth
£253m when it was taken over
entirely by British Land (which
had the other half already) in the
summer of 2006.
Davidson has also owned other
choice assets. The takeover of the

67
Manny Davidson & Family
£220m
spent more than 12 years with
the Davidson family, working
with Manny and his son Gerald at
Leopold Joseph merchant bank
in early 2004 netted Davidson
£5m for his stake.
Wolfe and Asda Properties. Other assets such as Fungo,
BL Davidson Manny floated the business in a property company, and Wolfe
2009: £200m (-£20m)
1985, before taking it private in Securities, add £20m, taking
At 79, Manny Davidson is still a £232m deal with British Land the Davidson family to £220m
active in the property market. His in 2001 which saw it renamed BL after tax.

28 www.estatesgazette.com 20 November 2010

67 into a property business and
£220m
Gerard O’Hare
O’Hare Developments
2009: £220m (No change)
Dr Gerard O’Hare was awarded a
CBE in the December 2009 New
Year’s Honours List for services to
higher education and regeneration.
He is a visiting professor at the
University of Ulster.
The entrepreneur left his
family building firm in his native
Newry in 1997 to work on his own
property developments.
A chartered surveyor by trade,
he had previously worked on
projects in Northern Ireland
through the 1990s, including
Belfast’s Waterfront.
His Parker Green International
company is behind some of the
North’s most important retail
developments and he has further
shopping centres in the South,
including the Quays in Newry.
O’Hare, 52, has also been active
overseas. He added to his US
interests with two investments
in the New York commuter belt
valued at more than £125m in
July 2007.
The company also bought a
shopping mall in Connecticut,
the Millford Retail Centre, for
£50m. O’Hare has 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, despite
the collapse in asset values.
67 £220m
Robert Rayne & Family
Derwent London
2009: £125m (+£95m)
Quoted property group Derwent
has seen its share price rise
smartly in 2009-10 and it is now
worth just over £1.45bn.
The business is chaired by
Robert Rayne, the 61-year-old
son of property tycoon Lord
Rayne, who died in 2003.
His death robbed London of
one of its shrewdest property
developers. After war service
with the RAF, Lord Rayne turned
his family’s tailoring operation
pioneered development on the
fringe of the City.
He left £119.6m in his
British will, which excluded
assets held in France.
The Rayne family’s London
Merchant Securities merged with
Derwent Valley in 2006 and they
have a stake in Derwent London
which is worth around £195m.
In 2006, the family demerged
its investment division into a new
company called LMS Capital and
the Rayne family has a stake there
now worth £24m.
Taking into account some hefty
charitable donations, we value
the Rayne family at £220m.
71 £209m
Alastair & Michael Powell
Cable Properties &
Investments
2009: £205m (+£4m)
Cleveland Cable saw its profits
fall sharply from £27.2m to
£6.1m on sales up from £217m
to £190.6m in 2008-09. The
net assets rose from £117.8m to
£122.1m.
A property operation, Cable
Properties & Investments,
showed nearly £72m net assets in
the same period. Between them
the two companies showed nearly
£194m net assets.
We value the companies
together at that figure. Alistair,
58, and Michael Powell, 53,
own all the shares in both. Past
dividends and other smaller
companies take them to around
£209m.
72
Bert & Maurice Allen
£208m
Bewley Hotels
New entry
Slaney Meats group, a Wexford-
based meat processor, owned by
brothers Bert, 71, and Maurice
Allen, 68, showed more than
£71m net assets in 2008.
From its profits the Allens built
a property portfolio through
which they netted around £190m
when they sold their Bewley hotel
chain in 2007.
The brothers reinvested some
Sir Stanley Thomas
20 November 2010
Rich by star sign
Note: there are more than 250 in total as some
entries include two, or even three, people from the
same family
Gemini 33
Capricorn 30
Leo 29
Taurus 28
Cancer 24
Sagittarius 23
Aries 22
Libra 20
Virgo 19
Pisces 19
Aquarius 18
Scorpio 16
of this in German property
and are now moving into the
bioenergy field. They should
easily be worth around £208m.
73
£200m
Martin Ainscough & Family
Ainscough Strategic Land
New entry
Martin Ainscough, 58, is now
devoting more of his time to
extensive charitable works.
He and his cousin Bill,
founder of Wainhomes, are
funding the £6.5m Wigan Boys
and Girls’ Club.
Local football supremo Dave
Whelan is also involved with
Ainscough.Whelan, owner of
Wigan Athletic football club and
the DW Sports Fitness retail
and leisure chain, won consent
for the youth facility in May
this year.
Ainscough Crane Hire was
founded in 1976 by Gerard
Ainscough. The Wigan-based
company was run by his three
sons Martin, 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. After tax and
allowing for other assets, which
include various Ainscough
companies, such as Ainscough
Investments, the family should be
worth perhaps £200m.
They are now investing heavily
in property through Ainscough
Strategic Land, which looks for
sites to hold and develop on a
long-term basis.
www.estatesgazette.com 29
estates gazette rich list 2010

73
Richest in Ireland
No Name Wealth (£m)
27 John Magnier 540

£200m 34
46
JP McManus
Kevin & Michael Lagan
490
350
Michael Oglesby & Family 46 Stephen Vernon 350
Bruntwood 58 Sam Morrison 296
2009: £295m (-£95m) 59 Sir Michael Smurfit & Family 295
67 Gerard O’Hare 220
72 Bert & Maurice Allen 208
75 Charles Kenny & Family 198
76 Joseph Brennan & Family 197
89 Francis & Shamus Jennings 166
93 Frank Boyd & Family 160
93 Michael Herbert & Family 160
106 Ken Rohan 147
126 Andrew Creighton 120
manchester tycoon 138
142
Jim McGettigan
Martin Birrane
114
110
Michael Oglesby’s Bruntwood is still actively buying good quality sites. 149 Frank Burke & Family 105
In July, it exchanged contracts to buy the City House development site in 159 Patrick Doherty & Family 93
Leeds city centre for £5m. 160 Patrick Kelly 90
After leaving school at 16, Oglesby was an apprentice plumber to his 160 Lord Rana 90
father, before both realised it wasn’t working and he went to college 167 Edward Lonergan 85
to do a degree in building. In 1970, he moved from Scunthorpe to 172 Noel & Miriam O’Callaghan 80
Manchester, forming Bruntwood five years later. Oglesby, 71, is now one 183 John & Ciara Byrne & Family 78
of the most high-profile property tycoons in the North West. 183 Bill McCabe 78
Bruntwood is easily the busiest developer in Manchester. He owns 195 Mark & Kathleen Kavanagh 69
more than 80 office buildings in Liverpool, Manchester, Leeds and 198 Sean Mulryan 66
Birmingham. The main family operation, Bruntwood , saw its profits 198 Eamonn O’Rourke 66
increase slightly £11.5m to £12.6m on £97.1m sales in the year to 201 James Egan 65
September 2009. Its net assets came in at £146.1m. In the current 209 John Miskelly 60
climate, we value it on the net asset figure. Other assets plus smaller 214 Jerry Conlan 59
but separate Bruntwood operations take the Oglesby family to £200m. 228 Tony Leonard 52

75
Charles Kenny & Family
£198m
Clancourt
2009: £200m (-£2m)
The Kenny family own most of
Clancourt Group, owner of office
blocks in Dublin’s Harcourt
Street.
The company is unlimited
but its main subsidiary showed
£247m net assets in its last filed
accounts for 2005.
Clancourt started the largest
single speculative development
in Dublin for many years
– a £200m scheme near
St Stephen’s Green.
South Dublin-based Charles
Kenny, 75, has been developing
and managing prime office
buildings in the city since the
1960s. The group has also been
active in Limerick where it sold
the Parkway Shopping Centre
in 2006 for a sum reported at
£38m.
With other assets, including
The Crescent, Limerick’s largest
shopping centre, we value the
Kenny family at £198m in today’s
difficult economy.
76 £197m
Joseph Brennan & Family
Joseph Brennan Bakeries
2009: £170m (+£27m)
Profits at family-owned
Joseph Brennan Bakeries,
Dublin’s biggest bakery,
approached £3.6m on sales
of £45.7m in its last accounts
filed for 2007.
The Brennans also have some
substantial property assets in
London, including the Versace
shop in Bond Street and the
Hamley building in Regent Street.
Other assets, such as Century
Finance, take the Brennan
family led by 68-year-old Joseph
Brennan, to £197m in today’s
market.
77
David Mabey & Family
£196m
Mabey Holdings,
2009: £200m (-£4m)
Mabey Holdings was started by
the late Bevil Mabey (who died in
April this year) after the second
world war when he bought up
spare Bailey bridges from the
army.
The Reading-based firm has 13
offshoots that specialise in plant
hire, steel fabrication, property
and construction-related
operations.
One of its subsidiaries, Mabey
Bridge, has unveiled plans
for a £38m expansion aimed
at making it the biggest UK
manufacturer of wind turbine
towers for onshore and offshore
sites. The expansion will create
240 jobs, mostly in Chepstow.
David Mabey, 49, used to chair
the family-owned operation. In
Irvine Sellar the year to September 2009 it

30 www.estatesgazette.com 20 November 2010

went from a £217,000 loss to an
£18.2m profit, though sales were
down nearly £24m at £153.3m.
With £206.4m net assets, the
company should be worth £140m
in the current climate. Dividends,
which have totalled nearly £68m
since 1996, and the separate
Hare Hatch Holdings with nearly
£28m net assets, would normally
take the Mabey family to £200m
after tax and spending. But its
Mabey & Johnson subsidiary
was fined £3.5m recently for
breaching UN sanctions against
Iraq and systematically bribing
foreign officials with so-called
“white man’s handshakes”.
Accordingly, we cut the Mabey
family back to £196m, even
though it was the parent company
which owned up to its subsidiary’s
wrongdoings.
consent in May. Nikal, which
showed just £377,000 net assets
in 2008, is bankrolled by tycoon
Alan Murphy, 62, whose wealth
though came from more prosaic
sources. He worked for Carnation
foods and Gillette before opening
his own supermarket.
He sold up and in 1982,
after becoming involved in the
wholesale paper trade, Murphy
started AM Paper, which turned
big reels of tissue into toilet rolls.
Fifteen years later, in 1997,
after AM had grown sharply on
the back of £30m investment
in new equipment, Murphy sold
part of his stake for £100m,
and two years later, the rest
for £50m.
With the property deals and
personal assets, we reckon this
fanatical Liverpool supporter
should be worth £190m today.

78
Manfred Gorvy & Family
£195m
Hanover Acceptances
2009: £170m (+£25m)
Manfred Gorvy’s diversified
property outfit, Hanover
Acceptances, went from a£3.7m
loss in 2008 to a £26m profit in
2009, with sales rising sharply by
£16m to £684m.
79 £190m
Irvine & James Sellar
Sellar Properties
2009: £165m (+£25m)
Construction is well under way
at the site of the Shard of Glass,
Europe’s tallest mixed-use
building – designed by architect
Renzo Piano – which will soar

The business, with £206m
net assets, is owned by a
Luxembourg-based parent called
Quadriga Holdings SA. It should
be worth £180m in the current
81
1,016ft above London Bridge
Station in 2012.
The 87-storey tower is part of more is
better for
the £2bn London Bridge quarter
and is the culmination of years

climate. But we assume that the
Gorvy family, well represented on
the board, is the ultimate owner
and value the family at £195m
with past dividends.
mortstedt
of labour for developer Irvine
Sellar, 72. Sellar, who works with
his son James, 37, on property
developments, has a 20% stake in
the tower, which is backed by four
£186m
Qatari banks. Sten Mortstedt & Family

79 We can see around £134m CLS Holdings

£190m
Alan Murphy
Nikal Investments
2009: £180m (+£10m)
Manchester-based developer Nikal
remained under the radar locally
last year but has been making
progress with work at Humber
Quays in Hull, while working
up revised plans for the much-
delayed Altair in Altrincham.
As the recession subsides, it is
also gearing up for a major new
scheme in Salford, the £25m
Soapworks, which won planning
net assets in a dozen Sellar
companies. Not bad for a former
market trader who became king
of Carnaby Street fashion before
selling up in 1980 and moving
into property. In 1991 his quoted
property group went bust and
he lost £28m. But he has fought
back since then.
Through his Sellar Property
Group, he now owns a property
investment portfolio comprising
hotels, offices and shopping
centres. With the tower now
very much a reality, we value the
Sellars at £190m.
2009: £190m (-£4m)
The Mortstedt family’s stake in CLS Holdings is now worth
around £145m. Share sales of more than £93m (including
£27m in 2006, £6m in 2008 and £22.5m in a 2009 share
buyback) make the family very well-heeled.
CLS – a former investor in the Shard of Glass
development at London Bridge – has been active recently
as a seller in the UK, France and Sweden, while also buying
other assets in Germany.
The low-key Mortstedt, 70, a Swedish national, has been
on the board of CLS as chairman since 1994.
The shares recovered after the crash but in early 2010
they started to drift down again. We value the Mortstedt
family at around £186m.

20 November 2010 www.estatesgazette.com 31

estates gazette rich list 2010

duke looks beyond

his art treasures 82
The Duke of Buccleuch & Family
Buccleuch Estates
2009: £180m (No change)
Buccleuch Estates, the property
arm of the Buccleuch family,
recovered from an £18m loss to a
£7m loss in 2009 with sales down
sharply at £40.6m and net assets
down £10m at £108.3m.
The group has been
re-orientating its business, selling
its estate agency and game and
country enterprises operation,
which included the Spratts game
food brand.
Meanwwhile, it is building a rural
property management operation
and concentrating on commercial
property activities, renewable
energy, tourism and sustainable
food. This highlights the ambitions
of the Buccleuch Group, which
extend beyond the huge land
£180m
holdings of the 10th duke, 56. The
immensely 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 in practice with our
treatment of aristocratic art works,
we cut that back to take account of
any likely tax bill should the new
duke want to sell.
In his case it would be 40%, so we
reduce our art valuation accordingly
to £134m.
While the family’s huge land
holdings were never very valuable
and cost a huge amount in upkeep,
diversification into property is
paying dividends. In all, we still
value the new duke at £180m.

82
Kevin McCabe & Family
£180m
Scarborough
2009: £175m (+£5m)
Kevin McCabe’s Scarborough has
had a frenetic year. In February,
it bought Modus from the
administrators for £37m, and in
April the group went through a
financial restructuring.
In July, McCabe put the
100,000 sq ft Glasgow HQ of
Bank of Scotland on the market
at £40m, a 6% yield. In the same
month, planning permission was
granted for a three-acre former
site in Congleton, Cheshire,
acquired through the Modus deal.
McCabe, 62, has significant
leisure interests in China too,
including a controlling stake in
a Chinese football club called
Chengdu Blades.
His Scarborough Group has a
substantial stake in the Chinese
property company Top Spring
Group, which is involved in
developments in 11 major and
fast-growing cities across China.
McCabe has the firepower for
this. He 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. He
sold the bulk of his property
empire to Valad, an Australian
property group, in June 2007
– just before the property crash
– for £865m, which included
debt. McCabe’s proceeds from the
original sale should have been the
£142.7m we can see paid out to
his family and trusts in a special
dividend from the Scarborough
Group in 2007-08.
Even after that, its new parent
company, Scarborough Group
International, showed £88.4m
net assets in 2008-09. With
the dividend and his Chinese
investments, we value the
McCabe family at £180m.
82
Stuart Wall
£180m
Opal Property Group
2009: £180m (No change)
Manchester-based Opal
Property group is the biggest
provider of high-quality student
accommodation in Britain. At the
end of July it put two properties,
one in Exeter and one in London,
on the market with a £53m price
tag. It also provides affordable
accommodation for key workers
such as NHS staff.
The company, founded in 1982
by Stuart Wall, made a loss of
£24.6m in 2009 but, with net
assets of £209.5m, should be
worth perhaps £180m in the
current climate.
Wall, 59, owns it all.
85
David Coffer
£175m
Coffer Group
2009: £150m (+£25m)
The final 50% stake in the Earls
Court and Olympia exhibition
centre operation held by David
Kevin McCabe Coffer and Anthony Lyons was
sold in early 2010 to property
giant Liberty International.
Coffer’s property investments
operation, St James Capital,
bought the centre in May 2004 for
£245m. With a career spanning
more than 35 years in the property
and leisure sectors, the move was
one of the highlights in his career.
Three years later, the first 50%
stake was sold to Liberty in a
deal that valued the exhibition
David Coffer operation at £380m.

