Rich List 2011: 81-110

Estates Gazette Rich List 2011 – 81- 110 When Estates Gazette published its annual Rich List last year, property’s surviving super rich were under starter’s orders, raring to go. So this year they should have been off. But in the current gloom, the so-called recovery is looking more like a false start as runners and riders face increasingly soft ground. The good news is that the top 250 thoroughbreds in the Estates Gazette Rich List are now worth a total of £87bn, up a cool £15bn on last year. Return to the Rich List 2011 homepage   81 Martin Ainscough & Family £205mAinscough Strategic Land2010: £200m (+£5m) Martin Ainscough’s Ainscough Strategic Land has bought a 180-acre site in Durham for development and also secured planning approval for a £40m residential development in the Cheshire green belt, where there are plans for 150-plus family homes. The family company, Ainscough Crane Hire, was founded in 1976 by Gerard Ainscough. The Wigan-based firm was run by his three sons Martin, 59, James and Brendan, until its sale for £255m in October 2007 to its managers. The Ainscough family had around 90% of the shares, worth around £230m. They are now investing heavily in property through Ainscough Strategic Land, which is embarking on a £40m development on a former Nestlé factory site in Cheshire. We can see around £15m of net assets in various companies, including Ainscough Investments. After tax, the family should be worth perhaps £205m. 82 Joseph Brennan & Family £201mBrennan Bakeries 2010: £197m (+£4m) Despite being known for their bread, the Brennan family retain some substantial property assets worth around £130m, including the Versace shop in London’s Bond Street and the Hamleys building on Regent Street. Profits at family-owned Joseph Brennan Bakeries came in at  £3.6m on £45.7m sales. The company, which is controlled by the Brennan family, is Dublin’s biggest bakery. Other assets, such as Century Finance, take the family, led by Joseph Brennan, 69, to £201m. 83 Michael Oglesby & Family £200mBruntwood  2010: £200m (No change) Michael Oglesby, 72, was made a CBE in the New Year honours list for services to business and charity. Bruntwood, his company, is extremely active, just recently leasing 96,000 sq ft to law firm Weightmans in Liverpool city centre.After leaving school at 16, Oglesby was an apprentice plumber to his father, before both realised it wasn’t working and he went to college to do a degree in building. Today, as founder and chairman of Manchester’s Bruntwood Group, he is one of the most high-profile property tycoons in the North West.  Bruntwood owns more than 80 office buildings in Liverpool, Manchester, Leeds and Birmingham. In 2008 it bought one site in each of the four cities as the market softened. The company is keen to foster links with local communities and donates 10% of profits to charity and local good causes. Each of its 400 staff takes two days off a year to work with local communities. It was in 1970 that Oglesby moved from Scunthorpe to Manchester, forming Bruntwood five years later. The share structure of the various Bruntwood operations is complex but the main family operation, Bruntwood Ltd, saw its profits fall slightly to £11m on £100.2m sales in 2010. It is worth its £147m of net assets. Other assets take the Oglesby family to £200m. 84 John Hindle & Family £198mBrookhouse Properties2010: £130m (+£68m) Brookhouse is run by 76-year-old veteran property man John Hindle and has been in business since 1932. It is a Sale-based industrial and residential developer and has worked on a wide range of schemes from London Docklands to Glasgow. In 2010 it reported an £8.2m profit on £17.8m sales. It is worth its near £198m net assets. Brookhouse is owned by a Luxembourg-based trust, but we assume the ultimate owner is the Hindle family. 85 The Astor Family £198mSableknightNew entry The Astor family’s main asset was the former headquarters of The Times newspaper next to Blackfriars station in London. Working with a partner, the Astor family company, Sableknight, developed the site into the Thames Court office complex in the late 1990s. Sableknight made a £1.5m profit in 2010 when its net assets rose to nearly £178m. It is worth its net assets figure. In the last five years, Sableknight has paid out £23m in dividends. We value the wider Astor family at £198m after tax. 86 Irvine & James Sellar £190mSellar Properties 2010: £190m (No change) The Sellars’ Shard is already a leading London landmark. Backed by the Qataris, the Shard forms part of the £2bn London Bridge Quarter development. The scheme covers 1.5m sq ft of mixed-use space, including Europe’s highest apartments, offices, hotel, restaurants, new London Bridge Station concourse and bus station. It will be completed in May 2012 and, until then, we hold the value of the Sellars – Irvine, 73, and James, 38 – at a conservative £190m. 86 Alan Murphy £190mNikal Investments 2010: £190m (No change) Nikal’s mixed-use development projects include Masshouse in Birmingham and Altair in Altrincham. Nikal, which had negative net assets of £1.2m in 2010, is bankrolled by Alan Murphy, 63. He made his original fortune through supermarkets and then AM Paper.  