457£35m
John Black
Galliard Holdings
Essex-based Galliard is involved in some high-profile schemes including one opposite Parliament, and the residential element of Arsenal FC’s Ashburton Grove. It recently completed work on a site in Westminster, and sees no end to demand in London. John Black, 67, has a 27% stake in Galliard, whose profits rose from £22.5m to £39.3m on £170.9m sales in 2005-06. Despite hefty borrowings, we reckon the firm is worth £120m, and Black’s stake £32.4m. Other assets take him to £35m.
457£35m
Sir Geoffrey Leigh & Family
Malus Investments
Sir Geoffrey Leigh, 74, was a major London property dealer via quoted property group Allied London Properties, now owned by Delancey, Royal Bank of Scotland and its management following a £500m buyout in September 2006.
It is the latest incarnation for the successful developer. In 2000, ALP was taken over by a consortium backed by Leigh, whose family had a 23.6% stake at the time. Under that £138m deal, the Leigh stake was worth £32.5m. Its recent development work has included two highly rated projects: its Spinningfields office scheme in Manchester is regarded as one of the most successful urban regenerations in Britain and its Brunswick shopping scheme in Bloomsbury has breathed fashionable life into a deprived area of London. We assume that share sales and other assets take the Leigh family to at least £35m but it could be considerably higher.
457£35m
Joseph Dwek & Family
IGP Holdings
IGP Holdings is a London-based property group run by property veteran Joseph Dwek, 57, formerly on the board of Newport Holdings. In the year to July 2006, IGP showed £34.7m net assets and we value it on that figure. Dwek and his family own all the shares. With other assets, they should be worth £35m.
457£35m
Alistair & Christopher Kennedy
Kennedy Group
The Kennedy brothers run the Kennedy Group, a Coleraine-based developer and construction group. The company is involved in the 100-acre Junction One in Antrim and is also developing its own hotel arm. It has also won awards for design and for archaeological conservation. The Kennedys, aged 46 and 43, own all the shares in the group, which turned in a £7.2m profit on £50.5m sales in 2006. With £19.3m net assets, it should easily be worth £30m. Other assets take the brothers to £35m.
457£35m
Clayton Love
Shipton Group
An active sailor of dinghies and keelboats, Clayton Love was national Helmsman’s Champion in 1955 and 1960, and campaigned for Ireland in the Admiral’s Cup. Through his Shipton Group and other companies, Love, 78, owns Cork’s Douglas and Blackpool shopping centres and other property. The Shipton Group’s Atrium in Blackpool, Cork – the latest phase of a €200m Blackpool regeneration – was opened in July 2006. He is easily worth £35m.
462£34m
David Gibbons
Gibbons (Holdings)
David Gibbons owns the highly profitable Gibbons (Holdings) property company, based in Peterborough. In the year to September 2006, it showed £31.2m net assets and is easily worth that sum. Fifty-seven-year-old Gibbons also owns the separate Plowright Farms, with £2.4m net assets in 2005-06. He is easily worth £34m, allowing for a small holding in Gibbons (Holdings) by his charitable trust.
462£34m
Neil Morgan & Family
Morgan Industrial Properties
Electronics engineer Neil Morgan, 49, and his brothers own and run Morgan Industrial Properties, a Derbyshire-based property group which made £3m profit on £3.2m sales in 2005. It has £25m of net assets and we value the business at around £27m on these figures. Other businesses include electronics control group Pektron, whose £7m worth takes the Morgans’ value to £34m easily.
462£34m
Peter Murphy & Family
C&G Properties
London group C&G Properties made a healthy £372, 000 profit in 2005-06. It is over 90% owned by its 62-year-old MD, Peter Murphy, and his family, and we can see another 87 Murphy directorships. C&G has £20.8m net assets while Murphy’s stakes in three separate property groups, including Knightspur, take the total net assets we can see in his family to £32m. With other assets, we suspect Murphy is worth at least £34m.
465£33m
David Cameron & Family
Upland Developments
David Cameron runs Aviemore-based Upland Developments, which in 2005-06 showed nearly £25.5m net assets. Cameron, 66, owns it all. He also has a 50% stake in Lovat Hotels, with £5.4m net assets in 2006. In March 2007, he and a business partner sold their construction firm, Aviemore & Highland Developments, to Tulloch, the Inverness builder, in a deal reckoned to be worth £1m. With these proceeds and other smaller company assets, Cameron should be worth £33m easily.