32 www.estatesgazette.com 20 November 2010

 Coffer continues to lead leisure
agent Davis Coffer Lyons and
there are various other Coffer
Group companies with juicy
assets, too. In all, Coffer, 63,
should be worth at least £175m.
85
£175m
Terence Cole
Marcol
2009: £175m (No change)
London property entrepreneurs
Mark Steinberg and Terence
Cole teamed up with a private
equity company in late 2009 to
buy Median, Germany’s biggest
rehabilitation care provider,
which operates 27 acute clinics
with around 6,000 beds in 19
locations across the country.
It was a typically astute move
by the pair who run Marcol,
a London-based company
set up in 1978 to acquire real
estate throughout the UK and
Europe. It comprises at least 40
companies that develop and own
property across Europe.
Steinberg and Tory party donor
Cole, 78, have grown a large
portfolio with investments in the
care home, residential, industrial,
retail and office sectors.
The group also includes
Industrial Securities, which
specialises in business parks,
warehouses and distribution
space.
The pair have been shrewd in
their dealings and sold off large
parts of their portfolios while
retaining some assets to work
up in value.
With 360 directorships listed at
Companies House, Cole’s holdings
are diverse. The largest company
we can see is Compco Holdings,
which showed nearly £143m
net assets in 2008‑09. Cole has
a 40% stake in its parent. But
his other assets take him to a
conservative £175m.
88
Lord Foster
£168m
Foster Holdings
2009: £170m (-£2m)
Architectural group Foster &
Partners has been hit hard by the
global slump in construction on
Serial director with In 1967, he set up his own
practice which later became
375 firms to his name Foster & Partners. Now regarded
as one of the world’s top
£175m architects, he is best known for
projects such as Hong Kong’s
Mark Steinberg new airport, the redesigned
Marcol Reichstag in Berlin, the
2009: £175m (No change)
Mark Steinberg, Terrence Cole’s partner, runs Marcol, the
Hearst Tower in New York and
the Gherkin in the City.
London-based property company the pair set up in 1978. Foster had an 85% stake until
Steinberg, 51, is also a serial director with more than he sold a 40% share to 3i, the
375 companies to his name. The largest firm we can see private equity giant, in May 2007.
at Companies House is Compco Holdings, which showed The deal valued the business then
nearly £143m net assets in 2008-09. at around £300m. Foster should
Steinberg has a 40% stake in its parent. But his have received around £120m and
other directorships should easily keep him at a very be left with a stake worth £135m
conservative £175m. at the time.
Though the company made a
£38.5m profit on £152.1m sales
in 2008-09. With past salaries
and property assets he should
be worth £170m after tax. We
knock off the £2m he recently
donated to Yale University’s
School of Architecture to fund a
professorship in his name.
89
Francis & Shamus Jennings
£166m
Cusp
2009: £146m (+£20m)
One of Northern Ireland’s leading
companies, the Rotary Group,
85
was taken over by Australian firm
Hastie Group in a deal worth
almost £100m in February
2008. But Ballyrogan Holdings
(Rotary’s holding company at
the time of the sale) is still owned
by the Jennings family. Shamus
Jennings, 56, is now chairman.
Earth and is hoping for better Ballyrogan made a £1m profit
luck on the Moon. and showed nearly £43m net
It is part of a group hoping to assets in the year to September
win a contract from the European 2009. The Jennings family also
Space Agency to test materials for owns the Cusp property group,
building settlements on the lunar which recently spent £75m on
surface. The mission, to develop a buying a retail park at Kendal
“more permanent presence on the as part of a wave of spending by
Moon”, is part of the Aurora space Ulster investors on the mainland.
programme. Cusp, a successful developer,
Born in Stockport in 1935, is working on the £100m St
young Norman Foster performed
well at school but left at 16 to
work in the Manchester City
Anne’s Square development in
Belfast. Cusp reckons its property
portfolio is worth £500m. It
Treasurer’s office. showed £95.2m net assets in
He did his national service in 2009, and we value it at £80m
the RAF and when demobbed in the current depressed climate.
in 1961 went to the University After tax on the Rotary proceeds
of Manchester’s School of and past dividends, the Jennings
Architecture & City Planning. Lord Foster family should be worth £166m.
20 November 2010 www.estatesgazette.com 33
estates gazette rich list 2010
90
Henry Moser & Family
£165m
Jerrold Holdings
2009: £165m (No change)
Co-founded by low-key Henry
Moser in 1973, Jerrold Holdings
specialises in secured lending to
both residential and commercial
customers. Moser, 61, left school
at 16 and worked on stalls as a
market trader.
Jerrold Holdings saw its profits
rise slightly from £68.7m to £69m
on sales of nearly £149.5m in the
year to June 2009. Barclays Private
Equity invested £113.5m for a
30% stake in September 2006.
Cautiously, we value the
business at £200m in the current
climate. That values the Moser
family stake at £140m. Past
dividends should add £25m.
Richest in the North West
No Name Wealth (£m)
11 John Whittaker 1,060
19 Peter Jones & Family
31 Trevor Hemmings
73 Martin Ainscough & Family
73 Michael Oglesby & Family
82 Stuart Wall
90 Henry Moser & Family
93 Brian Scowcroft & Family
117 John Hindle & Family
123 John Seddon & Family
140 Peter Dawson & Family
142 William Ainscough & Family 110
172 Melvyn & Delia Grodner
186
201
215
David Russell
Philip Davies & Family
John Finlan & Family
245 James Spencer & Family
90
£165m
Gary Widdowson
Kenninghall Holdings
2009: £160m (+£5m)
Gary Widdowson spent £25m
on a 2,000 acre Norfolk estate in
September 2008. He can afford
it. His father founded GD Metal
Recycling, with one depot in
north London.
But it was Gary, 52, who
became the scrap metal king of
London. In February 2006, he
sold the renamed Metal & Waste
Recycling to Barclays for an
36 www.estatesgazette.com
undisclosed sum, but reckoned
to be up to £120m. Widdowson
kept a 22% stake in the company,
which processes about 700,000
tonnes of scrap metal and made
£11.8m profit on a turnover of
£189m in 2009.
Widdowson has diversified into
property through Kenninghall
Holdings, with around £15.7m
of net assets in 2009. He owns a
private dock on the Thames and
another waste company, Total
Waste Management. He has
also accumulated a war chest for
property investments.
Essex-based Widdowson should
easily be worth £165m in the
current climate.
92
Eliasz Englander & Family
£162m
Citywise
2009: £160m (+£2m)
Englander, 78, has 138
directorships and a complex web
of companies. Through Citywise,
673 the Englander family owns
500 Holborn Links with over £131m
200 net assets in 2008, when it made
200 an £8.4m profit .
180 The family also has several
165 other separate, smaller
160 companies with net assets
130 totalling at least £100m.
126 In all, and allowing for
112 overlapping stakes, the Englander
family is easily worth £162m.
80
75
65
58
93 £160m
Sir Euan Anstruther-Gough-
45
Calthorpe & Family
Calthorpe Estates
2009: £160m (No change)
Calthorpe Holdings plunged into
a £12.85m loss in 2008-09 when
its net assets also fell sharply from
£21.6m to £6.5m.
The company has been involved
in an ambitious development
programme in the Calthorpe
estate, which covers 1,550 acres of
leafy Edgbaston.
This includes the award-
winning £40m Calthorpe
House, the £110m Edgbaston
Galleries development and a
£100m University Science Park
plan for the former BBC site at
Pebble Mill.
20 November 2010
It had to sell off assets and
change its strategy to conserve
cash during the severe property
downturn. But there was some
relief in March this year when it
desmond o'neill features
secured food retailer, Morrisons,
as a tenant for its Galleries
development.
The estate dates back to
1717 but it was in 1985 that
Anstruther-Gough-Calthorpe
Sir Euan Anstruther- inherited his title from his late
Gough-Calthorpe
grandfather and the estate was
part of his inheritance. The estate
would now be worth perhaps
£80m. His trusts made around
£40m profit in 1999 by selling
off 300 acres in Hampshire for
development.
Anstruther-Gough-Calthorpe,
44, also has interests in America
and property in Europe. We still
value him at £160m.
93
£160m
John Berkley & Family
The Berkeley Leisure Group
2009: £150m (+£10m)
John Berkley chairs the Berkeley
Leisure Group, a largely family-
owned mobile home operator
and property developer based in
Yeovil.
In 2008, its profits fell sharply
from £18m to £5.2m on sales
of £15.9m (the 2007 figure had
been inflated by the sale of an
asset).
The company has £56.8m
worth of freehold properties but
states in its 2008 annual report
that they are worth around
£100m more than the book
value.
The shares are largely owned by
Berkley, 76, and his family, who
take little out of the business. We
value them at £160m.
93
£160m
Frank Boyd & Family
Killultagh Estates
2009: £115m (+£45m)
William Ewart Properties is one
of the largest property companies
in Northern Ireland. In March
2010, the company appointed
Franc Warwick to find a buyer
for its Victoria Place, Fulham
Broadway and Hammersmith
Broadway shopping centres in
London, with a £300m price tag.
Victoria Place, at Victoria
railway station, has been sold to
Network Rail for £95m.
William Ewart’s net assets
though fell from £282m to
£238.1m in 2008, when it made
a £3.8m profit after an £8m loss
the previous year.
The company was formed in
2002 when Frank Boyd and
Andrew Creighton paid £90m
for the Northern Ireland and
British properties of a southern
property group called Dunloe
Ewart. They each own 50%.
Boyd, 56, started out as
an electrician and owned an
electrical contracting business
in Belfast.
He began his career as a
property developer and investor
in student housing before
moving on to acquiring nursing
home sites and office market
opportunities.
One of his other companies,
Killultagh Estates, is owned
by his trusts, and has
developed into one of the
leading property companies
in Northern Ireland.
It showed its financial muscle
in September 2005 when
it snapped up the Fareham
Shopping Centre in Hampshire
for £110m.
Killultagh Estates had £51.4m
net assets in its 2008-09
accounts. We can see another
£12m of net assets in other Boyd
companies.
In all, while we can see £182m
of net assets attributable to Boyd
and his family, we cautiously
value the family at £160m in the
current climate.
93 £160m
Michael Herbert & Family
Lebreh
2009: £145m (+£15m)
Herbert, voted Northern Ireland’s
top property man in 2006, is also
a restaurant tycoon.
Herbel Restaurants, based
in Belfast, holds the largest
Kentucky Fried Chicken franchise
in Europe and also acts as a
franchise for Haagan-Dazs ice
cream.
Founded by Herbert in 1981,
Herbel 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 £4.1m loss on
£64.7m sales in 2008, when it
had net assets of nearly £80m,
and we still value the business at
£60m.
Herbert, 53, has also branched
out into property development
in Belfast and Scotland in a big
way. His Lebreh operation had
£111.2m net assets in its 2008
accounts. It should be worth
£110m.
In all, Herbert and his family
are easily worth £160m in the
current climate.
93
Brian Scowcroft & Family
£160m
Alard Properties
2009: £160m (No change)
Brian Scowcroft’s business
interests seem to be faring pretty
well. He has over 100 tenants
occupying around 1.5m sq feet of
new or refurbished buildings at
his Kingmoor Park on the site of
an old RAF base.
Even so, the net assets of
the Kingmoor Park Properties
operation fell £14m in
2008‑09 to around £20m.
He has ploughed around £7m
of his own money into the
400‑acre Kingmoor site and,
with it, helped create more than
1,300 jobs.
It is the flagship in Scowcroft’s
business park portfolio, which
includes sites in Stockport and
Leigh, as well as an operation in
Wrexham.
Before his property work,
Scowcroft, 54, was boss of
Swinton Insurance.
It was founded in the front
room of his father’s Manchester
house in 1957 and became one
of the largest car insurance
companies in Britain.
In 1988, the family started
selling stakes in the firm to Sun
Alliance. By the early 1990s,
the Scowcroft family had made
around £150m from the sale.
Scowcroft, a qualified
chartered accountant, went
into industrial sites as he had
the capital to acquire the land
cheaply.
In all, with the success of
Kingmoor Park, the earlier
Swinton proceeds and personal
assets, we value the Scowcroft
family, which includes his
low‑key sister, Janet Lefton, 52,
at around £160m.
98
John Lynch & Family
£152m
John Lynch (Builders)
2009: £152m (No change)
John Lynch, 61, chairs the
family‑owned John Lynch
(Builders), an Ayr-based
property-to-construction group
which has been built up over the
past 39 years.
The group had £11m net
assets in December 2008.
But under Lynch’s shrewd
management, significant
land holdings of around 280
acres of development land in
Scotland built up over the years
are currently worth around
£100m.
Other assets such as farms,
investments and properties
take the Lynch family to around
£152m in the current economic
climate.
99
Paul Caddick & Family
£150m
Caddick Group
2009: £90m (+£60m)
Paul Caddick founded
Yorkshire‑based Caddick
Group in 1979 and it has
evolved into a high-quality
property‑to‑construction
operation.
The group was involved in
the planned 1m sq ft Trinity
Leeds shopping destination
but, in November 2009, its 25%
stake was sold to its partner,
Land Securities.
Caddick had bought the stake
in 2007 for £75m.
Caddick is expanding fast
in retirement homes through
its Oakbridge Retirement
Brian Scowcroft Villages joint venture, which
20 November 2010 www.estatesgazette.com 37
estates gazette rich list 2010
plans to build three retirement
villages in the UK each year.
The group also shares
ownership of the Headingley
Carnegie Stadium home of Leeds
Rhinos and Leeds Carnegie
(formerly Leeds Tykes) rugby
teams and Yorkshire County
Cricket Club.
But the lack of England test
matches at Headingley until
2012 is likely to hit its finances
hard.
In the year to August 2009,
Caddick Group made a £2.8m
loss on £64.6m sales while net
assets came in at £42.5m.
The Caddick family – led by
60-year-old Paul Caddick – and
trusts own more than 90% of
the shares.
Other private assets and sale
proceeds take the Caddick family
to around £150m.
99 £150m
Charles Clowes
Clowes Developments
2009: £130m (+£20m)
East Midlands entrepreneur
Charles Clowes bought Wilson
Bowden Developments’
290‑acre industrial and
distribution portfolio for the
knock-down price of £46m
in late 2008.
Clowes Developments,
established more than 40 years
ago, has an impressive record of
commercial, retail and residential
development.
These include industrial
parks, industrial land in Corby,
Birmingham, Wednesfield, Castle
Donnington and the Dove Valley
Park in Derbyshire.
Its investment properties
include three in central London –
in Harley Street, Eaton Place and
Edgware Road.
Clowes owns all the shares
in the company which made
£1.9m profit on £11.4m sales in
2008‑09.
It has nearly £59m net assets
but reports in the property press
suggest that Clowes is looking to
sell up for £300m.
We cannot accept that
valuation and, in the current
climate, we settle for £150m for
70-year-old Clowes.
38 www.estatesgazette.com
99
David Gabbay & Family
£150m
O&H Capital
2009: £250m (-£100m)
Gabbay and partner Eli
Shahmoon have had a tough time
recently but still have substantial
assets in their O&H property
operation.
O&H Holdings saw its net
assets fall sharply from £478m to
£255.5m in 2008-09.
The parent company 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, 66, and his family must
be worth around £150m with
past salaries (more than £30m
a model mogul
from 2001-08).
99 £150m
99
Nick Leslau
£150m
Eli Shahmoon & Family
O&H Capital
2009: £250m (-£100m)
Prestbury Investments Eli Shahmoon, 43, is the
2009: £130m (+£20m)
partner of David Gabbay
Nick Leslau managed to float his Max Property Group in the London‑based
on the stock market in May 2009 valued at £220m. It was property‑to‑construction group,
the first flotation in London of the year and raised £20m O&H Holdings, which showed
more than planned. around £255.5m net assets in its
Max intends to exploit the weakness in the UK property 2008-09 accounts.
market by picking up bargains. The company is now worth O&H capitalised on renewed
£224m, valuing Leslau’s stake at £20.4m. demand from the institutions
The son of a jeweller, Leslau grew up in a modest at the end of last year with the
three‑bedroom house in Cricklewood, north London. sale of an office block on Conduit
In his 20s, he was a part-time model and appeared as an Street, W1, to Threadneedle for
extra in pop videos. £24.1m – a 6.38% yield.
After training as a chartered surveyor, he teamed up The Shahmoon family
with Nigel Wray to build Burford Group into a £1 billion owns half of the business.
business. Past salaries, dividends and
In 1997, he started his Prestbury operation, which other assets should take the
he co-owns with Wray. Leslau correctly anticipated the Shahmoons to £150m.
property slump, and the pair sold off properties well before
the start of the credit crunch.
Leslau redeployed the money elsewhere in budget Rich by decade born
hotels, private healthcare and theme parks, all of which Note: there are more than 250 in total as some
hold up well in recessions. entries include two, or even three, people from
These assets have been secured on long leases with the same family
regular upward rent reviews. 1920s 11
Prestbury Investment Holdings had £65m net assets 1930s 65
in 2009, and Leslau has a near 52% stake. In the current 1940s 83
climate, we value it at £100m. 1950s 77
The profits from past deals, his Max stake, hefty 1960s 38
dividends of more than £40m since 2000, and his personal 1970s 4
property assets, easily take Leslau, 51, to £150m, even in 1980s 1
today’s still difficult market. 1990s 1
20 November 2010
 horses are his pride

99
Sir Robert Ogden
Ogden Group,
£150m

2009: £115m (+£35m)

Sir Robert Ogden received a crushing blow in 2009 when his race
horse Exotic Dancer died at Aintree, but he has another stable star
in the shape of Voy Por Ustedes.
Ogden, a long time racehorse owner, made his fortune
through coal. But his long association with the industry ended
in 2006 when he sold his coal washing and processing business
– A Ogden & Sons – for £24.5m. He has a number of property
businesses and assets which underwrite Ogden’s passion
for horseflesh (he was a big purchaser at the Tattersalls,
Newmarket, bloodstock auctions in late 2009).
Ogden now runs a number of companies from his
Yorkshire base, including Condor Aviation, Ogden Properties
and Nevison Properties, with more than £68m net assets
between them in 2008. But with many other private interests
and the fine collection of horses, the 74-year-old Ogden is
easily worth £150m.

105
Nick Capstick-Dale
£148m
UK Real Estate
2009: £122m (+£26m)
Property investor Nick
Capstick‑Dale made a smart
move by investing early in the
area surrounding London’s
Kings Cross. He spent nearly
Since then, through his main
company, UK Real Estate,
based in London, he has been
We can see another £3m net
assets attributable to Rohan in
other smaller companies.
assembling an impressive In all, with other assets and
long‑term portfolio, now with recent dividends, he should be
around £150m net assets. worth £147m in the current
Capstick-Dale has very low climate.
borrowings and has been able to
buy sites in the downturn at huge
discounts. 107 £145m

£4m in June 2006 buying
The Lighthouse building at
the junction of Gray’s Inn Road
in London.
It is the first building that
anyone leaving King’s Cross sees
and work finally started on the
site in the summer of 2010 with a
completely new building behind
the old facade.
It follows on from Capstick-
Dale’s new Covent Garden-style
leisure-to-retail complex which
he built in the heart of the area.
With the Eurostar trains now
using the St Pancras international
terminal and a huge regeneration
underway, he is in the right area
at the right time.
Capstick-Dale, 48, learnt about
property working for an estate
agency for four years. In 1986, he
started trading in property and,
in 1989, three months before the
property crash, he sold all his
properties.
A year later he was buying
back some of his assets at a 40%
discount.
106
£147m
Ken Rohan
Airspace Investments
2009: £165m (-£18m)
Profits at Irish property company
Airspace Investments fell sharply
in 2008 from £26.3m to £7.1m
when it showed £125m net
assets. In May 2009, owner Ken
Rohan, a 66-year-old 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. Ken Rohan
became managing director of the
group in the 1970s.
Nick Capstick-Dale
Graham Harris
London & City Group Holdings
2009: £117m (+£28m)
Graham Harris owns London
& City Group Holdings, a
London‑based property operation,
where he is also a director.
The company specialises in the
fast-moving and ever-changing
London lettings market and the
super-prime market in France in
Paris and around the Alps.
In 2008-09, London &
City made £689,000 profit
on £48.6m sales, but its
net assets jumped from
£138.8m to £143.3m.
The company reports strong
demand for its French assets
and its London commercial
properties and expects that its
rental income will grow to £50m
over the next three years. It has
no funding problems, despite the
banking crisis.
We value the business on the
net asset figure. With other
assets, Harris, 63, should easily
be worth £145m.

