The founder of student digs manager South Street, Asif Rangoonwala, has assembled an eclectic business empire during his career, ranging from baps to powerboats. But he’s no braggart, writes Samantha McClary
Property and boats may go well together, but property, powerboats and baps? Well, they seem to have worked well for Asif Rangoonwala.
The tycoon is the founder of student housing asset manager South Street; bun producer and bap supplier to KFC, Eurobuns; and the aquatic equivalent of Formula 1 Grand Prix cars, the P1 Powerboat Grand Prix.
Meeting Rangoonwala is somewhat akin to have a cup of tea with your favourite uncle. He is softly spoken, with a warm but light American accent, and talks passionately about his interests.
When Estates Gazette went to see him, that interest was South Street. The expanding asset management firm is hoping to tap into the growing student accommodation market.
It has no aspirations to invest in student accommodation but believes that it can provide universities or private investors with greater returns through its attention to customer service (p40).
With a personal fortune estimated at £100m and a relatively privileged upbringing, Rangoonwala might have been expected to come across as smug and spoiled. But he has an effortless charm that makes those in the room forget that he is a multi-millionaire.
A smile rarely seems to leave his face and, if it wasn’t for his slightly greying hair, you would never know he was in his 50s.
But with the businesses he has, it is probably not surprising that Rangoonwala wears a permanent grin.
While not many will have heard of Eurobuns, which Rangoonwala sold in 2008 to Danish firm Lantmannen Unibake, pretty much everyone will have eaten one of the firm’s products at some point – be it a late-night KFC, a hot dog at the cinema or a packet of baps from your local supermarket.
And while property may be keener on super yachts than powerboats, the P1 Powerboat Grand Prix series is growing in popularity.
The P1 Superstock series may not feature Mike Slade on his racing yacht Leopard, but the races are attracting tens of thousands of spectators.
Set up eight years ago, the Grand Prix series now holds more than 85 world-ranking races in a dozen countries.
Rangoonwala is also chairman of the Rangoonwala Foundation, set up by his late father. The charity provides vocational training, medical centres, libraries and other educational facilities for marginalised communities across the globe.