465£33m
Julie Davey
Angel Group
Julie Davey, 50, owns Angel Group, a London-based property group which owns hotels and residential training centres and provides accommodation for asylum seekers – it has other interests in Poland, Cyprus and the USA. The Angel Group was founded in 2000 and made a healthy £1m profit on £16.7m sales in 2005-06. It is easily worth its £30.2m net asset figure. The group is entirely owned by Davey, who, with another £700,000 in firms such as Angel (London) and Angelic Interiors, is worth £33m with past dividends.
465£33m
Yousef Tishbi & Family
Realty Estates
Architect Yousef Tishbi, 59, runs and owns Realty Estates, a Manchester property company. It made £2.4m profit on £11.5m sales in the year to September 2005, when it had £25.2m of net assets. We value the company on these, adding £2.7m for the separate Leeds Properties and £3m for Apex Self Storage. The low-key Tishbi family is easily worth £33m with other smaller property companies.
468£32m
George Akins & Family
SJC 14
Bildurn Properties, owned by the Akins family, is now involved in the £25m Pod development, near Nottingham’s Lace Market. George Akins, 66, began work as a barrow-boy and, after national service, a bookmaker, opening his first betting shop in Nottingham in 1960, as gaming laws were relaxed. The Akins family sold its betting shops in 2003 for £14m to focus on its casino, nightclub and property interests. Their main companies, SJC 14 and SJC 15, showed over £30m net assets in their 2005 accounts. With other assets, the Akins family is easily worth £32m.
468£32m
Richard Brainin
Barton Industrial Estate
Former metals trader Richard Brainin and scarf designer Garry Hogarth sold their company, Fast Forward, to footwear group Lambert Howarth in 1999, and became the largest shareholders in Lambert after picking up £20.2m in shares and loan notes. Brainin joined the board and stayed for five years, selling down his stake over that time. Two sales in late 2003 netted him £4.7m. Today, he owns Barton Industrial Estate, a London-based property operation which made a £1.7m loss in 2006 when its net assets fell to £25.7m. It should be worth that sum. In all, Brainin, 53, should easily be worth £32m.
468£32m
Patrick Vaughan
London & Stamford Investments
London & Stamford Investments is the new property company run by two of the industry’s serial entrepreneurs, Raymond Mould and Patrick Vaughan. Backed by the GE Pension Trust, the company bought its first sites in July 2006, paying £12.6m for two offices at Tilgate Business Centre in south Crawley, West Sussex, and £10.4m for a warehouse outside Stoke-on-Trent let to tyre company Michelin. Vaughan and Mould set up the Arlington property company in 1976 and sold it for £279m to British Aerospace 13 years later. They later ran the Pillar property group, floated in 1994, and which was sold in May 2005 to British Land in an agreed £811m takeover. Vaughan collected £9m for his shares in Arlington, and another £26m from his shares and options in Pillar. Earlier share sale proceeds and past salaries take 60-year-old Vaughan to £32m after tax.
468£32m
Terry Brown
West Ham United FC
Former West Ham chairman Terry Brown resigned from the board in February 2007 three months after the club’s £108m takeover by Icelandic businessman Eggert Magnusson. Brown, 65, pocketed some £30m from the deal. An accountant by training, he also has property and caravan park interests. We can see Latham Trust and various subsidiaries with about £4m net assets, plus the Chandler Corporation, owned by the family, with £8m net assets. Brown and his family are easily worth £32m.
468£32m
Peter & Jacqueline Dolan
Jermon
Dungannon-based Jermon Developments’ extensive portfolio includes Belfast’s Donegall Arcade and the Spires retail park in Armagh. It has spent nearly £50m on properties in Belfast city centre over the past 18 months. In a joint venture, it also plans to open three stores in Poland over the next two years. In 2005, Jermon showed net assets of £29.5m. It is owned by Dolan, 44, and his wife, Jacqueline, 43, also a director. With other assets, they should be worth £32m.