20 November 2010 www.estatesgazette.com 39

estates gazette rich list 2010

£74.4m. His sons are very much

ronson flying high with heron in the driving seat at Churchill
Retirement, which has recently
been valued at about £120m.
With the earlier sale proceeds
and other assets, we value the
McCarthy family at £140m.

110
Chris Marshall & Family
£136m
Marshall Holdings
2009: £130m (+£6m)
Profits fell in 2008 from £16.3m
to £5m on sales down from
£114.8m to £107.2m at Chris

107
£145m
Gerald Ronson & Family
Heron
2009: £180m (-£35m)
Gerald Ronson’s £500m Heron Tower in the
City has now reached its full 46 storeys, and in
July secured its first tenant.
Ronson, 71, put in £44m of his own money,
and the Oman government backed him in
late 2006 to finance what he calls a “six-star”
scheme. After seven years in construction, the
794 ft structure will be ready in 2011. Even so,
Ronson is cautious in his plans.
Next to the tower he is developing the
24-storey Heron Plaza. But he is now looking
to turn that into a 5-star hotel development
rather than yet more offices. This is why
Ronson is regarded in property circles with
awe for his ability to do a deal, spot a bargain or
make a turn.
In the 1970s and 1980s Ronson built his
Heron property empire and a £600m fortune.
Then he became embroiled in the 1986
Guinness scandal. Ronson served six months
of a 12-month sentence in Ford Open Prison
after being convicted of secret share buying
agreements in connection with Guinness’s
£2.8bn bid for the Distillers drinks company.
At the same time, Heron nearly went
bankrupt, a victim of the early 1990s property
downturn. But Ronson emerged from prison
and rebuilt the operation – something he
makes much of in his 2009 autobiography.
Heron International, the parent company,
made a £22m profit and showed £434.5m
net assets in 2008. Ronson earned a £12.9m
salary in 2007. Outside Heron, Ronson has the
Snax 24 petrol retailing business which made
£1.9m profit on £197.2m sales in 2008, when
it showed nearly £43m net assets. With strong
cash reserves, it is easily worth £60m.
Ronson revealed recently that over the
past 25 to 30 years he has given away £35m to
charities. On the back of this huge generosity
we clip him back to £145m.
Marshall’s Leeds-based company,
Marshall Holdings.
Credited with being the most
successful speculative developer
in the region, Marshall, 71, runs
the company started by his great
grandfather in 1901 in a very
low‑key manner.
Not that he needs publicity
for when he does a deal the rest
of the market sits up and takes
notice. Marshall reckons that
with a solid balance sheet and
a good relationship with the
banks, Marshall Holdings is well
positioned to take advantage of
any upturn.
Despite the economic climate,
Marshall Holdings’ net assets
rose from £153.7m to just under
£160m in 2008, demonstrating
its resilience. It is easily worth
£130m.
We add £6m for past dividends
to the Marshall family.
111 £135m
Anthony Brotherton-Ratcliffe
& Family
Croudace Holdings and
Maybrook

109
£140m
Clinton McCarthy & Family
Churchill Retirement Living
2009: £115m (+£25m)
Specialist house builder Churchill
Retirement Living predicts a
shortfall of 62,500 retirement
homes by 2020. As a result, it is
defying the downturn by buying
60 new sites. The Hampshire-
based operation, which in the
year to May 2010 is expected to
2009: £125m (+£10m)
make a £4.5m profit, is run by
brothers Spencer and Clinton
McCarthy, 46.
Croudace Homes recovered in
2009, moving from a £28.4m
They learnt all about the loss into a £1.5m profit. The
retirement home market from Caterham-based company has
their father, John McCarthy. He more than £77.3m net assets.
set up McCarthy & Stone, which The planned £100m sale of the
was floated on the stock market business had been abandoned in
in 1982. May 2008.
He grew the business but left The potential buyer, Hyde
in 2004 after backing a first Housing Association, wanted
rebuffed bid for the operation by to cut its price in the light of the
his sons. McCarthy stood down credit crunch and subsequent
as chairman and sold his stake for collapse in the housing market.

40 www.estatesgazette.com 20 November 2010

family big in midlands
Horton Estates made £6.3m
profit on £15.3m sales in the year
to September 2009, but the net
assets fell sharply from £149.8m
to £116.2m.
However, in the period from
1996-2009, the family had £36m
of dividends before tax.
Peter Horton, 41, now
leads the Horton family on the
board of Hortons’ Estates as
deputy chairman, following
the retirement of Michael
Croudace Homes is but
one part of the property-to-
housebuilding operation run by
the Brotherton-Ratcliffe family.
Croudace was actually founded
in 1946 by Oliver Croudace
and initially involved in minor
contracting works.
Jack Brotherton-Ratcliffe,
who served in the RAF with
distinction during the second
world war, arrived as a partner
and bought out the business
entirely in 1950. He died in
2009, aged 90.
But the business still remains
in family hands and is now run by
his son Anthony, 60.
Aside from Croudace Homes
Group, the family also own
Croudace Properties Group and
Maybrook Properties, which are
faring well.
Between them, the two made
around £8.3m profit in 2008
when they showed over £89m
net assets.
In the light of the failed sale,
we value the three businesses
at around £120m.
Other assets, including
£35m of dividends from
Other assets, such as White
Rose Finance (£5m net assets)
111
should take the Guthrie family to
perhaps £135m after tax.
114
Tony Bramall & Family
£132m
Bramall Properties
£135m 2009: £92m (+£40m)
Peter Horton & Family Tony Bramall spent £18.5m in
Hortons’ Estates February 2009 acquiring a Leeds
2009: £160m (-£25m)
office block using his own money
and no debt. It was seen as a cash-
rich buyer taking advantage of
falling property prices.
Horton as chairman in 2008. Bramall’s money comes from
The family‑owned company the car trade. After training as
remains one of the Midland’s an accountant and working in a
largest property investment and Sheffield estate agency, he began
development companies with a his life-long association with the
portfolio across the retail, leisure, car trade in 1963 when he joined
office and industrial sectors. his father’s Sheffield-based car
We value the company at dealer, later taking over the reins.
£115m, slightly below the net The company was floated in
asset figure, adding more than 1978, and nine years later Bramall
£20m for past dividends and agreed his first takeover by Avis,
other assets after tax to the collecting £45m for the family
Horton family. stake.
But retirement did not beckon
then and in 1990 Bramall put
1993‑2005, take the family to £1.5m into his second car
around £135m after tax. venture, called CD Bramall.
In January 2004, he sold the
111
John Guthrie & Family
£135m
Harrogate-based operation to
the much larger Pendragon in a
£230m takeover, netting £76m
for his stake.
Broadland Properties He raised eyebrows in the
2009: £120m (+£15m)
car trade in April 2006 with
A chartered surveyor by training, his third foray by paying £56m
John Guthrie chairs Broadland to acquire a stake in Lookers,
Properties, the Scarborough Britain’s second biggest quoted
property operation. car dealership.
The business, which was The move effectively scuppered
started in 1950, saw its profits fall rival Pendragon’s £245m bid
to just £2.2m on £27.8m sales in for Lookers, which Bramall had
the year to September 2009. But opposed. That stake is now worth
we value Broadland at £120m, £46m.
slightly below its £127m net Bramall, 74, also had another
assets. car dealership, Bramall & Jones,
Guthrie was the biggest that was sold for around £24m in
winner from the May 2005 sale March 2010. Bramall’s proceeds
of the Merchant Retail business should have been £18m.
to Hong Kong billionaire, Li We can also see another £34m
Ka-Shing, for £222m cash. of net assets in the 2009 accounts
Guthrie, 74, picked up 10% of of Bramall Properties and
the company “many years ago” Winterquay, two property and
when the shares were trading at farming ventures.
just 9p. The takeover price valued In all, the Bramall family is
each share at 197p, so Guthrie easily worth around £132m
made a profit of around £22.3m after tax and reinvestment of
on the deal. sale proceeds.
20 November 2010 www.estatesgazette.com 41
estates gazette rich list 2010
115
Julia Davey
£131m
Angel Group
2009: £131m (No change)
Julia Davey was an estate
agent before she branched out
into the renovation and sale
of apartments. After 10 years
of hard work, she built the
Angel Group, a London-based
property operation, which has
started to move into government
accommodation contracts and,
in parallel, the acquisition of
properties and developments.
Currently, the Angel Group
is involved in major projects in
London and other developments
in Eastern Europe, Cyprus, and
Israel. It is also building up a
chain of smart boutique hotels
and top level wedding venues.
The group made a £2.9m
profit on £31.5m sales in
2008‑09.
It has £64.3m net assets and,
with other companies such as the
£7m Angelic Interiors, Davey’s
business assets should be worth
more than £80m.
We add another £51m for her
property and personal assets.
With a planning application
for a landmark 42-storey tower
in London Docklands, known
42 www.estatesgazette.com
pearl’s strategy pays ofF
115
David Pearl
Structadene
£131m
2009: £147m (-£16m)
David 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 and, after two days, decided he liked the business.
Last year, his Structadene business saw its profits rise from £4.5m to
£23.6m thanks to a strategy of selling off assets. He became a frequent
seller at auction and intends to reduce the size of the portfolio by as much as
a third over the next five years to reduce Structadene’s £838m of debt.
The company’s net assets came in at £127m, down again on the
previous year. We value Structadene on the net asset figure. Pearl, 65,
owns it all.
We add £4m for his stakes in smaller companies such as the Good Vibes
gym chain and his past salaries.
as Number One, at an advanced
stage, we value Davey, 53, at
around £131m.
£390m. The brothers have more
than 80 companies, the biggest
being Boultbee Construction with
£126m net assets in 2008. when
117
it made a big loss of over £43m.
£130m Smaller companies add another
£5m net assets.
Steve & Clive Boultbee The banking crisis in late
Brooks 2008 forced the Boultbee Brooks
Boultbee to replace £80m of facilities
2009: £200m (-£70m)
previously provided by the failed
Steve and Clive Boultbee Brooks Lehman Brothers. Cautiously, we
sold off three Swedish shopping value the pair at £130m, allowing
centres in June 2010 for £125m. for any debt in the business.
The funds will be reinvested in
central and northern Europe.
The brothers – Steve, 49, a
mechanical engineer and intrepid
117
Cyril Dennis & Family
£130m
polar explorer, and Clive, 47, a
chartered surveyor – grew up on Rumford Investments
2009: £130m (No change)
a farm in Staffordshire, though
their father was a stockbroker. In March 2009, Dennis spent
They sold their cars in 1987 for more than £23m acquiring the
£5,000 to take on the property 403-bedroom Le Méridien Beach
world. They started by buying Plaza hotel in Monte Carlo.
and redeveloping industrial space In nearby Antibes, he is
in Shoreditch, on the fringes converting the former Le
of the City. In the 1990s, they Provençal Hotel into 60
developed office and industrial apartments after it had been left
space in the Midlands. After empty by its previous owner for
narrowly surviving the property 34 years.
crash, they turned to retail. Dennis, 66, has a good pedigree
It is in the Nordic region that in shrewd property deals. He sold
their company, Boultbee, has a 3.3 acre site on the Isle of Dogs
done really well in recent years. In for £47m in September 2006.
2008, it sold Helsinki’s Kamppi Nine years previously, he bought
shopping centre for around the site for just £2m.
20 November 2010
 Dennis has also secured
approval for a development at
Peruvian Wharf in the London
Docklands at the fourth attempt.
He has owned the site, which
was recently touted as a possible
location for the UK’s first giant
casino, since 1999. A £67m
development in Liverpool was also
completed in 2006 by Dennis.
He began his development
work as the half owner of an
Essex housebuilder, which he
sold in 1987. After a spell advising
the Berisford Group, he built up
his own property business with a
portfolio spread across the UK.
In 1994, Dennis sold 75% of the
portfolio to Legal & General for
£116m, netting a profit of £50m
in the process.
Today, we can see around 50
small companies, including
Rumford Investments, held by
the Dennis family and trusts.
They have around £50m net
assets. With the developments in
the pipeline and the profit from
the Isle of Dogs sale, we keep the
Dennis family at £130m.
Richest in the South West
No Name Wealth (£m)
18
55
55
Prince Charles 
Harry Hyams 
Charlotte Townshend 
680
320
320
93 John Berkley & Family 160
109 Clinton McCarthy & Family 140
117 Steve & Clive Boultbee Brooks130
121 Sir Richard Sutton & Family 129
140 Jonathan Hitchins & Family  112
193 Nicholas Porter  70
219 Dan McCauley  56
228 Mark Kay  52
117 since 2004.
John Dunsdon & Family
Coldunell
£130m
2009: £130m (No change)
Esher-based property company
Coldunell saw its profits slump
in 2008-09 from £5.8m to
£2.8m on sales of £10.7m.
Its net assets also fell from
£125.2m to £112.2m.
The business is run by John
Dunsdon, 58, and owned by his
family and trusts. Dunsdon had
a surveying background but
learned more from his property
dealer father, who founded
Coldunell in 1959.
Dunsdon is renowned as one
of the shrewdest operators in
the property auctions market.
He began his career attending
auctions at the Fur Trade House
in the City of London, the
birthplace of modern auctions,
before it moved to the Connaught
Rooms in Bloomsbury in the
early 1970s.
We value the company below
its net assets at £100m in today’s
climate, adding £30m for
other assets.
117
John Hindle & Family
£130m
Brookhouse Properties
2009: £90m (+£40m)
Brookhouse, a Sale-based
industrial and residential
developer, has worked on
schemes from London Docklands
to Glasgow.
It is run by veteran property
man John Hindle, 76, and has
been in business since 1932.
The company reports that it
has a £240m property portfolio,
net assets of £139m and a rent
roll of £14m. But this is difficult
to firm up as the parent company,
Brookhouse Group, is owned by a
Luxembourg-based trust.
Nevertheless, it made a £4.3m
profit and showed nearly £82m
net assets in 2009.
We assume it is owned by the
Hindle family and, taking into
account other company assets, we
value the family on the £130m
net asset figure given on the
company website.
121 £129m
Sir Richard Sutton & Family
Sir Richard Sutton’s Settled
Estates
2009: £115m (+£14m)
Profits at 73-year-old Sir Richard
Sutton’s Settled Estates rose
sharply in 2008-09 from £2.8m
to £3.6m and sales were up
slightly at £13.2m.
Sutton inherited the title from
his father in 1981 and runs the
property-to-farming group.
The Suttons have valuable
acreage in Lincolnshire,
Somerset, London’s Park Lane
and the United States.
Sutton will also play a crucial
role in Grimsby Town Football
Club’s plans for a new £15m
stadium as it will be built on land
he currently owns.
We value the estate on its
£123.6 net assets. adding £5m
for past dividends and other
assets. In 2008-09, the company
gave the Conservative Party
£2,800.
122 £127m
Mathias & Miriam Kraus
Pall Mall Investments (London)
2009: £100m (+£27m)
Mathias and Miriam Kraus, both
68, own Pall Mall Investments
(London), a North London-based
property group, which made a
£908,000 profit in 2008-09,
and has net assets which fell from
£155.4m to £125.6m.
But with the property
downturn easing, we value the
business on the net asset figure.
We add £1.4m for past dividends
to the Kraus family.
123
John Seddon & Family
£126m
Seddon Group
2009: £85m (+£41m)
Seddon Property Services landed
a £19.5m maintenance contract
for a social housing provider in
February 2010.
This explains why the company
is on a roll, doubling its turnover
and taking on 400 more staff
PÄl Hansen
Steve Boultbee Brooks
It is part of the Cheshire-
based Seddon Group which
was founded in 1897 by two
Lancashire bricklayers.
The modern Seddon Group
was created in 1957 and it is
now run by the third and fourth
generations of the family.
It is also involved in property
development and golf club
management, while Inspired
Developments is the group’s
regeneration division.
PÄl Hansen
The first non-family member
now chairs the company but John
Clive Boultbee Brooks Seddon, 75, is here as the senior
20 November 2010 www.estatesgazette.com 43
estates gazette rich list 2010

property
family member representing the His main operation is Sorbon
family and trusts which own the Investments, which made a

Tycoon
company. £3.6m profit on £13.1m sales in
In 2009, the Seddon Group 2008. It has £60.8m net assets.

made an £8m profit on £253m
sales. We value the company on
its £85m net assets figure.
The Seddon family also own
Seddon Properties, which showed
£41.5m net assets and turned in
£2.2m profit on £2.8m sales in
2009.
With other assets, the wider
Seddon family should easily be
worth £126m.
124
Michael & Robert Slowe
£125m
J Leon
2009: £95m (+£30m)
Cousins Michael, 75, and Robert
Slowe, 73, are directors of J
Leon, a family-owned property
investment and holding company.
Based in London, the company
and family are very low key. In
2009-10, the firm made a £4.3m
profit on £6.7m sales and showed
record net assets of £177m.
With low borrowings and
a strong balance sheet, the
company is easily worth £120m
in today’s market.
We add £5m for dividends
and other assets to the wider
Slowe family.
with art
But other Shanly companies,
including Sorbon Homes, add
around £79m further net assets
in 2008.
We value the businesses
at heart
slightly below the total net asset
figure at £110m, and add £12m
for Shanly’s past salaries and
other assets.
126 £120m
Andrew Creighton
William Ewart Properties
2009: £90m (+£30m)
A former plumber, Andrew
Creighton has become one of
Northern Ireland’s leading
developers, with a 50% stake in
William Ewart Properties.
With partner Frank
Boyd, a former electrician,
126
David Roberts
£120m
Creighton came to prominence
in 2002 through one of the Edinburgh House Estates
2009: £105m (+£15m)
biggest property deals in
Belfast’s history. David Roberts sold the majority of his UK portfolio in 2004
The pair spent £90m and headed to Germany. Aside from property, Roberts
buying out the Northern is best known as the man behind the philanthropic David
Ireland property holdings of Roberts Art Foundation in London.
Dublin‑based Dunloe Ewart, A former chief executive of Bourne End Properties,
gaining around 12 properties, he now runs Edinburgh House Estates which, despite its
including Lanyon Place, the name, is a London-based property operation. Its parent,
Howden Sirocco site, Windsor Edinburgh House Estates (Holdings), made a £1.3m profit
House, and three London-based on turnover of £52.9m in 2008, when its net assets fell

125
Michael Shanly
£122m
Michael Shanly
2009: £82m (+£40m)
In January 2010, the Michael
Shanly Charitable Trust stepped
in to ensure that an outdoor
activities centre costing £3m
could be developed in Marlow,
the Thames-side town.
The charity also helped the
local Age Concern charity with a
new kitchen.
The Thames Valley and
Buckinghamshire is fertile
territory for Shanly, 64, who
founded the upmarket Michael
Shanly housebuilding operation
in 1970.
He chairs and owns at least
13 significant but separate
building or development
companies.
properties, along with an area
around Cathedral Way which
has been touted as a new retail
extension.
This formed the basis of
William Ewart which, in 2008,
showed £232.4m net assets and
a £3.8m profit.
The company began marketing
its three London shopping
centres for £300m earlier this
year and has sold one – next to
Victoria Station – to Network
Rail for £95m.
We can see other companies
owned by Creighton, including
Hazelhaw Properties with
£1.8m net assets in 2009,
and Dorgan Properties with
£1.1m net assets. In all, more
than £125m of net assets are
attributable to him.
But cautiously, we value
Creighton, 49, at £120m in
today’s climate.
from £165m to £141.2m. Roberts has a near 78% stake
worth £110m in the current climate. His art collection
and other assets, such as a stake in Bawtry Properties,
should take Roberts, 54, to £120m easily.
126
Fawn & India Rose James &
£120m
Family
Soho Estates
2009: £120m (No change)
Fawn James inherited the bulk
of the property fortune owned by
her grandfather, Paul Raymond,
who started out on his path
to riches through top-shelf
magazines and Soho clip joints.
Raymond’s property business
grew as he moved into upmarket
Kensington and Notting Hill,
but he never failed to buy up any
building in Soho that came on the
market.