He sold the supermarkets and in 1982 started the paper business, which turned big reels of tissue into toilet rolls. In 1997, after AM had grown sharply on the back of a £30m investment, Murphy sold part of his stake for £100m, and two years later, the rest for £50m. Property and other assets take him to £190m easily. 88 Nick Leslau £185mPrestbury Investment Holdings 2010: £150m (+£35m) Max Property Group, in which Nick Leslau’s stake is now worth around £20m, has reported a full-year pretax profit of £26.1m and a gross rental income of £30.7m. The London-based company floated on the stock market in 2009 and it is now worth £216m. Its appetite for investment continues to grow. Recently, it bought the St Katharine Docks in London in a joint venture with Newmarket Property Holdings for £156.3m.  Leslau, 52, trained as a chartered surveyor, and later teamed up with Nigel Wray. Today they co-own a property group called Prestbury Investment Holdings with £69m net assets in 2010.The pair sold off properties well before the credit crunch, redeploying the proceeds into budget hotels, private healthcare and theme parks. Recently, it has had to transfer leases on 21 care homes to new operators because of the collapse of Southern Cross.Prestbury is now focused on maximising profits through shrewd sales. Conditions have been tough, but its pretax loss narrowed last year from £20m in 2009 to £815,000. Profits from earlier deals, his Max stake, hefty dividends of more than £40m since 2000 and his personal property assets easily take Leslau to £185m. 89 The Duke of Buccleuch  & Family   £180mBuccleuch Estates2010: £180m (No change) Buccleuch Estates, the property arm of the Buccleuch family, recovered slightly in 2010. A near £7m loss in 2009 was cut to a £4.2m loss in 2010 with sales down slightly at £38.9m and the net assets down at around £106m. The company is building a rural property management operation and concentrating on commercial property activities, renewable energy, tourism and sustainable farming.  Buccleuch, the 57-year-old 10th duke, inherited his title from his father in 2007. The popular 9th duke, Europe’s largest landowner, left £320m in his will. The art treasures and antique furniture were valued in the will at £224m, but we cut that to £134m, taking account of any likely tax bill should the new duke want to sell. While the family’s huge land holdings were never very valuable, diversification into property is paying dividends. In  all, we value the new duke at £180m. 89 Neil Taylor & Family £180mCrabtree Taylor International New entry Former plastics engineer Neil Taylor moved into computer games in the 1990 recession through his Game retail outfit. In 1998, Game floated on the stock market and the Taylors made £33m. He made another £15m when it was sold a year later. Since then, Taylor and his two brothers have built a German property portfolio of more than 2,000 apartments, mainly concentrated in Berlin. This, according to the Taylors, has increased in value and is worth “nine figures”. Dublin-based Taylor, 50, exited many of his quoted investments at the top of the market in 2007. He has also made a fortune on currency dealing, financial investments and bonds, but cautiously we value the Taylor family at £180m. 91 Nick Capstick-Dale £175mUK Real Estate2010: £148m (+£27m) Back in 2006, shrewd property man Nick Capstick-Dale made a wise move in purchasing, for around £4m, the famous Old Lighthouse building outside London’s King’s Cross station. Enabling work for a redevelopment started in June and a new mixed-use building is due to complete in July 2013. Capstick-Dale, 49, is busy on other projects too. Having bought Metropolitan Wharf on the Thames in Wapping for £9m in the downturn, he has just started work on 28,000 sq ft of penthouse flats in the stunning building. Eleven companies, mainly fashion and design businesses, have