468£32m
Richard & David Graham
District & Urban Group
Richard Graham, 62, is MD of District & Urban Group. He and his brother David, 56, own the majority of the share capital. The London-based company is involved in property investment, development and housebuilding. Its 2005 accounts show a profit of £1.1m on sales of £4.5m and net assets of nearly £43m. The Graham family owns a 67% share worth nearly £29m. Past dividends take the Graham family to £32m.
468£32m
Patrick & John Hegarty
PJ Hegarty Contractors
Dublin contractor PJ Hegarty & Sons was founded in 1925 and employs about 700 people. It is building the Thornwood apartment development in south Dublin after buying the site in 2004 for about £15m. Hegarty’s portfolio also includes a £25m gas pipeline project in the west of Ireland and a £20m office development at Grand Canal Plaza, Dublin. In 2004, the firm’s turnover was £194m and it showed over £7m net assets. It is jointly owned by brothers Patrick and John Hegarty, aged 59 and 45, who we value at £32m.
468£32m
David Keir
Rosemound Developments
In April 2007, a £336m takeover by Macquarie Goodman of Australia of Rosemound Developments was signed. David Keir, 45, who co-founded the Birmingham-based industrial specialist in 2002, should have picked up at least £32m for his stake after tax. HBOS backed Keir’s team as a start-up with 50% of the equity and has since provided about £125m of debt. Rosemound has become a well-known name in its sector, with 30 employees and a landbank of more than 1,000 acres.
468£32m
Rob Lloyd
Eatonfield Holdings
The Mold-based Eatonfield Group floated on the stock market in late 2006. A property group , it is 48.7% owned by founder Rob Lloyd, aged 43, whose stake is worth £18.6m. Other assets, and any sale proceeds from the float, should take him to £32m.
468£32m
Richard Mintz & Family
Anglo Scottish Properties
Anglo Scottish Properties is a low-key property developer with interests in Aberdeen and London, near its Camden headquarters. The business is run by MD Richard Mintz, 61, and showed a healthy £3.9m profit in 2005-06. With £23m net assets, it should easily be worth £30m. The Mintz family and trusts own it all. Other assets should take the family to £32m.
468£32m
Mike Ratcliffe & Family
Wolsey Group
Having left school at 15 with no qualifications, Mike Ratcliffe, now 64 and chief executive of the Wolsey Group, one of the UK’s leading financiers for housebuilders, has survived the ups and downs of the housing market, including bankruptcy. The firm, based in Cobham, Surrey, made £8.1m profit on £20.4m sales in 2005. Ratcliffe and his family have 43%. We value the company at £70m and that puts a £30m price on the family stake. Past dividends should take them to £32m after tax.
468£32m
Michael Mehigan
Pantry Franchises Ireland Ltd
Michael Mehigan introduced fast-food chain McDonald’s to Ireland in 1977, with his first restaurant in Dublin’s Grafton Street. He owns the leases for many of its Irish outlets via PFI Holdings and Pantry Franchise Ireland Ltd, with £21.5m combined net assets in 2005. McDonald’s bought out PFI in 1999. In all, Mehigan, 67, is worth £32m with other assets.
468£32m
Janet Stallard & Ann Richardson
AC Lloyd (Asset Management)
Janet Stallard and Ann Richardson are directors of AC Lloyd (Asset Management) Ltd, a Leamington Spa-based builder and developer founded in 1948. Known for the quality of its work, AC Lloyd made £6.4m profit on sales of £10.7m in the year to September 2005, when it showed net assets of £52m.
We value the company on the net asset figure. The Lloyd family – represented by Stallard, 59, and Richardson, 51 – have around 62% of the shares that we can see. That stake is worth £32m.
481£31m
David Blunt & Family
Keepmoat
Regeneration specialist Keepmoat is the largest provider of social housing in the Midlands and north of England. The company saw profits soar beyond £40m on nearly £469m sales in 2005-06. In August 2007, a management team backed by the Bank of Scotland bought Keepmoat in a £783m deal. Director David Blunt, 58, had a 5% stake with his family and that should be worth £30m. Past salaries should add at least £1m to the Blunt family coffers.
481£31m
The Chambers Family
Grange Management (Holdings)
Former RAF pilot instructor and corn merchant Fred Chambers founded Grange Motors in the 1950s. It became Britain’s largest independent Jaguar franchise and one of the largest Aston Martin dealerships. The company really began to take off after Chambers bought a former transport café in Brentwood. He died in 2000 and, three years later, the business was sold for an undisclosed sum.