44 www.estatesgazette.com 20 November 2010

 Soho Estates Holdings, the
main Raymond company,
made £16m profit on £26.3m
sales in 2008. It has £372.8m
net assets.
In addition, there are £27.3m
net assets in the magazine
business, Paul Raymond
Publications.
Raymond was always
determined that Fawn and India
Rose James, the daughters of
his late daughter Debbie, would
inherit his estate. His will left
£75m to his granddaughters.
But with the huge asset base in
Soho, most commentators think
there is a lot more tucked away for
the family.
Cautiously, however, we still
value the granddaughters and
family at £120m until we can
see more.
Fawn, 24, having finished a
degree in social anthropology at
St Andrews University, became
a director of the Raymond
companies in 2007, but India
Rose is still too young to join
the business.
126 lost £101.3m in 2008. Chelsfield, with a raft of heavyweight
£120m
Gerard Versteegh & Family
Gerard Versteegh Holdings
2009: £120m (No change)
Gerard Versteegh has been
involved in the London property
market since his mid-20s.
The 50-year-old low-key
Swede started managing
properties for Scandinavian
companies in the UK through
his London-based property
consultancy, Commercial Estates
Management.
Today, we can see some
asset‑rich companies where
he is a director, led by Gestrix,
which showed £191m net assets
in 2006.
Gestrix showed only modified
accounts in 2007, but £12.7m
profit. It also shows only modified
accounts now, but its parent had
£4m assets in 2009.
Another dissolved Versteegh
company – Anglo Scandanavian
Estates – showed more than
£95m net assets in 2006.
In the current climate, we
keep the Versteegh family at
around £120m.
veteran
still in the
130
Jeff Smith
£119m
Proudreed
deal mix 2009: £65m (+£54m)
Smith’s main wealth is in a
property company, Proudreed,
which he owns jointly with
Caspar Macdonald-Hall.
The firm made £12.8m profit
on £31.8m sales in 2009 and
has more than £130m net assets.
Smith’s stake there should be
worth £65m.
We add £5m for other assets
such as his Hampshire stud farm
and string of racehorses.
Smith also had a £24m stake
in AIM engineering, which
makes aircraft seats and safety
systems. Profits soared to £15.1m
in 2009. AIM was subject to a
130
Elliott Bernerd
£119m
management buy-out in June
2010. In all, 64-year-old Smith is
worth £119m.
132
Chelsfield
2009: £219m (-£100m)
Chelsfield Partners, the property company of Elliott
£118m
Bernerd and another property veteran, Sir Stuart Lipton, Bill Gredley & Family
Unex Corporation
2009: £95m (+£23m)
backers, also disclosed that at 31 December 2008 it was in
breach of certain financial covenants on £155.7m of loans. Bill Gredley is well liked by the
But the slight improvement in the property world pensioners in his neck of Suffolk.
since the accounts were audited in September 2009 has Every Christmas for the past
eased the pressure and the loans do not need to be repaid seven years, he has treated 700
immediately. It was the heavyweight backing of Qatar pensioners to a three-course
which enabled Elliott Bernerd, 65, to beat off competition lunch. He also takes several
to land the American embassy site in London’s Grosvenor hundred to Great Yarmouth on
Square in early 2009. When the Americans leave for a new an annual summer day.
embassy south of the river, the old site will be redeveloped But it is racing where he has
in a £500m scheme. made his name in the wider
In March, Chelsfield teamed up with London & Regional world. His silks – yellow, black
to buy a 50% stake in Elizabeth House in SE1 for £85m, and yellow striped sleeves,
and in June it worked with Olayan Group to buy £580m white cap – are among the most
of Knightbridge assets. Bernerd, who has been fighting familiar on the turf, and were
cancer, previously ran another Chelsfield operation, which carried to victoryin both the Oaks
he founded in 1986, floated on the stock market in 1993 and and St Leger by his famous horse
then took private in May 2004, pocketing £45m from selling User Friendly.
part of his stake. He reinvested the rest, worth around Gredley, 77, is also a shrewd
£56m, in the company. Five months later, Bernerd sold the property developer. His Unex
business, turning his £56m into £82m. He kept the rights to Group operation showed a
the name Chelsfield and naturally started again. £10.6m loss in 2008-09 when its
Bernerd also has the separate Chelsfield Investments net assets fell from £116.9m to
International, which is involved in large projects in Italy £102.7m. We value the company,
and Gibraltar. In December 2005, he also took a one-third owned by Gredley and his family
stake in a £400m European property fund and acquired a trusts, on the net assets.
minority stake in 47 cinemas in Poland. Gredley’s racing interests,
But in the current climate and after the hefty losses a £13m dividend in 2002-03
at Chelsfield Partners, we cut Bernerd back to £120m, and smaller companies we can
lopping off a further £1m for his generous donation to see with net assets of £2m, take
the Saving Faces charity. him and his family to around
£118m after tax.
20 November 2010 www.estatesgazette.com 45
estates gazette rich list 2010
132
Anthony Khalastchi & Family
£118m
Flodrive Holdings
2009: £105m (+£13m)
Property investor Tony
Khalastchi sold two DIY store
sites in February 2010 for a
combined total of £17.88m.
In October 2009, he sold eight
properties at auction – most of
which were in London – at prices
he says he could not have fetched
two years ago. “In all my years
in property I have never seen
anything like this,” he said.
“The last few weeks have been
crazy. I can get more than my
money back on the well-let,
well‑located London properties
that I bought at auction at the
height of the market.”
And in July it was revealed that
Khalastchi, 49, was bidding to
buy Joseph Ackerman’s £90m
New York portfolio of banks and
offices. His family’s two property
groups, Flodrive and Strandpark
Properties, showed £103.4m net
assets in their 2008-09 accounts.
In December 2003, Khalastchi,
along with the low-key Pears
family, bought the 252-strong
Punch Pubs’ portfolio for £57m.
In October 2004, they sold 38 of
the pubs, netting £15.2m.
136
riches built on rubber
46 www.estatesgazette.com
We value the businesses at the
net asset figure, adding £15m for
other Khalastchi family assets.
residential property in the 1960s,
selling his last properties in 1988
for £30m. We have not seen
any accounts recently but after
132
that deal, the net assets rose to
£118m nearly £85m.
Kirch has been involved in a
David Kirch bewildering array of investments
Channel Hotels & Properties and takeovers, ranging from
2009: £118m (No change)
leisure to health care. But even
Jersey-based property investor with recent deal-making and
David Kirch has often shown a asset sales, 74-year-old Kirch
good sense of timing. Early in 2008 cannot be immune from the steep
he sold a portfolio of properties to fall in asset values. As a result, we
Irish investors for £48m. keep him at £120m.
In 2006 he was reputed to
have made £2m in two months
dealing in the shares of UK Coal.
It shows that as a pensioner
132
Stuart Monk & Family
£118m
himself, Kirch has not retired
from what he likes best – Jomast
2009: £99m (+£19m)
investing in companies.
We did see £16.5m-worth of Stockton-based Jomast saw its
stakes in quoted companies held profits come in at £3.9m on
by his company, Channel Hotels £13m sales in 2008-09 when its
& Properties, but these are no net assets rose from £116.5m to
longer recorded, which may mean £121.1m.
a sale. But that is just the tip of The company, run by Stuart
the Kirch fortune. Monk, 61, a leading local developer,
In 2004, he took over Property recently submitted a planning
Acquisition & Management, an application to Stockton Council
investment trust with a £200m to bring back the famous Globe
property portfolio, in a £69.5m Theatre as a top live performance
deal. Such moves are typical for and entertainment venue with an
the shrewd Kirch, who has a nose audience capacity of 2,500.
for an undervalued asset. It is already working hard
He made his fortune in London to transform the waterfront
£115m
Sir Tom Farmer
Morston Assets
2009: £110m (+£5m)
Sir Tom Farmer recently made £8.5m by selling a stake in
KBC Holdings, a managed office business. He is best known
in Scotland for owning 90% of Hibs, the Edinburgh football
team, but it is tyres that made Farmer his first fortune. He
founded the Kwik Fit chain of garages in 1971, later selling
the company to Ford in 1999 for £1bn.
Farmer netted £78m for his stake. Yet he was savvy
enough to retain the freeholds on many Kwik Fit
properties, generating £1m a year in rents. Farmer has
not neglected business and recently sold choice Edinburgh
properties for £2.4m.
He cast a slide rule over UK Coal, before abandoning
plans for a bid. Meanwhile, his development activities
continue apace. In February 2009, he bought a Newcastle
business park for a cut-price £20.25m.
We can see half a dozen small property companies
controlled by Farmer or his trusts with around £17.5m of
net assets. In the current climate, Farmer, 70, should now
be worth £115m after tax.
20 November 2010
at Hartlepool Marina after a
£100m development was given
the green light in June 2008.
Planning permission has been
granted on plans submitted
by Jomast to redevelop a
4.65 hectare site at Jackson
Dock. Trincomalee Wharf
will include a luxury four-star
hotel, restaurants, shops, office
accommodation and waterside
apartments.
The prestigious 470,000 sq
ft scheme will link the marina
with the town centre and is seen
by many as the final piece of the
jigsaw for Hartlepool Marina.
Jomast is also focusing on
the Newcastle office market
with plans for a 30,000 sq ft
development to the north of the
city centre. We value Jomast
slightly below the reported net
assets at £115m. Monk and his
family trusts own it all. We add
another £3m for other assets and
stakes in separate companies,
including Bandoffice.
136 £115m
Heinrich Feldman & Family
Inremco 26
2009: £105m (+£10m)
Feldman is a low-key London
property owner and trader with
more than 50 directorships to
his name. His main holding
company is Inremco 26, which
was incorporated in 1983. It
made a £2.7m profit on £17.2m
sales in 2008-09 when its net
assets were £107m. We can also
see Feldman stakes in a host of
smaller property firms worth
more than £9m.
With other assets, we reckon
Feldman, 75, is easily worth
£115m in today’s climate.
138
Jim McGettigan
£114m
McGettigan
2009: £195m (-£81m)
Jim McGettigan, the veteran
Donegal hotelier, opened an
£80m hotel in Dubai in May.
The Bonnington Jumeirah
Lakes Towers hotel and
apartment complex has more
than 200 bedrooms and 250
Richest in the North East
No Name Wealth (£m)
71 Alastair & Michael Powell
132 Stuart Monk & Family
191 Jeremy Middleton
208 William Rankin & Family
flats. McGettigan owns the
Bonnington Group in London
and property interests via his
McGettigan company in Dublin.
He sold The Parliament Hotel
in Dublin for around £16m and
the Bonnington Hotel in London
for £74m.
McGettigan started his career
as a first-class waiter on the
Queen Elizabeth. His business
empire began when he returned
from London with wife Patsy in
1964 and purchased a pub on
Dublin’s Queen Street. From
that one pub he has built the
McGettigan Group, which
includes Olten Investments and
Regan Developments, and the
£112m Regency Hotel Group.
In 2005, McGettigan trumped
retail giants Tesco among others
to purchase the art deco former
Gillette headquarters in west
London. The Bonnington Group
went from a £21m profit to a
£5.8m loss in 2009 and showed
£21.4m net assets.
In all, McGettigan, 73, should
be worth £114m after tax in
today’s difficult market.
139
Eric Gadsden
£113m
WE Black
2009: £113m (No change)
Eric Gadsden’s Chesham-based
company, WE Black, went
from a £16m profit in 2007 to
a £4.5m loss on £15.9m sales
in 2008. The developer still
has a rock‑solid balance sheet,
though its net assets fell £5m
to £90.5m. It should be worth
Rich in the Channel Isles
No Name
5 Sir David & Sir Frederick
Barclay
41 Clarke Family
132 David Kirch
232 Malcolm Hall
£70m in today’s difficult climate.
Gadsden, as owner, took little
209 out of the company in either
118 dividends or salaries. He has past
72 stakes or current ones in quoted
61 companies worth around £4m,
including a £3.5m holding in
Michelmersh Brick, a quoted
brick maker he chairs.
There are another £41m of net
assets in Three Rivers Property
Investments and Church Cottage
Investments. With his racing
interests added, Gadsden, 65,
should be worth at least £113m in
this difficult market.
140
Peter Dawson & Family
£112m
Consolidated Property
Wilmslow
2009: £78m (+£34m)
Property developer Peter Dawson
runs Consolidated Property
Wilmslow , an Alderley Edge
developer. Consolidated saw its
net assets rise from £49.6m to
£50.9m in 2008-09.
We value the business, owned
by Dawson and his family trusts,
on the net asset figure. Dawson
is also a director of the separate
Gemsupa, which showed £58.5m
net assets in the same period.
It is worth its net assets and is
owned by the Jensal Settlement.
Dawson, 58, was the settler and
trustee of this trust. As a result,
we assume that the Dawson
family is the ultimate beneficiary.
Taking into account other assets,
we value the family at £112m.
140
£112m
Jonathan Hitchins & Family
Robert Hitchins
2009: £90m (+£22m)
A new Cheltenham Office Park
creating 1,000 jobs is planned by
the Robert Hitchins Group. The
Cheltenham-based developer
is building business parks, new
villages and other developments
Wealth (£m) in Wales and the South West.
1,800 But it is not immune from
the downturn and, in 2008-09,
400 profits at the Robert Hitchins
118 Group fell from £8.2m to £1.4m
50 on sales which were also down
£12m at £26.4m.
20 November 2010 www.estatesgazette.com 47
estates gazette rich list 2010
Happy with
their lot
Started more than 45 years
ago by the late Robert Hitchins,
who bought up large tracts of
Gloucestershire very cheaply
after the second world war, the
company has developed more
than 14,000 houses and over
1,500,000 sq ft of commercial
property.
It has nearly £87m net assets
and a strong balance sheet but, in
the current climate, we value it at
that level.
We add another £25m after
tax to the Hitchins family for
other assets, including a £40m
dividend paid out in 2003-04.
142
William Ainscough & Family
£110m
Langtree Group
2009: £120m (-£10m)
Bill Ainscough’s Langtree
Group recently invited tenders
for its £40m stadium project
with St Helens Rugby League
Club and Tesco, due for
completion in early 2011. In
1973, he founded the Wainhomes
housebuilding business.
After merging with two other
builders in 1989, he floated
the enlarged group five years
later. Fed up with stock market
indifference to the company,
Ainscough took Wainhomes
48 www.estatesgazette.com
142
Robert Bourne & Sally Green
£110m
Happybadge Projects
2009: £110m (No change)
Property entrepreneur Robert Bourne made his first fortune with the
Local London property group, which was floated on the stock market
in 1986 worth £6m.
Three years later, it was sold for £110m in a takeover. The Bourne
family made £16m.
Since then Bourne, 60, has built up and sold stakes in companies
such as Ex-Lands and Clubhaus.
He was a bidder for the London Dome and now owns Happybadge
Projects. Its net assets came in at £61.6m in 2009, when it made a
£1.4m profit.
Bourne has a £10m flat in Mayfair which he bought as an
investment in 2002. His Bourne Capital investment operation also
sold a luxury Park Lane block for £100m in 2006.
His wife, Sally Green, 56, is chief executive of Old Vic Productions
and co-producer of Billy Elliot The Musical.
We value Happybadge at £63m and add £47m for other Bourne and
Green assets.
private in 1999. Within two back into the sport as a team for
years, he had sold the company, the first time since 1997.
netting £44m for his stake. His It was after that year’s
family owned most of Langtree disastrous campaign that Birrane
Group with nearly £71m of net bought Lola from the receiver.
assets in 2008-09. Lola Group made an £821,000
It now owns and manages loss on £21.4m sales in 2008-09
4m sq ft of commercial from its activities making chassis
property accommodating more for racing cars.
than 800 tenants. The portfolio The company is developing
produces a rental income of new markets and diversifying
around £15m a year. into different industries.
But his housing ambitions It now supplies drone aircraft,
have not ended. Ainscough, 62, space vehicle parts, antennae,
bought the old Wain Homes radar and communication
south western operation and the systems, aircraft parts, and
renamed Wain Group, which structures for powerboats and
operates in the South West. It sailing yachts.
made a £5.3m loss on £61m
sales in 2008-09.
Wain Group has £29m assets
As a result, Lola now has
a strong order book and the
financial performance is
and is worth that sum. improving.
With a private jet, a yacht An Irish property magnate
and a flotilla of classic cars, from Co Mayo, Birrane started
Ainscough and his family is dealing in property in the 1960s