moved into the office space. He learnt about property working as an estate agent and, in 1986, started trading in property. Capstick-Dale’s portfolio is held mainly through his UK Real Estate operation, which is now worth around £175m. 91 David Coffer £175mCoffer Group 2010: £175m (No change) In Coffer Group, David Coffer, 64, heads the largest dedicated leisure property advisory team in the country. He is an investor too, making substantial returns on the Earls Court & Olympia exhibitions business. The final 50% stake in the operation held by Coffer and Anthony Lyons was sold in early 2010 to property giant Liberty International. They sold the first 50% in 2007 in a deal which valued the site at £380m. The shrewd move was a highlight in Coffer’s career, which spans more than 35 years in the property and leisure sectors. He has a host of other property assets, including stakes in a dozen companies with net assets of nearly £43m. His personal assets were valued at £80m at the market peak. With the recent sale, he should be worth £175m at least. 91 Terence Cole £175mMarcol 2010: £175m (No change) Terence Cole and his partner Mark Steinberg run Marcol, a London-based company set up in 1978. They have grown a vast portfolio with investments in the care home, residential, industrial, retail and office sectors. The pair are astute and have often sold assets in order to retain other investments and build up their value. With 391 directorships listed at Companies House, Cole’s holdings are diverse. The largest company we can see is New Derwent House Management, which made a £4.5m profit and showed £187m net assets in 2009-10. Cole has a 40% stake in its parent. But his other assets take him to a conservative £175m. 91 David Gabbay & Family  £175mO&H Capital 2010: £150m (+£25m) David Gabbay, 67, saw the net assets of his London property company rise in 2009-10 from £255.5m to nearly £301m. The parent company of O&H Holdings has been reorganised but we assume that the Gabbay and Shahmoon families own half. In the current climate, we value the business on the net assets. In all, we reckon Gabbay and his family must be worth around £175m. 91 Eli Shahmoon & Family   £175mO&H Capital 2010: £150m (+£25m) Eli Shahmoon, 44, is David Gabbay’s partner in O&H Holdings and a partner in Sustainable Development Capital – a green property outfit that developed the Hampton Project, the largest private residential development in the UK. The parent company of London-based property group O&H has been reorganised but we assume that the Gabbay and Shahmoon families own half. In the current climate, we value the business on the net assets. In all, we reckon the Shahmoons are worth £175m. 91 Mark Steinberg £175mMarcol 2010: £175m (No change) Mark Steinberg runs London property company Marcol with partner Terence Cole. Set up in 1978, it comprises at least 40 firms developing and owning property across Europe. With 393 directorships listed at Companies House, Steinberg’s holdings are diverse. The largest company we can see is New Derwent House Management, which showed £187m net assets in 2009-10. Steinberg, 52, has a 40% stake in its parent. But his other assets take him to a conservative £175m. 97 Michael Herbert & Family £171mLebreh 2010: £160m (+£11m) Herbel Restaurants, based in Belfast, holds the largest Kentucky Fried Chicken franchise in Europe and also acts as a franchisee for Haagen-Dazs ice cream. Founded in 1981 by Michael Herbert, it prospered through the troubles as few rival fast food chains dared venture into Belfast and other Northern Ireland towns. The business has also opened in the Irish Republic and Scotland. Herbel made a £2.5m loss on £65.6m sales in 2009, when it had net assets of nearly £75m, and we value the business at £65m. Herbert, 54, has also branched out into property development in Belfast and Scotland in a big way. He names his buildings after his wife Lesley, so there is Lesley Plaza and Lesley Manor. Hoardings on his sites proclaim “Lesley Does It Again”. It works. His Lebreh (Herbel spelt backwards) property operation had £106.4m of net assets in its 2009 accounts. It should be worth £106m. In all, Herbert and his family are easily worth £171m in the current climate. 