The family, led by sons Colin and Graham, moved out of the car trade into property. In 2005, family firm Grange Management (Holdings) showed over £31m net assets.
481£31m
Barrie Clapham
Credential Holdings
Virginia Court & Galleries is the new Covent Garden-style area planned for Glasgow’s Charing Cross by Barrie Clapham, 56, chief executive of Glasgow developer Credential Holdings, which is also working on a proposal for a mixed-use tower on the corner of Bath Street and Newton Street.
Clapham recently secured a £250m funding deal for Credential from Bank of Scotland, under which he retains a 52% stake, the bank has 44%, and the rest is held by other board members. Clapham is believed to have made £10m from selling part of his stake and should be worth £31m after tax.
481£31m
Peter Luff & Family
Luff Group
Peter Luff, 71, runs the Luff Group, a Berkshire-based property and investment group. In 2005-06, it made a £2m loss on £3.6m sales. We value it at £25.7m, and add £2.7m for the net assets of Luff Holdings and £3m for past salaries, taking the Luff family to £31m. To celebrate the firm’s 30th anniversary in 1990, Luff generously paid for all 150 staff, and their partners, to have 10 days in a luxury hotel in Florida, thought to have cost him £100,000.
485£30m
Gerald Atkinson & Family
Maxi Caledonian Holdings (Scotland)
Gerald Atkinson, 63, is chairman of Ayrshire-based Maxi Group. Its property development interests include projects in Ayr, Irvine and Warwick, varying from warehousing and industrial units to car showrooms and office accommodation. The Atkinson family and trusts own all the shares in the company, which made £1.7m profit on sales of £34.9m in the year to September 2006. With net assets of £29m, the company and Atkinson family are worth £30m.
485£30m
Richard Balfour-Lynn
Marylebone Warwick Balfour Group
Doctor’s son Richard Balfour-Lynn is chief executive of Marylebone Warwick Balfour, a quoted property group set up in 1994 with John Harrison and Joe Shashou, each investing £300,000. Three years later they reversed the business into the quoted Ex-Lands Properties. Today, MWB owns London store Liberty, the Hotel du Vin chain and Malmaison hotels. But Balfour-Lynn’s plan to set up the UK’s first hotel REIT failed.
Balfour-Lynn, 54, has a stake in MWB worth £21m, plus a £1m stake in MWB Business Exchange. Other property assets and his farm take him to £30m.
485£30m
Martin Barber
Capital & Regional
In 2001, Martin Barber instigated a reinvention of Capital & Regional, transforming it into one of the country’s biggest fund managers. By selling the company’s assets into specialist funds, C&R was able to realise large receipts while retaining hefty fees and profit share. The model has been a great success and now the Mall shopping centres, Junction retail parks, and X-Leisure destination funds are all market leaders.
Chief executive Barber, 63, now has a stake worth £25.4m, as the shares slipped a bit in 2007. Barber’s other assets, including a stake in The Avenue Restaurant, should take him to £30m easily.
485£30m
Malcolm Dagul
Dancastle Associates
Accountant Malcolm Dagul, 54, is a leading London-based property entrepreneur whose family-controlled company, Shop Constructions (Holdings), had £17m of net assets in its 2003-04 accounts. The company has since been dissolved but we assume the net assets are still with the Dagul family. Dagul also ran Southend Property Holdings, a quoted property group, though he left in 1996, selling his stake for £15.2m. We can also see at least another £2m of net assets in smaller property groups. The Dagul family should be worth perhaps £30m.
485£30m
Brian De’ath & Family
Wickford Development Co
Wickford Development wants to double the size of its 800-home Sandon village and build a hotel to help fulfil the Olympic ambitions of Chelmsford, which says it is under siege by developers putting forward new schemes. Wickford’s site managers regularly win national awards for excellence, while it has come up with innovative schemes to maximise the scarcity of land. Run by Brian De’ath, 72, its profits came in at £1.9m on £10.1m sales in 2005. But De’ath took a £1.4m salary that year. Added to the bottom line, that would take the profit to £2.4m. On these figures, Wickford would be worth £20m. De’ath and his family trusts own all the operation. Allowing for tax and past salaries, the family should be worth £30m.