worth at least £110m. through his Peer Group.
In 2008-09, its net assets fell
142
Martin Birrane
£110m
sharply from £97.9m to £70.5m,
and we value Peer at £90m in
this climate.
Birrane, 75, also owns the
Peer Group Mondello Park racing track
2009: £109m (+£1m)
in Co Kildare which, after
Martin Birrane is keen to get significant investment, hosts
his Lola racing car operation on international race meetings.
the grid for Formula One. He With other interests, including
was beaten to a slot for the 2010 Lola, Birrane should be worth
season but is looking to get Lola at least £110m.
20 November 2010
142
Robin Clark & Family
£110m
Taylor Clark
2009: £86m (+£24m)
Taylor Clark, the London-based
property, farming, hotels and
investment group, turned in a
loss of £11.5m on £13.6m sales
in 2008-09.
The effects of the economic
crisis would have been much
worse on the group but for
its strong cash reserves and
the defensive nature of its
investments.
The business is largely owned
by the Clark family led by Robin
Clark, the 72-year-old son of
a prominent 1960s property
developer.
We value it on its its £153.4m
net assets.
The Underwood Trust, a
charity, has a 19.5% stake, which
leaves the Clark family’s stake
worth around £110m.
142
Eric Grove
£110m
Catesby
2009: £108m (+£2m)
Eric Grove’s Catesby Property
Group is developing Firstpoint
– a £200m business and retail
park near the M18 in Doncaster.
Catesby specialises in such
brownfield sites and had around
£15m of net assets in 2007 when
it turned in a useful £9m profit
on £40.4m of sales. The company
is also developing a £29m
student housing-led mixed use
scheme in Camden Lock, NW1.
The son of a West Midlands
blacksmith, Grove started
Canberra, a Midlands
housebuilder in 1968,
specialising in high-quality
houses. He sold the business to
Alfred McAlpine in 1988 mainly
for McAlpine shares, which in
turn netted him £40m.
He has become a serious
property developer with retail
parks in the Midlands, residential
developments in Jersey and a
stake in a property investment
operation.
Recently, he has sold well
over 1.2m sq ft of warehousing
and distribution centres. In the
current market, Catesby should
be worth £30m. With other
stakes, cash and assets, Grove, 80,
is worth around £110m today.
142
Jack Morris & Family
£110m
Business Design Centre
2009: £95m (+£15m)
In 2008-09, the Business Design
Centre Group made a record
£7.7m profit on £19.9m sales. Its
net assets fell to £95.5m and we
value the business on that figure.
Jack Morris’s late father, Sam,
was originally an “oyster-opener”
in a City fish restaurant, but later
built his business, City Industrial,
into a leading shopfitting group
in Britain and worldwide.
Sam Morris’s shrewd move
came in 1981 when he rescued
the old Royal Agricultural Hall
in Islington and turned the huge
derelict “Aggie” into the Business
Design Centre at a cost of £12m.
The Morris family also owned
Earls Court and 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 £110m.
148
£107m
Simon Karimzadeh & Family
Eskar International
2009: £107m (No change)
In October 2006, Simon
Karimzadeh snapped up a
£1.13bn European property
portfolio sold by a Swiss hedge
fund. Karimzadeh’s late father
started Eskar International,
a London-based property
trading-to-processing group,
more than 40 years ago.
Its activities spanned leather
tanneries in the Middle and
Far East, and dried fruit and
nut processing plants, as well
as trade in iron and steel in the
1970s and 1980s.
Since then, it has focused on
property.
Karimzadeh, 48, was in the
news in the property pages in
2004 over his efforts to buy
20 November 2010
Grade I Listed Apethorpe
Hall in Northamptonshire for
£3.1m.
He was gazumped by the
government in the shape of the
culture department.
The Karimzadeh family owns
all of Eskar, which showed
nearly £286m net assets in
2008-09. We still value Eskar at
£100m, adding £7m for other
assets to the Karimzadeh family.
149
Frank Burke & Family
£105m
BDL
2009: £105m (No change)
Cabretta Holdings, a London-
based construction company,
made £1.4m profit on £46.4m
sales in 2009.
It has £10.1m of net assets and
is the parent for the BDL Group,
run by 62-year-old Irishman
Frank Burke.
Burke’s family also owns
Farmglade, a property company
with around £21m net assets
in 2009. In this climate, we cut
Burke back to £105m.
150
£104m
Albert Hay & Family
Capital & City
2009: £92m (+£12m)
Chartered surveyor, Albert
Hay, 63, and his family own
the Mayfair Property Group,
Capital & City PLC, plus 57.5%
of its sister group Capital & City
Properties.
Earlier this year, Capital & City
found a keen buyer for a block on
Charlotte Street.
The building, which includes
three restaurants, was sold
to Standard Life Investments
in March for £19.1m, a 5.6%
yield.
Capital & City also had three
other West End buildings on the
market.
Three of the Hay family’s
companies had £92.4m net
assets in 2009. The family
stake is worth £64m in the
current climate. Other assets
and property investments add
another £40m, taking the Hay
family to around £104m.
www.estatesgazette.com 49
estates gazette rich list 2010
151
£103m
Rashid & Aziz Tayub
Crown Crest
New entry
The Tayub family owns the Crown
Crest distribution and property
operation based in Leicester. It
was started in 1977 by Rashid
Tayub after the family came to
Leicester from Malawi, East
Africa. It is now run by his brother,
Aziz, the managing director.
The three separate Tayub
companies we can see, led by
Crown Crest Group, made a total
of nearly £17m profit on £257.6m
sales in 2008-09. With nearly
£72m net assets, they are worth
perhaps £100m in today’s climate.
Collectively, we value the family,
led by Aziz, 55, and Rashid, 62,
at £103m with past salaries and
other assets, as the Tayubs take
little out of the businesses.
152 £100m
Anton Bilton & Family
Raven
2009: £90m (+£10m)
Raven Russia, the property group
co-founded by deputy chairman
Anton Bilton, floated on AIM
in 2005 after raising £153m.
In August, it moved to the main
market to raise its profile.
It has a completed portfolio of
around 11m sq ft of warehouses in
Russia, which were valued at the
end of last year at $879m. Raven
Russia’s market value is now
around £266m. In June 2009,
the company swallowed its former
parent company, Raven Mount.
Bilton, 46, had an £11m stake
in Raven Mount, while his Raven
Russia stake is now worth around
£30m. Property is in Bilton’s
blood. He is the grandson of the
late Percy Bilton, whose own
quoted property group was taken
over by rival Slough Estates in
November 1998 for £270m.
The Bilton family’s 29.4%
stake was held via Glenhazel
Investment Trust and was worth
£79.4m. With the wider family
wealth added to Anton Bilton’s
own assets, including a stake in
Chelsea’s KX Gym, the Bilton
family is worth £100m.
52 www.estatesgazette.com 20 November 2010
Stan Clarke, who died in 2004. He
left £138.9m in his will. His son
Simon, 45, sits on the St Modwen
board looking after the Clarke
family interests. The family stake
is now worth £59m.
The family also owned a stake
in Northern Racing, the biggest
Ritblat
racecourse owner after the Jockey
Club. It was sold in May 2007 to
snaps up
the Reuben brothers for £65.9m.
Past sale proceeds and other
distressed
assets add £35m, taking the
family to £100m.
assets
152
£100m
Andrew Rosenfeld
Minerva
2009: £100m (No change)
Andrew Rosenfeld, the former
chief executive of the quoted
property group Minerva, keeps a
low profile from his Geneva base
where he has set up Air Capital
152
Sir John Ritblat & Family
£100m
– AIR are his initials – funded
initially by his own £100m
fortune. The fund is investing in
distressed property.
British Land Rosenfeld, 48, has devoted
2009: £90m (+£10m)
much of his time to charitable
The Ritblat family’s Delancey property operation has been works. We value him on the
snapping up distressed assets of late. Banks are handing £100m he has for investments.
over huge swathes of property to Delancey to manage,
156
drawing on Sir John Ritblat’s expertise in the property
market.
He was chairman of British Land from 1970 to 2006,
£95m
when he retired. But Ritblat’s retirement lasted just two Sir David Garrard
weeks and he resurfaced in early January 2007 when Minerva
2009: £95m (No change)
he joined forces with younger son Jamie, to spearhead a
£2.6bn property investment fund. Sir David Garrard, the son of an
Ritblat, 75, sold most of his stake in British Land for upholsterer from Stamford Hill,
£57m just before he retired, but retained a £10m stake. went into property after leaving
Delancey made a £9.3m profit on £24m sales in 2008-09. school at 16. In 1955 he joined an
The Ritblats should easily be worth £100m. estate agency and never looked
back.
He rose to prominence in the
152
late 1980s at a company called
£100m Land Investors, which was sold
to the Berger family for around
Simon Clarke & Family £180m.
St Modwen With Andrew Rosenfeld he
2009: £120m (-£20m)
launched Minerva, which floated
Property group St Modwen, on the stock market in 1996. It
which has started work for the became a stock market star with
proposed £750m development of big developments in the City and
the old Rover site in Birmingham, Croydon.
suffered a £101.6m loss in the year In March 2005, Garrard, 71,
to November 2009 as it cut the stood down as chairman and left
value of its properties. the business. His family trusts
St Modwen has developed sold £37m worth of shares at the
a reputation as a regeneration time. Other assets take him to
specialist. It was co-founded by Sir around £95m.
156
Tony Pidgley
£95m
Berkeley
New entry
Housebuilder Berkeley is riding
the recession in pretty good
shape. But in spite of a strong
balance sheet, cost-cutting
and a return to buying land for
future sales, the Cobham-based
operation has not been immune
from what chairman Tony Pidgley
describes as the “most turbulent
market ever”. It is valued at just
over £1.1bn, less than half its
value in mid-2007.
Pidgley, 63, made his reputation
in the early 1990s when he sold his
land bank at the top of the market,
and cherry-picked the best sites
back for a fraction of their price.
The former Barnado’s boy has
a stake in Berkeley now worth
£57m. He sold £21m worth of
shares in 2009. But previous
salaries, dividends and his share
of bonuses take him to £95m.
156
£95m
Dick Watson & Family
Keepmoat
2009: £85m (+£10m)
Regeneration specialist Keepmoat
was sold in 2007 to a management
team in a £783m deal. Scots‑born
Dick Watson, 68, who was a
director, had an 18.26% stake.
Allowing for any tax on the sale
proceeds, we value Watson’s stake
at £90m. Past dividends take the
Watson family to £95m.
159
£93m
Patrick Doherty & Family
Harcourt Developments
2009: £200m (-£107m)
Donegal developer Patrick
Doherty’s most high-profile work
is the £700m redevelopment of
the Harland & Wolff shipyard,
where the Titanic was built.
Doherty has given most of
Harcourt to his children. In 2008,
it lost £20.9m, but it has nearly
£128m net assets. Doherty, 68,
also has hotel, transport and
property assets in the Caribbean.
He is worth around £93m.
160
John Hitchcox
£90m
Yoo
New entry
The son of an architect who also
kept a smallholding in Sussex,
John Hitchcox is now a leading
property entrepreneur.
He began buying, renovating
and selling homes in the UK in
the early 1980s. He co-founded
Manhattan Loft Corporation in
the 1990s, selling out to partner
Harry Handelsman. He then
formed a development and design
group called Yoo with designer
Phillipe Stark in 1999.
Hitchcox, 49, owns about
two‑thirds of the company, which
is working on about £3bn of
developments in locations ranging
from New York and Sydney to
Buenos Aires and Hong Kong.
Before the recession the
business was worth around
£170m but its value fell and in
2008, with its design business
alone valued at £64m. That is
around half the overall business
which should be worth in total
around £120m. Hitchcox also
has £9.5m of personal property
assets and a stake in a London
estate agency. In all, we reckon
Hitchcox is worth £90m.
160 £90m
Ray Horney
Real Estate Opportunities
2009: £80m (+£10m)
Real Estate Opportunities is
planning to spin off its Battersea
power station site in London
and float it as a separate listed
business.
The idea behind the proposed
move is to attract more investors
to the Battersea project by not
having the asset directly linked
with REO’s distressed Irish
property portfolio.
REO bought the iconic 30-acre
site for €595m at the end of 2006
and, last year, lodged the largest
ever multi-purpose planning
application for retail, leisure,
business and residential use in
London’s history.
REO is chaired by 74-year-old
Ray Horney, whose early career
was renting washing machines.
He later moved into white goods
retailing and sold his business for
£21m in 1985. Five years later,
Horney took a stake in St James
Beach Hotels. In 1993, he made
another £27m when it was sold.
In addition, Horney has
£2m-worth of share stakes in
quoted property companies,
including China Real Estate and
Nordic Land. We value him at
around £90m.
160
Patrick Kelly
£90m
Kelland Homes
New entry
Patrick Kelly and fellow Irish
developer Sean Mulryan own
a group called Markland
Holdings which owns property
in Ireland, the UK , the US , the
Czech Republic , Hungary and
Germany. It had more than £91m
net assets in 2008.
Kelly, 68, also owns half of
Dublin housebuilder Kelland
Homes, which showed more than
£52m net assets in 2008. Other
interests include Rockbriar,
another housebuilder, and a stake
in Choice Hotels, Ireland’s largest
hotel group. Despite the turmoil
of the Irish housing market,
Kelly’s wide assets base should
give him a £90m valuation.
160
The Marquess of
£90m
Northampton
The Canonbury Academy
New entry
The Marquess of Northampton’s
Tandridge and Chesham Estates
in Surrey are under offer for
Anton Bilton £25m. The sale will be a handy
windfall for Northampton, who
lives quietly these days at Castle
Ashby in Northamptonshire, one
of his two main Midland estates
which span 25,000 acres.
His London estate around
Canonbury has several buildings
including the old Tower Theatre
and the Canonbury Academy,
which showed £1.8m net assets
in 2008-09. With the likely
£25m sale proceeds, we value
Andrew Rosenfeld Northampton, 64, at £90m.
20 November 2010 www.estatesgazette.com 53
estates gazette rich list 2010
160
£90m
Lord Rana & Family
Andras House
New entry
Rana’s Andras House property-
to-hotels group is benefiting from
the current peace settlement in
Northern Ireland.
The group, owned by the Rana
family, made £1.7m profit on
£15m sales in 2008-09. Its net
assets came in at just under £80m.
We value the business at around
£70m in the current climate.
We add another £20m for
private assets, property and other
businesses such as the Ashoka
Restaurant and Belfast Plaza.
160
£90m
The Duke of Roxburghe
Sunlaws Development
2009: £80m (+£10m)
The Duke of Roxburghe, 56, has
been faced with frustrating delays
to a wind farm scheme on his
land and local protests against
the project, which has yet to win
planning consent.
One paper reckoned that
Roxburghe could make around
£14m from the project over the
next 25 years. It is a sign of how
active the duke, who is fighting
throat cancer, has become on the
business front.
His company, Roxburghe
Estates, is planning a joint venture
to turn his Roxburghe Hotel into a
5-star resort. The five-year project
will require £20m investment.
Aside from his land and racing
interests are valuable fishing rights.
Sunlaws Development Co had
£772,000 net assets in 2008-09.
Roxburghe also has stakes
in golf, property and racing
companies. In all, with land values
increasing, we raise him to £90m.
166
£89m
John Brooksbank
Blackshaw
2009: £72m (+£17m)
Brooksbank’s current property
portfolio consists of residential
houses, retail commercial and
industrial property, hotels, pubs,
54 www.estatesgazette.com
caravan parks, marinas, farms
and a golf course. We can see
£27.3m of net assets in the 2009
accounts of Blackshaw Holdings,
one of Brooksbank’s main
companies, and a further £9.5m
of net assets in other companies,
including ADW Properties. In
all, his business assets are worth
£81m. We add £8m to 54-year-
old Brooksbank for other assets.
167
£85m
Con Folkes & Family
Folkes
2009: £85m (No change)
Folkes Holdings, one of the
largest private property groups in
the Midlands, recovered in 2009,
turning a £12.5m loss into a
£3.7m profit on £28m sales.
The family-owned operation
can trace its roots back to 1697 as
a blacksmith making swords and
chain mail.
It is run by Con Folkes, 57, who
in 1981 became the then youngest
chairman of a quoted company. It
was taken private in 2002. With
£53.3m net assets, it should be
worth £55m. We add £30m for
other assets to the Folkes family.
167
£85m
Edward Lonergan
Deramore
2009: £65m (+£20m)
Edward Lonergan’s Deramore
saw its profits fall from £20.7m
to £9.7m in 2008-09, but with
net assets of more than £88m,
Deramore would easily be worth
£80m in today’s market.
Richest in Scotland
No Name Wealth (£m)
45 Keith Miller & Family
82 The Duke of Buccleuch 
& Family
98 John Lynch& Family
136
156
Sir Tom Farmer