98 John Berkley & Family £170mThe Berkeley Leisure Group 2010: £160m (+£10m) John Berkley, 77, chairs The Berkeley Leisure Group, a largely family-owned mobile home operator and property developer based in Yeovil with 45 parks throughout the UK. In 2010 it made £6.2m profit on £17.4m sales. The company has £75m of net assets but its 2010 annual report states that these are worth around £100m more than the book value. The shares are largely owned by Berkley and his family, who take little out of the business. So, on their evaluation, we value the family at £170m. 99 Gary Widdowson £168mGM Metal Recycling 2010: £165m (+£3m) Widdowson sold his London-based metal recycling operation to Barclays in 2006 for around £120m, keeping a 22% stake. The recycling operation is still active with a portfolio of six recycling properties around the UK. Now called Metal & Waste Recycling, it was started by his father and made £8m profit on £258.5m sales in 2010. Widdowson, 53, bought a 2000-acre Norfolk estate for £25m in 2008. We can see around £20m of net assets in other firms, taking him comfortably to £168m.   100 Chris Marshall & Family £166mMarshall Holdings 2010: £136m (+£30m) Leeds property and construction company, Marshall Holdings, made £1.4m profit on £33.9m sales in 2010. Run and owned by local developer Chris Marshall, 72, the firm was started by his great grandfather in 1901. Marshall Holdings won a string of contracts in 2010 and with a strong balance sheet should be worth its £160m net assets. We add £6m to the Marshall family for other assets. 101 Frank Boyd & Family £165mWilliam Ewart Properties 2010: £160m (+£5m) Dealing with retail, offices, industrial and residential, William Ewart Properties is one of the largest property companies in Northern Ireland. It recently sold its Victoria Place shopping centre, at Victoria railway station, to Network Rail for £92m.William Ewart’s net assets came in at £210m in 2009. It was formed in 2002 when Frank Boyd and Andrew Creighton paid £90m for the properties of Irish group Dunloe Ewart. They each own 50%. Boyd, 57, who owned an electrical contracting business in Belfast, began his career as a property developer by investing in student housing. One of his companies, Killultagh Estates, had £51.4m net assets in 2008-09. We can see a further £9m of net assets in other Boyd firms. In all, we can see £165m of net assets attributable to Boyd and his family. 101 Eliasz Englander & Family £165mCitywise 2010: £162m (+£3m) Eliasz Englander’s Citywise has completed the development of its prize asset, Holborn Links in central London, after buying it for £118m in 2000. However, the 79-year-old has not been immune from the downturn. In a rare move for Englander, he has exited the Kensington Arcade at Kensington Tube station in west London. Meadow Partners’ Real Estate Fund took control of the retail and office block earlier this year after a £100m consensual restructuring of the debt with Englander and the lenders. Citywise had over £131.5m net assets in 2009, when it made an £8.8m profit. The family also has several other separate but interlinked companies with net assets totalling at least £250m. In all, and allowing for overlapping stakes, the Englander family is easily worth £165m in the current climate. 101 Henry Moser & Family £165mJerrold Holdings 2010: £165m (No change) Founded by Henry Moser in 1973, Jerrold Holdings specialises in secured lending to both residential and commercial customers. Moser, 62, left school at 16 and worked as a market trader. Jerrold Holdings made £44.1m profit on £135.6m sales in 2009-10. Barclays Private Equity invested £113.5m for a 30% stake in 2006. Cautiously, we value the business at £200m in the current climate, valuing the Moser family stake at £140m. Past dividends should add £25m. 101 Michael & Robert Slowe  £165mJ Leon 2010: £125m (+£40m) J Leon is a family-owned property investment and holding company run by two septuagenarian cousins, Michael and Robert Slowe. The London-based company and family are very low key, but still active. In 2010-11, J Leon made a £1.5m profit on £6.1m sales and showed record net assets of £178.3m. With low borrowings and a strong balance sheet, the company is easily worth £160m in today’s market. We add £5m for dividends and other assets to the wider Slowe family. 