Dick Watson& Family
160 The Duke of Roxburghe
167 Sir John Mactaggart & Family 85
171 Shaf Rasul
186 John Muir & Family
232 David Stevenson& Family
245 Ben Brodie
20 November 2010
He also has £3.5m of assets in
two other property companies,
Lochinver and Deramore (L). We
value Lonergan, 60, at £85m.
167
£85m
Sir John Mactaggart & Family
Mactaggart Heritable
2009: £70m (+£15m)
Duke of Roxburghe Mactaggart Heritable, the
Glasgow-based property group,
saw its net assets fall slightly in
2009 to £78.5m. But it reduced
its losses sharply from £6.3m to
£0.6m.
Mactaggart Heritable owns a
string of high-priced commercial
properties, mostly in London and
New York.
We value the business at £75m
in the current climate, adding
£10m for past dividends to the
Sir John Mactaggart MacTaggart family.
170
£82m
Bill Morris & Family
Morris & Co (Shrewsbury)
2009: £65m (+£17m)
Five generations of Morris family
members have developed a
business with interests in property,
supermarkets and care homes.
Bill Morris, 72, the current
boss, runs an operation which
made £692,000 profit on
£23.9m sales in 2008-09. It has
nearly £83m of net assets.
We value the business at £80m
in this climate. The Morris family
take little out of the company and
we value them at £82m.
171
£81m
John Chamberlain & Family
Chamberlain
2009: £78m (+£3m)
385
180 Headed by John Chamberlain,
66, the Chamberlain Group has
152 a diverse property portfolio. The
115
95
family owns 99% of the shares in
the business, which had £72.1m
90 net assets at the end of 2009.
There is another £1.3m for
80 the separate Home Counties
75 Investments operation. With
50 personal assets of £8m added,
45 the Chamberlain family is worth
around £81m.
172
£80m
Kip Bertram & Family
Rysa Lodge Residential
Properties
2009: £70m (+£10m)
Kip Bertram started Bertram
Books in a disused Norwich
chicken shed. It became the
UK’s largest independent book
wholesaler. In 1999, the business
merged with Cypher, a public
library supplier, in a £54m deal.
The move effectively valued the
Bertram family stake at £35m.
Kip Bertram, 66, is no longer
in the book trade, having moved
into property development,
particularly in London.
As a result, the family’s asset
wealth is now around £80m.
172
£80m
Bakir Cola & Family
Cola Holdings
2009: £80m (No change)
In 2009, Iraqi-born Bakir Cola
spent £30m buying a building
adjacent to his Westbury Hotel in
London’s upmarket Mayfair.
Property experts reckon that
Cola bought Washington House
to extend the 5-star Westbury, the
only hotel that fronts onto Bond
Street.
It reopened in 2008 after a
£25m refurbishment. Cola, 68,
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 £3.7m
profit on £43.5m turnover in the
year to September 2009. It has
£28.8m net assets. Cola took a
£48m dividend in 2006.
Proceeds from the £50m sale
of the Harrington Hall hotel to
Spanish hotel giant NH Hotels
should take Cola to £80m.
172
£80m
Danny Desmond
Bride Hall
2009: £78m (+£2m)
Danny Desmond, 70, started the
Bride Hall property group in 1984
and sold 50% of the company to
Great Portland Estates for £10m
in 1987. He bought that stake
back in the 1992 recession for a
much lower figure.
Until late in 2004, he owned
all of Bride Hall, but sold a 25%
stake to the quoted Warner
Estates for an undisclosed sum.
Bride Hall is active in building a
new Lichfield retail park.
Bride Hall Holdings and other
Desmond firms have more than
£12m net assets between them.
We value Desmond at £80m.
172
£80m
Peter Gadsby
Ark Capital
2009: £65m (+£15m)
Gadsby, a Midlands developer,
is best known for leading a
rescue consortium which took
over Derby County Football
Club in 2006, investing
£28m in securing its future.
However, he made his fortune in
housebuilding originally.
Gadsby, 62, sold his 77%
stake in Birch, the Derby-based
property and construction group,
to Edinburgh-based Miller Group
in 2000 for a reported £35m.
He now has various property
interests worth at least £35m.
His main holding company,
Ark Capital, showed £6.5m net
assets in 2008-09, with cash
balances in excess of £20m.
Other investments and private
property take Gadsby to £80m.
172
Nicholas & Peter Gould
Regis
£80m
New entry
Brothers Nicholas, 52, and
Peter Gould, 51, run a number
of property companies based in
Southend under the umbrella of
the Regis Group, which has been
investing in residential property
for more than 50 years.
Its portfolio consisted entirely
of properties that were subject to
regulated tenancies until the early
1980s, when Regis successfully
diversified into property
development.
Regis made a £3.2m loss
on £7.2m turnover in the five
months to March 2009. But it has
more than £80m of net assets.
The Goulds and trusts own all
the Regis Group and we value the
brothers at £80m.
172
£80m
Melvyn & Delia Grodner
Atmore
2009: £80m (No change)
Melvyn, 66, and Delia Grodner,
57, own Atmore Properties, which
made a £3.9m profit on £12m
sales in 2008-09. But its net assets
fell from £67.6m to £54.5m.
We value the Liverpool-based
business on the net assets.
But we can see three small but
separate businesses with a further
£16m of net assets in 2008-09.
With other property and past
salaries, the Grodners are easily
worth £80m after tax.
172
Bruce Jarvis & Family
£80m
Ravensale
2009: £70m (+£10m)
Bruce Jarvis’s main company is
Ravensale which, in 2008-09,
showed £26.6m net assets.
Jarvis’s Pearcroft operation is
also a shareholder in European
Land & Property, which is the
company behind Paddington
Basin. The business showed
£15.1m net assets in its 2008
accounts. In all, Jarvis, 62, should
be worth £80m.
172
Noel & Miriam O’Callaghan
£80m
Gold Table
New entry
Noel, 60, and Miriam
O’Callaghan, 51, have a sizeable
property portfolio in Ireland.
We can see five companies led
by Brodnax, which made £4.8m
profit on £17.4m sales in 2001,
its last filed accounts before it
became an unlimited company.
In all, these companies had
around £27m of net assets.
The low-key O’Callaghans are
now active in Prague housing
developments. With property
and hotels added, they are easily
Peter Gadsby worth around £80m.
20 November 2010 www.estatesgazette.com 55
estates gazette rich list 2010
172
The Duke of Richmond &
£80m
Gordon & Family
Goodwood Estates
New entry
The entrepreneurial Earl of
March, heir to the Duke of
Richmond & Gordon, has done
wonders at the 12,000-acre
Goodwood estate in West Sussex.
In 2008, the Goodwood Estate
Co pushed up profits from £2m
to more than £3.4m on £48.9m
sales. It has net assets of around
£44.6m. But with land prices
rising, and taking into account an
incomparable art collection, the
family wealth should total £80m.
172
Charles Yeates
£80m
WS Yeates
2009: £70m (+£10m)
Loughborough-based WS Yeates
is involved in property and fine
art. In 2009, the company showed
£26.3m net assets. Yeates, 74, has
overseas property assets and art.
We value him at £80m.
183 £78m
John & Ciara Byrne & Family
Carlisle Trust
New entry
Ninety-year-old John Byrne has
been building up his Dublin-
based property empire since the
1960s. He is a leading supplier of
office space to the public sector
and his rental income here is
holding up well.
Last year, his companies earned
more than €5.7m on nine leases
he has with the state. His interests
are held mainly through the
Carlisle Trust. But the value of its
investment properties has fallen
significantly, down 38% to €91m
in 2008. Other assets should take
the Byrne family to £78m.
183 McCabe, 53, made £47m
£78m
Bill McCabe
LNC Property
2009: £87m (-£9m)
Bill McCabe’s Oyster Capital
56 www.estatesgazette.com
rasul makes his
mark in scotland
Partners’ private equity operation
invested in Capital D, the
residential property investment
company that buys and renovates
upmarket Dublin houses.
While Capital D went into a
loss of €13.5m last year because
of slumping property prices,
McCabe should not be too badly
affected.
He made significant profits in
Germany when his LNC property
company bought an abandoned
waterfront leisure complex in the
German City of Bremen for around
£40m in 2004. It has since been
converted into a shopping, leisure
and hotel complex worth in the
region of £180m.
In 2007, McCabe’s stake in a Co
Kildare waste company, Advanced
Environmental Solutions, tripled
in value to £11.5m when it was
taken over in a £46m deal.
from judicious sales of stakes in
SmartForce. LNC grew out of
McCabe’s €117m purchase of a
mixed property portfolio from
Scottish Life in 1999. He is now
worth around £78m.
20 November 2010
172 £80m
Shaf Rasul
E-Net
New entry
In 1999, Shaf Rasul created
the Edinburgh-based E-net
Computers, which has become
Europe’s biggest distributor of
optical storage products.
The company has £12m of
net assets and is easily worth
around £30m.
In addition, 40-year-old
Rasul is making his mark on the
Scottish property front with his
industrial estate venture called
E-Net Park.
Recently, he sold his letting
business Excelet and paid £3m
for the former Martin & Frost
furniture store in Edinburgh,
which he intends to turn into
hi-tech apartments.
We can see a further £6m of net
assets in other Rasul companies,
but his private property
investments take him to £80m
comfortably.
185
John Marston & Family
£76m
Marston Properties
2009: £75m (+£1m)
Marston Properties Holdings
made £1.2m profit on £4.3m
sales in 2008-09.
It has £56m net assets but we
value it at £50m in today’s difficult
economic climate. That values the
family stake at around £37m.
Marston Hotels also paid out
a £12.1m dividend in 2001 and
£5m in 2002 before being sold,
netting the family £50m. Allowing
for tax on sale proceeds, we value
the Marston family at £76m.
186
Debbie Dove
£75m
Spey & Dove
New entry
A former north London local estate
agent, Debbie Dove, 49, started
out by taking a holiday job there in
the late 1970s. Within three years
she was branch manager and she
eventually bought the business.
Dove later built up her own luxury
property portfolio in the area and
offered interior design services.
Her portfolio has been valued at
up to £80m. Cautiously, we settle
for £75m. Dove is the former wife
of top divorce lawyer, Raymond
“Jaws” Tooth.
186
John Muir & Family
£75m
Muir Group
2009: £50m (+£25m)
The latest 2008-09 accounts for
property-to-housebuilding Muir
Group, show a drop in profit from
£10.3m to £1.1m, with sales
down £16m at £76.3m. Yet the
group, run by 74-year-old John
Muir, has a solid balance sheet and
£64m net assets. We value Muir
Group at £45m, adding another
£20m for the net assets of the
separate company, Muir Holdings.
Past salaries and dividends take
Muir and his family to £75m.
186
David Russell
£75m
Property Alliance
2009: £75m (No change)
The Russell empire includes
developments in Manchester,
Oxford, Chorley and Blackburn.
His Property Alliance operation
has an investment portfolio valued
at £240m. After borrowings are
stripped out, it showed £54.5m
net assets in its 2008-09 accounts.
With other assets, such as the sale
of the Pinnacle office building in
2005 for £16m, Russell, 54, is
worth £75m.
186
Duncan Sinclair & Family
£75m
Mountview Estates
2009: £76m (-£1m)
Despite the poor financial
climate, London-based
residential investor Mountview
Estates doubled its pretax profit
to £29.3m in 2009. It has seen
its share price steady in 2010 and
it is now worth nearly £155m.
The company is chaired by
accountant Duncan Sinclair, 63,
Five youngest
Age Name Wealth (£m)
19 India-Rose James  120
24 Fawn James 120
36 Christian Candy 330
37 James Sellar 190
37 Nicholas Candy 330
and the Sinclair family’s stake
is worth around £70m. We add
another £5m for stakes in smaller
private companies such as Ossian
Investors and Sinclair Estates.
190
Michael Slade
Helical Bar
£73m
2009: £72m (+£1m)
Michael Slade, 64, has always
been good at calling the market.
So it was interesting to hear his
Helical Bar operation say in
August that it was seeing further
evidence that the recovery in
property values was stalling.
The company, which had been
out spending earlier in the year,
said it would look to buy only
properties offering “exceptional
growth or income potential”.
With this in mind, Helical is
working on plans for a major
City development, after buying
up 1 Mitre Square, EC3, and an
adjoining site in June.
Slade’s stake in Helical Bar
has not been immune from the
market crash, but it has recovered
and is now worth £44m.
He also made a £1.3m gain
from exercising share options in
2004, £4m in 2005 and £4.4m
in 2006. A special dividend for
Helical Bar shareholders totalling
£107m in late 2004 resulted in a
further £12m going to Slade.
Past salaries, stakes in other
venturesand his own property
assets, should easily take Slade to
around £73m after tax.
191 193
£72m
Michael Heller & Family
London & Associated
Properties
2009: £67m (+£5m)
Listed retail specialist London
& Associated Properties said in
August that its rental income had
risen slightly in the first half of
the year, to £8.6m.
Controlled by the Hellers since
the early 1970s, it sold the former
King’s Road antiques market
Antiquarius for £17.82m, a
5.74% yield, earlier this year to
freeholder Cadogan. The Heller’s
stake in the firm is worth £21m.
The Heller family also have
a majority stake in the quoted
Bisichi Mining which, together
with other holdings and property
interests, takes them to around
£72m.
191
Jeremy Middleton
£72m
Homeserve
New entry
Homeserve, the quoted
household repair services group,
has seen its shares soar in 2010.
The Walsall-based company
was co-founded by Jeremy
Middleton, 50, in 1993.
It is now worth more than
£1.5bn. Middleton retains a
£57m stake.
He has other assets,
including a property company –
Cortonwood 1 – with £3.6m net
assets. In all, he is worth £72m.
193
Demi Chervak & Family
£70m
High Point
2009: £52m (+£18m)
High Point saw its net assets rise
from £35.2m to £41.3m in the
year to July 2009. Chervak, 56,
and his family own it all.
We value the business on the
net assets, adding £27m for the
net assets of another five Chervak
Michael Slade
companies.
With other assets, the Chervak
family should easily be worth
around £70m.
£70m
Nicholas Porter
Unite
New entry
Nick Porter, founder of Unite,
left the board in May 2010 and is
now building his Capital Values
Duke of Richmond Group. It is working on the huge
20 November 2010 www.estatesgazette.com 57
estates gazette rich list 2010
Kings Cross Central project
in London to develop student
homes.
Porter, 41, retains a £1m stake
in Unite, but since 2004, he
has sold at least £70m worth of
shares. With other assets, he is
worth around £70m.
195 £69m
Mark & Kathleen Kavanagh
Hardwicke
2009: £69m (No change)
Mark Kavanagh’s Hardwicke
was one of the early developers
involved in Dublin’s International
Financial Services Centre.
Kavanagh, 65, and his wife
Kathleen, 49, have 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.
We value them at £69m.
196
£67m
Roger Wickens & Family
Store Property
2009: £89m (-£22m)
In 2008-09, Store Property’s
profits fell from £4.2m to £3.6m
on sales of £10.8m, but its net
assets fell sharply in value from
£100.3m to £55m.
With a solid balance sheet, the
Sussex-based company should be
worth the net asset figure.
We add £9m to the Wickens
family for past dividends and the
£2.8m net assets of the separate
Kingmere.
196
Woon Wing Yip & Family
£67m
W. Wing Yip Properties
2009: £72m (-£5m)
Wing Yip stores, complete with
Chinese cookery schools, are
more like community centres
than traditional cash-and-carry
outlets.
It works. In the year to
September 2009, W Wing Yip
Brothers Trading made £5.2m
profit on £97.1m sales. It has
58 www.estatesgazette.com
£27.9m net assets. The family
also has a property portfolio
held in the separate W Wing
Yip & Brothers Property &
Investments, with nearly £21m
net assets in 2009.
The two firms should be worth
£55m. Minority stakes in smaller
operations add £12m to the Yip
family.
198
Rupert Mucklow & Family
£66m
A&J Mucklow
2009: £60m (+£6m)
Midlands-based property
outfit Mucklow suffered in the
property downturn. Its shares
fell sharply in 2008-09, but they
have recovered recently and the
Mucklow family stake is now
worth £64m. Past salaries and
dividends add £2m.
198
£66m
Sean Mulryan
Ballymore Properties
2009: £280m (-£214m)
Mulryan has been hit hard by the
Irish property crash. Ballymore
International Developments
made a £61m loss in 2008.
Mulryan owns 51%.
His other assets include
a 49.5% stake in Markland
Holdings, with £91.2m net assets
in 2008. Mulryan also has a
half-share in a Kildare shopping
centre.
A sports fanatic, he has 60
racehorses and a 230-acre stud.
But an extensive UK portfolio
helps keep Mulryan, 56, in this
list at £66m.
198
Eamonn O’Rourke
£66m
ORM
New entry
Dublin-based O’Rourke built up
Cash & Carry Kitchens in Cork.
Its parent, ORM, made a £5.2m
profit on £19.3m sales in 2008.
It has £45m net assets.
O’Rourke, 62, has some
property firms, including AFA
Investments. In all, he is easily
worth £66m.
20 November 2010
201
Philip Davies & Family
£65m
Philip J Davies
New entry
Philip Davies left the merchant
navy in 1945 to join his family
clothing business. After five years
he branched out on his own. By
1970, he realised that making
clothing was not as profitable as
property investment and built a
portfolio mainly in the North.
Davies, 89, has a private
company, Philip J Davies, which
saw net assets hit £21.5m in
2009-10 when it made an
£713,000 profit. His private
property partnerships take his
total assets to £65m.
201
James Egan
£65m
Broomford Holdings
2009: £48m (+£17m)
Irishman James Egan owns and
runs London-based property
operation Broomford Holdings.
It showed £49.2m net assets in
its 2008-09 accounts. We can
see another £16.4m net assets in
the 2008-09 accounts of three
separate Broomford companies.
Egan bought Noel Edmonds’
West Country home. It was
reported to have been sold for
around £10m. We value Egan,
69, at around £65m.
201
Jim Leavesley & Family
£65m
Evans Property Holdings
2009: £66m (-£1m)
The Leavesley family wealth comes
mainly from property, particularly
the Midlands group, St Modwen.
The recent stock market turmoil
has hit the shares and the family
stake is now worth £32m.
But Leavesley, 70, has also
been involved in another large
property group, Evans Property
Holdings. The family’s stake
should be worth £20m in today’s
market.
With other assets, such as a pig
operation and a small property
firm, the Leavesley family should
Rupert Mucklow be worth £65m.
201
£65m
Andrew & Sharon Turner
Central Trust
2009: £65m (No change)
Early this year, Central Trust
secured an extra £90m of
funding from RBS and National
Bank of Australia to re-enter the
secured lending market.
But the Norwich-based financial
broker was hit hard by the financial
crisis in 2008-09. It made a
£12.5m loss on £49.5m sales in
2009 but it still has £87.6m net
assets. Andrew Turner, 52, set up
Central Trust in 1987 and built it
into one of the largest independent
finance brokers offering loans
to UK homeowners. It is easily
worth £65m. Other assets take
Turner and his wife Sharon, 53,
also a director, to £65m.
205
Giles Mackay
£62m
Hometrack
New entry
A barrister turned property
entrepreneur, Mackay bought
Ford UK’s residential assets
for £60m in 1993 and later
set up PXS, the largest
independent player in the
part-exchange market. Mackay
started Hometrack.com which
established a property index
based on information on sales
in specific post codes. He had an
86% stake in the parent company.
In 2008-09, Hometrack made
a £1.8m loss on £9.9m sales. It
is easily worth £20m. We can
see another £22.2m of net assets
owned by Mackay in two other
firms. Mackay, 48, is worth £62m.
205
Cavan Pickering & Family
£62m
Pickering Properties
2009: £50m (+£12m)
The family-owned Pickering
Properties operation got a good
price when it sold a City office
block for £19m – a 5% yield – this
summer to Invista Real Estate
Investment Management.
The company made £3.5m
profit on £9m turnover in
Rich in the East Midlands
No
30
Name
Freddie Linnett & the
Wealth (£m)
Murphy Family
46 David Wilson & Family
99 Charles Clowes
151 Rashid & Aziz Tayub
172 Peter Gadsby
172 Charles Yeates
205 Cavan Pickering & Family
222 Douglas Woolf & Family
228 George Akins & Family
232 Robert Jolly & Family
2008-09, but reported £27.6m
of net assets. Cavan Pickering,
74, built and ran three hotels
in Nottingham, including the
Welbeck, sold in 2002 for £6.5m.
Other assets take the wider
Pickering family to £62m.
205 £62m
Simon & Paul Upward
Ocobase
2009: £57m (+£5m)
Croydon based Ocobase saw its
2008-09 profits fall from £5.2m
to £3.1m on turnover of £5.3m.
Its net assets, though, were down
just £1m at £66.8m. With low
borrowings, it is worth £55m. We
add another £7m for other assets.
208
William Rankin & Family
£61m
Hanro
2009: £96m (-£35m)
William Rankin, 79, chairs
Newcastle developer Hanro.
In 2008, Hanro’s profits fell
from £3.8m to £847,000. The
company revalued its properties,
resulting in a sharp fall in the net
asset figure from £103m to nearly
£65m. We value the business at
£55m,and add another £6m to
the wider Rankin family for other
assets and past dividends.
209
£60m
Paul Bassi
Bond Wolfe
New entry
Paul Bassi has been having a
pretty good year: he was made
a CBE in January and soon
afterwards was able to report that
510
his Real Estate Investors business
had swung back into the black.
Bassi, 48, is chief executive
350 of the AIM-listed firm, where
150 he holds a 16.8% stake worth
103 £5.2m. The company posted a
80 pretax profit of £4.3m for 2009,
80 up from a loss of £15.7m the
62 previous year. Bassi also chairs
55 property firm Bond Wolfe.
52 Woon Wing Yip We can see £18m of net assets
50 in various Bond Wolfe firms
attributable to Bassi. Personal
assets push Bassi to £60m.
209
Midland Regional Newspapers
£60m
David Gradel & Family
UK Estates
New entry
UK Estates had nearly £49m of
Paul Bassi
net assets in its 2008-09 accounts,
down £1m. However, the Gradel
family has significant wealth
outside UK Estates, including
large property portfolios in
Glasgow, Leeds and Birmingham,
and is valued at £60m today.
209
Alan & Edward Lee
£60m
Princeton Investments
New entry
Earlier this year, receivers were
called in on a series of regional
office investments in which the
Lee family were involved with
HBOS during the boom but, in the
same month, the Lees’ Princeton
Investments purchased a £12m
block in Soho for redevelopment.
The brothers’ father, Arnold,
built up Imry and sold out for
£20m just before the 1987 crash.
Princeton showed a £113,000
profit on £350,000 sales in
2009. They still have a valuable
portfolio and are very active so we
stick with our £60m valuation.
209
£60m
John Miskelly
MTS
New entry
Downpatrick has received a major
boost with the announcement of
plans for a new, £14m deluxe hotel
by entrepreneur John Miskelly.
20 November 2010 www.estatesgazette.com 59
estates gazette rich list 2010
He also owns pubs, a nursing
home operation and Miskelly
Construction. We can see £2.5m
net assets in the 2009 accounts of
various companies but Miskelly, 47,
is worth perhaps £60m today.
209 £60m
Raymond Mould
London & Stamford
2009: £60m (No change)
Property company London &
Stamford became a real estate
investment trust recently to take
advantage of tax savings.
The Guernsey-based investor,
led by industry veterans Raymond
Mould and Patrick Vaughan, will
pay £55m to buy its founder out of
its management contract. It floated
on the stock market in 2007 valued
at £248m. It is now worth £567m
as investors back Mould’s ability to
find bargains at rock bottom prices.
Mould collected £53m from
the takeovers of Arlington and,
later, Pillar Property, his earlier
property ventures. He has a
near £9m stake in London &
Stamford. We reckon Mould, 69,
is worth £60m after tax.
214
Gerry Conlan
£59m
Quando
2009: £98m (-£39m)
Jerry Conlan sold 400 acres in
Naas for ¤340m in 2006 and
invested his share in a healthcare
business. He was among the
group of investors who bought a
10% stake in ailing Anglo Irish
Bank in 2008, borrowing 75% of
the purchase price from the bank
itself. The bank was nationalised
a few months later. Conlan, 45,
has bought properties in Boston,
Wicklow and Dublin. But with
values down he is worth £59m.
215
John Finlan & Family
£58m
Morbaine Properties
New entry
The Finlan family owns Morbaine
Properties, a private group based in
Widnes. Started in 1963, Morbaine
made a £588,000 profit on sales of
60 www.estatesgazette.com
£17.4m in 2008-09. Its net assets
came in at £53.4m. Most of the
shares in Morbaine are held in trust
but we assume the Finlan family
owns them. Boss John Finlan,
69, is here representing the wider
Finlan clan. We value the company
on the net assets. Other assets take
the family to £58m.
215
£58m
John Nike & Family
Nike Land Securities
New entry
Nike Land Securities, run and
owned by John Nike, made a
£3.6m loss on turnover of £65m
in 2008-09, but still has nearly
£24m of net assets. Nike, 75,
owns all the business with his
family and trusts.
Nike has sold tracts of land
to Dell and Hewlett-Packard,
raising more than £40m. With
other assets, he is worth £58m.
215
Amanda Yates & Family
£58m
Yates Property
2009: £50m (+£8m)
Amanda Yates, 61, is a director
of Yates Property Holdings. The
firm’s 2008-09 accounts show
net assets of nearly £58m. It is
owned by the Yates family, who
we value on this figure.
218
Solomon Potel & Family
£57m
Fairholme Estates
2009: £52m (+£5m)
Fairholme Estates, a property
developer and building contractor,
is owned by Solomon Potel, 77. In
the year to August 2009, it made
£3m profit on £4.4m turnover.
It has more than £55m net assets
and we value the business on this
figure. Other assets take the family
to £57m.
Rich in East of England
No Name Wealth (£m)
132 Bill Gredley & Family
172 Kip Bertram & Family
201 Andrew & Sharon Turner
219 Robin Tomkins & Family
20 November 2010
219
Dan McCauley
£56m
Rotolok
New entry
With a 25.4% stake, McCauley
is the biggest shareholder in
property outfit Sutton Harbour. He
also owns Rotolok where profits
came in at £3.9m on turnover of
Dan McCauley £21.8m in 2008-09.
With £23m net assets, it is
worth around £36m. McCauley
also owns Drake’s Island in
Plymouth. Other assets take
McCauley, 74, to around £56m.
219
David Metter
£56m
Innisfree Group
New entry
Raymond Mould Metter, 58, has a 72% stake in
Innisfree, which made a £6.9m
profit on a £15.9m turnover
in 2008-09. Even in today’s
climate, it should easily be worth
£75m, valuing Metter’s stake at
around £54m. Past salaries and
dividends take him to £56m.
219
Robin Tomkins & Family
Grainger Trust
£56m
New entry
In 2006, Robin Tomkins, 84,
sold off the Triangle shopping
complex at Frinton on Sea, Essex.
It was sold by Tomkins Frincon
Securities, which showed £2.2m
net assets in 2008-09.
Tomkins started as an estate
agent in Essex but built up a
profitable property business
which was taken over by Grainger
Trust for £61m in October 1994.
With the 2006 sale and the net
assets in Frincon, we value the
Tomkins family at £56m.
222 £55m
Elizabeth Abbott & Family
Abbott Bros
2009: £45m (+£10m)
118
80 Abbott Bros Holdings, a property
65 investment company, made a
56 £1.9m profit and had £44.2m net
assets in 2008-09. In late 2009, it
was wound up when it was stated
that the company’s assets were
£45.9m and its liabilities just
£773,000. The company assets
are worth £45.2m. Past dividends
and other assets should take the
Abbott family to £55m.
222
Douglas Woolf & Family
£55m
Romulus
2009: £60m (-£5m)
Romulus Holdings, a Leicester-
based property group, is owned
by Douglas Woolf, 73, and his
family trusts. It showed £49.9m
net assets in 2008-09 when
it made £897,000 profit on
£10.9m turnover. The company
should easily be worth £50m in
this climate. We add £5m, taking
the Woolf family to £55m.
224 £54m
Glyn Watkin Jones & Family
Watkin Jones
New entry
Construction and development
group Watkin Jones saw turnover
fall slightly in the year to
September 2009 from £113m to
£95.9m. Profits were down from
£15.3m to £12.3m.
The group is heavily involved
in the growing student housing
market. In January, it bought a site
in Hoxton, one of London’s largest
student housing development
sites, from Goldcrest Land for
£10.9m. And in April it sold
two student housing blocks in
Liverpool and Loughborough to
Gatehouse Bank for £29.2m.
The Watkin Jones family
also has a small company called
Heritage Holdings (North Wales)
which made an £8.5m profit on
the sale of a property in 2005. We
value them at £54m.
225
Melvyn Cooper & Family
£53m
Mountcharm
New entry
Mel Cooper and his family own
and run Mountcharm, a Barnet-
property investment company.
Cooper, 69, shrewdly sold 90%
of its portfolio in 2006 at the top
of the market and concentrated
on development.
Mountcharm’s net assets
exceeded £39.1m at the end of
2008. Other smaller company
assets add £4m. In May 2006,
Cooper bought a building in Tel
Aviv. He sold it two years later for
around double the price. We value
the Cooper family at £53m.
225
£53m
Fred Pritchard & Family
Pritchard
2009: £48m (+£5m)
Pritchard, 67, owns Hednesford-
based Pritchard Holdings, a
property group with £50m of
net assets in 2009, when it made
a £1m loss on £7.1m sales. It
is worth its net assets. Smaller
property operations add another
£3m to Pritchard’s wealth.
225 £53m
Andrew Ruhan & Family
Bridgehouse Capital
New entry
Developers of Birmingham’s
£500m, 2m sq ft mixed-use Arena
Central are seeking a planning
extension until 2020 as the
market has been in the doldrums.
Andrew Ruhan’s Bridgehouse
Capital is one of the scheme’s
partners. Ruhan is also busy
elsewhere in property. In 2008,
his Bridgehouse operation sold
three hotels to Hand Picked
Hotels for £30m.
Ruhan, 48, has always been a
pioneer in the property field. In
1998, he put all his money into
buying the former Financial Times
printworks in London’s Docklands.
He turned the building into one of
the UK’s first telehouses through
his company, Global Switch.
In early 2000, Elliott Bernerd’s
Chelsfield and a Canadian
investor paid nearly £88m to
take a 66% stake, leaving Ruhan
with a third of the equity. In
2002, he sold his remaining stake
in Global for an undisclosed sum.
Since then Ruhan has been
buying hi-tech businesses in the
US, including Navisite. He also
chairs Global Marine Systems,
Richest women
No Name Wealth (£m)
9 Baroness Howard de Walden 1,400
30 Freddie Linnett 510
55 Charlotte Townshend 320
115 Julia Davey 131
122 Miriam Kraus 127
126 Fawn & India Rose James 120
172
172
183
Delia Grodner
Miriam O’Callaghan
Ciara Byrne
80
80
78
186 Debbie Dove 75
201 Sharon Turner  65
215
222
Amanda Yates
Elizabeth Abbott
58
55
232 Linda Ashley 50
232 Janet Knight 50
242 Anne Scrutton 47
which in 2008 made £4.6m profit
on £85.2m sales. With £132.5m
net assets, it is a £200m company.
We reckon that Ruhan has at least
a £30m stake there. Other stakes
in Coltham Developments and
Stockdale Properties add £3m of
net assets to Ruhan’s wealth. In all,
he should easily be worth £53m.
228
£52m
George Akins & Family
SJC 14
New entry
The Akins family sold its betting
shops in 2003 for £14m to
concentrate on casino, nightclub
and property operations. Its main
Nottingham-based firms, SJC 14
and SJC 15, had more than £37m
net assets in their 2009 accounts.
With other assets, the family is
worth around £52m.
228
Richard Higgins & Family
£52m
Higgins
New entry
London’s role in staging the 2012
Olympic Games is a boon for the
Higgins Group. East London’s
redevelopment in preparation for
the games has proved a fillip for
the family-owned construction
and property group.
The company has also benefited
from demand for new housing
along the M11 corridor and in
the Thames Gateway. The Essex-
Fred Pritchard based operation saw its profits
20 November 2010 www.estatesgazette.com 61
estates gazette rich list 2010
come in at £1m on £224.8m sales
in 2008-09. We value it on its
£50m net assets, adding £2m for
other assets to the Higgins family.
228
£52m
Mark Kay
ROK
2009: £48m (+£4m)
Mark Kay, who founded
Rockeagle, was a prominent
South West developer. In 2001,
he sold the business to the local
EBC construction firm in a
£14.7m deal and it was renamed
ROK Property Solutions.
Kay joined the board but left
in 2005 when he sold his stake
for £14.3m. He sued for unpaid
bonuses and ROK agreed to pay
£1.25m, a figure we add to our
calculations. Kay also has around
£30.9m of net assets in firms
such as Eagle One Investment
Holdings in 2008-09. With other
assets, Kay, 50, is a £52m man.
228
£52m
Tony Leonard
Clarendon
New entry
Irish developer Tony Leonard,
58, owns half of Clarendon
Properties, a fast-growing Dublin
property group. In early 2007,
Clarendon and other investors
made a £48m profit on the sale
of 16 shops in London’s Covent
Garden area, bought three years
earlier for £79m.
But Clarendon, which also
owns the Powerscourt centre in
Dublin, is increasingly focusing
on the US. It has £95.8m net
assets in 2007-08. Leonard’s
sale proceeds and 50% stake in
Clarendon are worth £52m in all.
232
£50m
Linda Ashley
Current Design
New entry
Swedish-born Ashley, 44, is
the ex-wife of Mike Ashley, the
sportswear billionaire who also
owns Newcastle United.
A property developer, she has
stakes in several small businesses,
62 www.estatesgazette.com
including Watford-based Current
Design and, with her divorce
settlement, is worth at least £50m.
232
£50m
David Dangoor & Family
Monopro
New entry
David Dangoor, 61, is managing
director of Monopro, a property
company based in London. The
Dangoor family has at least 73%
of the shares. In the year to June
2009, Monopro made a £1.4m
profit on nearly £3.6m sales.
With nearly £56.3m net assets, it
is worth that sum. That makes the
family stake worth £48m. But a
number of other companies add
perhaps £4m, taking the Dangoor
family to £50m.
232
Malcolm Hall
£50m
Nobel
New entry
Malcolm Hall is a property
developer based in Jersey. His
main company, Nobel Property
Developments, showed £12m
net assets in its 2008-09
accounts. But we can see at least
another £3.7m of net assets in
further companies such as MSJ
Properties and Steelux Holdings.
Aside from his £3m Jersey
mansion, Hall, 74, also has homes
in London and Florida. His total
wealth was put at around £50m
in late 2005 during a widely
reported court case involving Hall
and his stepdaughter over money.