105 Brian Scowcroft & Janet Lefton £162mAlard Properties2010: £160m (+£2m) Brian Scowcroft has put around £7m of his own money into his Kingmoor Park Properties operation site outside Carlisle, helping to create more than 1,300 jobs. Net assets climbed in 2009-10 to £21.1m. Before his property work, Scowcroft, 55, was boss of Swinton Insurance, which was started by his father in 1957. By the early 1990s, the Scowcroft family had made around £150m from the sale of the business. His sister Lefton, 53, runs Roundhouse, another property operation. We can see £29m net assets in family companies. Scowcroft is a sponsor of Carlisle’s fast-improving Richard Rose Academy School and also has interests in a bottled water business located in Morecambe Bay. In all, the family are worth £162m after tax. 106 Sir Euan Anstruther-Gough-Calthorpe & Family £160mCalthorpe Estates 2010: £162m (-£2m) Calthorpe Holdings, which made a £1.5m loss in 2009-10 when its net assets came in at £4m, has embarked on a joint venture with Wylam Investments for the commercial element of a mixed-use development at Edgbaston Mill in the West Midlands. They aim to open the new hotel and leisure facilities opposite the famous Edgbaston cricket ground by spring 2012, ahead of the London Olympics. The company has also been involved in an ambitious £350m development programme on the Calthorpe estate covering 1,550 acres of Edgbaston. The estate dates back to 1717 and is worth £80m. Anstruther-Gough-Calthorpe inherited his title from his late grandfather in 1985. His trusts made around £40m profit in 1999 by selling 300 acres in Hampshire. Anstruther-Gough-Calthorpe, 45, also has interests in the US, the Gulf and Europe. He is easily worth £160m. 106 Rashid & Aziz Tayub £160mCrown Crest 2010: £103m (+£57m) The Leicester-based Crown Crest distribution and property operation was started in 1977 by the Tayub family in a small corner shop after they left Malawi. We can see three separate Tayub companies led by Crown Crest Group, which made a total of nearly £21m profit on £528m sales in 2010-11. These companies are easily worth £130m. Adding other assets, we value the Tayub family, led by Rashid, 63, and Aziz, 54, at around £160m. 108 Michael Shanly £157mMichael Shanly Homes2010: £122m (+£35m) The Thames Valley and Buckinghamshire is fertile territory for Shanly, 65, who founded the upmarket Michael Shanly house building operation in 1970. He chairs and owns at least 12 significant but separate building or development companies.  His main operation is Sorbon Homes, which made a £7.3m profit on £50.3m sales in 2010. It has £61.4m net assets. But other companies, including Sorbon Investments, take the total Shanly net assets to £145m, with profits of £17.3m. We value the businesses on the total net asset figure at £145m, and add £12m for Shanly’s past salaries and other assets. 109 John Lynch & Family £156mJohn Lynch Builders2010: £152m (+£4m) Over the past 39 years, the Ayr-based property company John Lynch Builders, chaired by 62-year-old John Lynch, has prospered. The construction company had £11m of net assets in December 2010, but under Lynch’s shrewd management, it has built up significant holdings of around 280 acres of development land in Scotland. The assets, including the landbank, are worth around £100m. Other assets, such as farms, investments and properties, take the Lynch family to around £156m. 110 John Guthrie & Family £155mBroadland Properties2010: £135m (+£20m) Guthrie’s business, which was started in 1950, saw profits rise sharply from £2.2m to £12.4m on £31.8m sales in the year to September 2010. A chartered surveyor by training, Guthrie chairs Broadland Properties, a Scarborough property operation. We value Broadland on its £140.2m net assets. Guthrie was the biggest winner from the May 2005 sale of the Merchant Retail business to Hong Kong billionaire, Li Ka-Shing, for £222m cash. He picked up 10% of the company “many years ago” when the shares were trading at 9p. The takeover price valued each share at 197p, so Guthrie, 75, made a profit of around £22.3m on the deal. Other assets such as White Rose Finance, with £5m net assets, should take the Guthrie family to perhaps £155m after tax. 110 Stockford and High Cross £155mNew entry An electronics engineer, Michael started his Quantel electronics special effects operation in 1968 and made £60m when it was sold 20 years later. He later made over £20m from starting and building Classic FM and established the highly regarded Peter Michael Winery in California. Best known in fine dining circles for his vineyard at the Stockcross Hotel in Newbury, the 73-year-old Michael is expanding his hotel interests. Highcross, the development and investment vehicle he founded, has been busy on the acquisition trail after launching a £1.7bn fund to invest in the depressed office and industrial market. His main company is Stockford, which showed £35.2m net assets in 2010. In all, Michael’s interests and share sales should be worth £155m. julia.cahill@estatesgazette.com Rich List 2011: 111-140  Rich List 2011: 141-170