We value him at that figure.
232
Robert Jolly & Family
£50m
Limes
2009: £46m (+£4m)
Lincoln-based Limes
Developments is owned by Robert
Jolly, 73, and his family. In 2009
it made £3.1m profit on £4.2m
sales, but its net assets rose from
£42.8m to £43.6m. The Jolly
family also owns the separate
Limes Estates with £6.4m net
assets. In the current economic
climate, we value them at £50m.
20 November 2010
232
Jerry & Janet Knight
£50m
Lexadon
2009: £50m (No change)
Lexadon, a London-based property
operation, was active in Clapham
and Brixton in the 1980s, buying
up and converting homes bought
at auction from Lambeth council.
In 2000, Lexadon started work
on bigger developments. It
retained many of the properties
and its net assets came in at
£26.7m in 2008‑09. Other assets
take the Knights to £50m.
232
Roger Raymond & Family
£50m
NEEB
2009: £50m (No change)
Roger Raymond, 56, runs the
family-owned NEEB Holdings,
based in Colchester. Founded in
1959, NEEB, the parent company,
showed over £26.3m net assets
in its 2008-09 accounts, but its
assets could be worth around
£30m as they are in the accounts
at cost. Other assets, including a
family property partnership, take
the Raymond family to £50m.
232
John & Stephen Rosefield
£50m
Endeavour
2009: £60m (-£10m)
John, 66, and Stephen Rosefield,
57, are directors of Endeavour,
a London property group. The
Rosefield family and family trusts
own Endeavour, which made
£1.5m profit on £6.9m sales
in 2008-09. Its net assets fell
to £32.2m. But its subsidiary,
Estates & Agency Holdings, shows
£69.1m net assets, so we value
the Rosefield family at £50m.
232
David Stevenson & Family
£50m
Ashleybank Investments
2009: £50m (No change)
Stevenson, 68, transformed
his father’s dye company in the
Scottish Borders into Edinburgh
Malcolm Hall Woollen Mill, a clothes retailer.
 In 1997, Grampian Holdings
took over EWM, paying £69m,
netting the Stevenson family
around £33m. In 2005, the
Stevenson family made another
£6m when its former stablemate,
the Malcolm Group, was taken
private. The family put its wealth
into Ashleybank Investments,
which invests in residential.
Ashleybank had around
£41.2m of net assets in 2008-09.
With other assets, the Stevenson
family is worth around £50m.
240
Peter Rich & Family
£48m
Rich Investments
New entry
Assets at property company, Rich
Investments, came in at £51.1m
in 2008-09. It is owned by Peter
Rich, 56, and family trusts. We
value the company under the
net asset figure at £46m, adding
£2m to the Rich family for
property, taking it to £48m.
240
Richard Ross & Family
£48m
Regentsmead
2009: £48m (No change)
Richard Ross chairs
Regentsmead, a property and
financial group created in 1934
by his entrepreneurial immigrant
father and run by Ross, 68, for
more than 20 years. We have
discounted net assets to £48m
on profits of £2m in 2008-9, and
value the Ross family at that level.
242 £47m
Charles & Anne Scrutton
Scrutton
New entry
Founded in 1962, Scrutton Estates
is a property company based in the
east end of London. It is owned
and run by Charles, 65, and Anne
Scrutton, 62. In 2008-09, the
business made over £1.6m profit
on £2.2m sales. But its net asset
figure rose to £44.5m.
In the current climate, it is
worth the net asset figure. Other
assets should take the Scruttons
to around £47m.
243
John Elkington
£46m
Penhurst
2009: £48m (-£2m)
John Elkington, 47, owns Kent-
based Penhurst Properties. It has
net assets of £27m in 2010. Other
assets and past dividends and share
buy-backs in the past five years
take Elkington to around £46m.
243 £46m
Brian Moss & Family
GAT
New entry
Brian Moss runs Gat Holdings,
a South Wales-based property
group. It made £1.6m profit on
£3.4m sales in 2008-09 when its
net assets rose slightly to £30.7m.
It should easily be worth £30m.
The business is owned by the Moss
family and trusts. Moss, 74, also
founded Nuaire Holdings, which
sold for £38m in 2004. The Moss
family is worth around £46m.
245 £45m
James Barham
Bayfordbury Estates
New entry
James Barham stepped down as
chairman of Bayfordbury Holdings
in 2004 after selling the business
to Fairview. Analysts reckoned the
sale price would be around £60m,
which accorded with Bayfordbury’s
2003‑04 net assets of £55m.
Hertford-based Barham, 73,
now concentrates on his other
companies, Bayfordbury Estates
and PAJ Properties, with nearly
£1.1m net assets between them in
2009. With other assets and past
dividends, Barham is easily worth
£45m after tax.
245
£45m
Ben Brodie
Carrick Capital
2009: £45m (No change)
Ben Brodie founded Carrick Care
Homes in 1986. Brodie owned
it all until its sale to Bupa, the
healthcare giant, in 2004 for more
than £40m. Brodie, 58, is now
involved in property development
through Bothwell Bridge Estates
with £343,000 net assets in
2008-09. We value him at £45m.
245
£45m
Charles Lousada & Family
Lousada
New entry
John Elkington Charles Lousada, 72, founded
his property company, Lousada,
in 1969. It made a £1.4m profit
in the year to September 2009.
With £44.4m net assets it is
worth that sum. Other assets add
£1m to the Lousada family.
245
£45m
James Spencer & Family
Spencer Commercial Property
New entry
Spencer Commercial is a property
group based on Merseyside. Run
by chairman James Spencer, 76,
it made a £744,000 profit on
£14.1m sales in 2008-09. But the
company has £45m of net assets.
Cautiously, we value the business
and the Spencer family at £45m.
245
£45m
Christopher Ure & Family
ATC Properties
2009: £47m (-£2m)
ATC Properties is owned by
Christopher Ure, 48, and his family
trusts. It had £40.5m net assets in
its 2008-09 accounts when it made
£2m profit on £4.8m sales and we
value the business at £40m. Past
dividends and other assets should
take the Ures to £45m easily.
250
£44m
Alistair Pullan & Family
J Pullan
New entry
Alistair Pullan, 51, runs
J Pullan & Sons, a Leeds-based
property‑to construction group.
In 2009, it made £3.2m profit
and had £41.2m of net assets.
It is worth that sum. The family
also own Horus, with £1.8m net
assets. Dividends take the Pullan
family to £44m.
20 November 2010 www.estatesgazette.com 63
estates gazette rich list 2010
Alphabetical index
Name 2010 Wealth in Wealth in Change
rank 2010 (£m) 2009 (£m) (£m)
Abbott, Elizabeth & Family 222 55 45 10
Ainscough, Martin & Family 72 200 — —
Ainscough, William & Family 141 110 120 -10
Akins, George & Family 228 52 — —
Allen, Bert & Maurice 71 208 — —
Anstruther-Gough-Calthorpe, 92 160 160 0
Sir Euan & Family
Ashley, Linda 232 50 — —
Barclay, Sir David & Sir Frederick 5 1,800 1,000 800
Barham, James 245 45 — —
Bassi, Paul 209 60 — —
Beckwith, Sir John & Peter 59 270 330 -60
Bedford, The Duke of 34 490 490 0
Berkley, John & Family 92 160 150 10
Bernerd, Elliott 129 119 219 -100
Bertram, Kip & Family 171 80 70 10
Bilton, Anton & Family 151 100 90 10
Birrane, Martin 141 110 109 1
Boultbee Brooks, Steve & Clive 116 130 200 -70
Bourne & Green, Robert & Sally 141 110 110 0
Boyd, Frank & Family 92 160 115 45
Bramall, Terry & Family 37 450 400 50
Bramall, Tony & Family 113 132 92 40
Brennan, Joseph & Family 75 197 170 27
Brodie, Ben 245 45 45 0
Brooksbank, John 165 89 72 17
Brotherton-Ratcliffe, 110 135 125 10
Anthony & Family
Buccleuch, The Duke of & Family 81 180 180 0
Burke, Frank & Family 148 105 105 0
Byrne, John & Ciara & Family 182 78 — —
Caddick, Paul & Family 98 150 90 60
Cadogan, Earl & Family 3 2,500 2,000 500
Candy, Nicholas & Christian 52 330 330 49
Capstick-Dale, Nick 104 148 122 26
Caring, Richard 23 600 450 150
Caudwell, John 9 1,400 — —
Chamberlain, John & Family 170 81 78 3
Charles, Prince 18 680 520 160
Chervak, Demi & Family 192 70 52 18
Clark, Robin & Family 141 110 86 24
Clarke Family 41 400 400 0
Clarke, Simon & Family 151 100 120 -20
Clowes, Charles 98 150 130 20
Coffer, David 84 175 150 25
Cola, Bakir & Family 171 80 80 0
Cole, Terence 84 175 175 0
Conlan, Gerry 214 59 98 -39
Cooper, Melvyn & Family 225 53 — —
Creighton, Andrew 125 120 90 30
Dangoor, David & Family 232 50 — —
Davey, Julia 114 131 131 0
Davidson, Manny & Family 66 220 200 20
Davies, Philip & Family 201 65 — —
Dawson, Peter & Family 139 112 78 34
Dellal, Jack 37 450 450 0
Dennis, Cyril & Family 116 130 130 0
Desmond, Danny 171 80 78 2
Dixon, Mark 52 330 382 -52
Doherty, Patrick & Family 158 93 200 -107
Dove, Debbie 185 75 — —
Dunsdon, John & Family 116 130 130 0
Edmiston, Bob 54 320 300 20
Egan, James 201 65 48 17
64 www.estatesgazette.com 20 November 2010
New entrants are shown in brown
Name 2010 Wealth in Wealth in Change
rank 2010 (£m) 2009 (£m) (£m)
Elkington, John 243 46 48 -2
Englander, Eliasz & Family 91 162 160 2
Evans, Michael & Family 41 400 350 50
Farmer, Sir Tom 135 115 110 5
Feldman, Heinrich & Family 135 115 105 10
Finlan, John & Family 215 58 — —
Folkes, Con & Family 166 85 85 0
Foster, Lord 87 168 170 -2
Freshwater, Benzion & Family 16 732 495 237
Gabbay, David & Family 98 150 250 -100
Gadsby, Peter 171 80 65 15
Gadsden, Eric 138 113 113 0
Gallagher, Tony 40 425 500 -75
Garrard, Sir David 155 95 95 0
Gordon, Sir Donald & Family 25 580 465 115
Gorvy, Manfred & Family 77 195 170 25
Gosling, Sir Donald 37 450 450 0
Gould, Nicholas & Peter 171 80 — —
Gradel, David & Family 209 60 — —
Gredley, Bill & Family 131 118 95 23
Green, Peter 21 650 500 150
Grodner, Melvyn & Delia 171 80 80 0
Grove, Eric 141 110 108 2
Guthrie, John & Family 110 135 120 15
Hall, Malcolm 232 50 — —
Harris, Graham 106 145 117 28
Hay, Albert & Family 149 104 92 12
Healey, Eddie & Family 15 750 750 0
Heller, Michael & Family 190 72 67 5
Hemmings, Trevor 31 500 300 200
Herbert, Michael & Family 92 160 145 15
Higgins, Richard & Family 228 52 — —
Hindle, John & Family 116 130 90 40
Hines, Gerald 14 800 800 0
Hitchcox, John 159 90 — —
Hitchins, Jonathan & Family 139 112 90 22
Hobson, Ronald 36 470 470 0
Horney, Ray 159 90 80 10
Horton, Peter & Family 110 135 160 -25
Howard de Walden, 9 1,400 1,070 330
Baroness & Family
Hunt, Jon 20 660 660 0
Hyams, Harry 54 320 300 20
Iliffe, Lord & Family 64 240 220 20
Ives, William & Family 60 266 282 -16
James, Fawn & India Rose 125 120 120 0
& Family
Jarvis, Bruce & Family 171 80 70 10
Jatania, The Family 23 600 380 220
Jennings, Francis & Shamus 88 166 146 20
Jolly, Robert & Family 232 50 46 4
Jones, Peter & Family 19 673 556 117
Karimzadeh, Simon & Family 147 107 107 0
Kavanagh, Mark & Kathleen 195 69 69 0
Kay, Mark 228 52 48 4
Kelly, Patrick 159 90 — —
Kenny, Charles & Family 74 198 200 -2
Khalastchi, Anthony & Family 131 118 105 13
Kirch, David 131 118 118 0
Kirschel, Laurence 53 325 300 25
Knight, Jerry & Janet 232 50 50 0
Kraus, Mathias & Miriam 121 127 100 27
Lagan, Kevin & Michael 46 350 250 100
Lazari, Chris 29 522 425 97
Alphabetical index
Name 2010 Wealth in Wealth in Change
rank 2010 (£m) 2009 (£m) (£m)
Leavesley, Jim & Family 201 65 66 -1
Lee, Alan Edward & 209 60 — —
Leonard, Tony 228 52 — —
Leslau, Nick 98 150 130 20
Lewis, Alan 61 250 225 25
Lewis, Bernard & Family 13 920 920 0
Linnett, Freddie & The Murphy 30 510 445 65
Family
Livingstone, Ian & Richard 6 1,650 1,400 250
Lonergan, Edward 166 85 65 20
Lousada, Charles & Family 245 45 — —
Lynch, John & Family 97 152 152 0
Lyons, Anthony 46 350 250 100
Mabey, David & Family 76 196 200 -4
MacDonald-Hall, Caspar 46 350 300 50
Mackay, Giles 205 62 — —
Mactaggart, Sir John & Family 166 85 70 15
Magnier, John 27 540 560 -20
Marshall, Chris & Family 109 136 130 6
Marston, John & Family 184 76 75 1
McCabe, Bill 182 78 87 -9
McCabe, Kevin & Family 81 180 175 5
McCarthy, Clinton & Family 108 140 115 25
McCauley, Dan 219 56 — —
McGettigan, Jim 137 114 195 -81
McManus, JP 34 490 430 60
Mellon, Jim 28 530 500 30
Metter, David 219 56 — —
Middleton, Jeremy 190 72 — —
Miller, Keith & Family 45 385 280 105
Miskelly, John 209 60 — —
Monk, Stuart & Family 131 118 99 19
Moran, Christopher 66 220 144 76
Morgan, Steve 46 350 350 0
Morris, Bill & Family 169 82 65 17
Morris, Jack & Family 141 110 95 15
Morrison, Sam 57 296 250 46
Mortstedt, Sten & Family 80 186 190 -4
Moser, Henry & Family 89 165 165 0
Moss, Brian & Family 243 46 — —
Mould, Raymond 209 60 60 0
Mucklow, Rupert & Family 198 66 60 6
Muir, John & Family 185 75 50 25
Mulryan, Sean 198 66 280 -214
Murphy, Alan 78 190 180 10
Nike, John & Family 215 58 — —
Noé, Leo & Family 31 500 530 -30
Northampton, The Marquess of 159 90 — —
O'Callaghan, Noel & Miriam 171 80 — —
Ogden, Sir Robert 98 150 115 35
Oglesby, Michael & Family 72 200 295 -95
O'Hare, Gerard 66 220 220 0
O'Rourke, Eamonn 198 66 — —
Panayiotou, Andreas 61 250 250 0
Pearl, David 114 131 147 -16
Pears, Mark & Family 7 1,600 1,500 100
Pervez, Sir Anwar & Family 25 580 500 80
Petchey, Jack 31 500 450 50
Pickering, Cavan & Family 205 62 50 12
Pidgley, Tony 155 95 — —
Porter, Nicholas 192 70 — —
Portman, Viscount & Family 12 1,000 950 50
Potel, Solomon & Family 218 57 52 5
Powell, Alastair & Michael 70 209 205 4
New entrants are shown in brown
Name 2010 Wealth in Wealth in Change
rank 2010 (£m) 2009 (£m) (£m)
Pritchard, Fred & Family 225 53 48 5
Pullan, Alistair & Family 250 44 — —
Rana, Lord & Family 159 90 — —
Rankin, William & Family 208 61 96 -35
Rasul, Shaf 171 80 — —
Raymond, Roger & Family 232 50 50 0
Rayne, Robert & Family 66 220 125 95
Reuben, David & Simon 2 5,432 3,300 2,132
Rich, Peter & Family 240 48 — —
Richardson, Roy & Family 41 400 350 50
Richmond, The Duke of & 171 80 — —
Gordon & Family
Ritblat, Sir John & Family 151 100 90 10
Roberts, David 125 120 105 15
Rohan, Ken 105 147 165 -18
Ronson, Gerald & Family 106 145 180 -35
Rosefield, John & Stephen 232 50 60 -10
Rosenfeld, Andrew 151 100 100 0
Ross, Richard & Family 240 48 48 0
Roxburghe, The Duke of 159 90 80 10
Ruhan, Andrew & Family 225 53 — —
Russell, David 185 75 75 0
Salisbury, Marquess of 61 250 250 0
Scowcroft, Brian & Family 92 160 160 0
Scrutton, Charles & Anne 242 47 — —
Seddon, John & Family 122 126 85 41
Sellar, Irvine & James 78 190 165 25
Shahmoon, Eli & Family 98 150 250 -100
Shanly, Michael 124 122 82 40
Sinclair, Duncan & Family 185 75 76 -1
Slade, Michael 189 73 72 1
Slowe, Michael & Robert 123 125 95 30
Smith, Jeff 129 119 65 54
Smurfit, Sir Michael & Family 58 295 294 1
Spencer, James & Family 245 45 — —
Steinberg, Mark 84 175 175 0
Stevenson, David & Family 232 50 50 0
Sugar, Lord 17 730 730 0
Sullivan, David 41 400 400 0
Sutton, Sir Richard & Family 120 129 115 14
Sykes, Paul 21 650 550 100
Tayub, Rashid & Aziz 150 103 — —
Thomas, Sir Stanley & Peter 65 225 225 0
Tomkins, Robin & Family 219 56 — —
Townshend, Charlotte 54 320 300 20
Turner, Andrew & Sharon 201 65 65 0
Upward, Simon & Paul 205 62 57 5
Ure, Christopher & Family 245 45 47 -2
Vernon, Stephen 46 350 280 70
Versteegh, Gerard & Family 125 120 120 0
Wall, Stuart 81 180 180 0
Watkin Jones, Glyn & Family 224 54 — —
Watson, Dick & Family 155 95 85 10
Westminster, The Duke of 1 6,800 6,500 300
Whittaker, John 11 1,060 1,360 -300
Wickens, Roger & Family 196 67 89 -22
Widdowson, Gary 89 165 160 5
Wilson, David & Family 46 350 275 75
Wing, Woon Yip & Family 196 67 72 -5
Woolf, Douglas & Family 222 55 60 -5
Yates, Amanda & Family 215 58 50 8
Yeates, Charles 171 80 70 10
Zabludowicz, Poju 8 1,500 — —
Zakay, Eddie & Sol 4 1,900 1,500 400
20 November 2010 www.estatesgazette.com 65
estates gazette rich list 2010
Rules of engagement
1 Valuations for quoted property companies
are usually based on their share price
as at early September 2010. For private
companies we have based valuations
largely on their latest net asset figure.
After the credit crunch and property crash,
we have been cautious in our private
company valuations.
Where accounts are not up-to-date, we
have discounted their net asset figure by
10% or more (depending on the strength
of their balance sheet) in arriving at our
valuation.
2 We have also been influenced by levels
of borrowings, the strength of the balance
sheet and credit ratings in arriving at our
figures. Where private companies pay large
salaries to their owner‑directors, we have
added a proportion of the salary to our profit
and wealth calculation.
3 Though there may be some concern
that we have not cut our valuations deeply
enough to reflect the economic crisis of late
2008 and early 2009, we take comfort from
the fact that private companies are much
more conservative in their balance sheets
and that the net asset figure may not reflect
the true position.
Second, many of the property tycoons
who have private property companies
also have large assets elsewhere that
we do not know about. Finally, the rate of
decline in values and economic activity
may have now stabilised, which helps to
underpin our values.
66 www.estatesgazette.com 20 November 2010
4 We have counted family trusts as part
of family shareholdings in making our
assessments of company ownerships.
5 Only those who have made all or a
significant part of their fortunes in property
investment, trading or related areas, such
as estate agency, qualify for this list. Where
construction magnates have a significant
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
Philipberesford@aol.com.
Any other comments also gratefully received
here.
All our calculations for valuations are
ballpark figures, 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