485£30m
Jeremy Drax
Parham Holdings
Jeremy Drax is founder of Parham Holdings, a London-based property operation. He previously spent four years in the capital markets and property sections of Nomura and three years with Jones Lang Wootton. A chartered surveyor, 47-year-old Drax took a BA from Reading University in Land Management and an MBA from top US business school Wharton. He has a 67% stake in Parham, which made a £2.2m profit on £10.5m sales in 2005, when its net assets were just over £39m. It should easily be worth around £40m. That values Drax’s stake at nearly £28m. Past dividends should take him to £30m easily.
485£30m
Andrew Grant & Family
Badnell Properties
Andrew Grant, 49, and his family own Badnell Properties, a Maidenhead-based property group, which made a £679,000 profit in the year to March 2006. It has £11.9m of net assets. There are two more Grant companies with £2.4m of net assets between them. Grant’s late father, Raymond, who was the sole shareholder in the group until his death in 2001, left £23.2m in his will, which included his stake in Badnell. His estate went to relatives and we value the family at around £30m.
485£30m
Terry Johnsey & Family
Johnsey Estates
Johnsey Estates, run by chairman Terry Johnsey, 76, is based in Newport, South Wales. It owns Newport Retail Park and the Leeway industrial estate, as well as the Mamhilad Park Estate near Abergavenny. Johnsey Estates is owned by trusts which we assume are controlled ultimately by the Johnsey family. It showed £28.21 net assets in its 2005-06 accounts. Johnsey is a keen racehorse owner, with 15 horses and four broodmares. With these assets and others, we value the family at around £30m.
485£30m
Kenneth Johnson
Mortgage Guarantee
Mortgage Guarantee is a leading mortgage provider. Founded in 1980, the fast-growing operation is owned by Kenneth Johnson, 65, and it made a healthy £3.2m profit on £5m sales in 2005-06. Johnson takes little out of the business and keeps a low profile. In the current climate, Mortgage Guarantee and Johnson should easily be worth around £30m.
485£30m
Amarjit Mann
Ablethird
Amarjit Mann is managing director of Ablethird, a Milton Keynes property company, active in north London and north of the city itself. It made a £615,000 loss on £4.8m sales in 2005-06, when it had £27.3m net assets. Other business assets take 54-year-old Mann to £30m.
485£30m
Charles Mitchell & Family
Mitchell Properties
Charles Mitchell, 54, runs Mitchell Properties, a Hampshire-based property company that invests in areas such as tenanted houses. Founded in 1988, Mitchell Properties produces only abbreviated accounts, but in 2005-06 showed £28.1m of net assets. Other assets such as a farm company take the Mitchell family to £30m. Charles Mitchell is here representing that wider family.
485£30m
Kyriacos Pittalis & Family
Jomaro (UK)
Greek-Cypriot businessman Kyriacos Pittalis, 74, runs a London-based property to restaurant group called Jomaro (UK). In 2005-06, the value of its net assets moved up sharply from £19.6m to nearly £26m. The company is owned by the Pittalis family. In May 2006, the will of Pittalis’s late wife Erato was published, showing that she left £8.4m. With other property, the family is easily worth £30m.
485£30m
Nadeem Shah
TLB Properties
The eldest of seven children, 51-year-old Nadeem Shah was born in Pakistan but moved to Doncaster with his family in 1966, at the age of eight. His father started buying houses to rent out and, while Shah was still at school, he would help in renovating them, learning plastering, joinery and plumbing.
When he was 18, Shah spotted two houses for sale in Doncaster at £400 each. He persuaded his father to lend him £400 and a bank to lend him the rest, turned the houses into flats and, as rents started coming in, bought more. He did his own repairs, while still taking on repair work for other people to fund his own renovations.
By the time Shah was 25, he had amassed dozens of small houses. But when recession hit, he had to sell them at a loss and start again. In 2001, he switched to commercial rented property, and now has a £30m portfolio.
We can see £1.2m net assets in TLB Properties and he also has a small farm company with £567,000 net assets, in 2004-05. We stick with a £30m valuation.
485£30m
Dilbag Singh & Family
Dilbag Cloth House
A burst of development activity in Bradford has been led by local firm L&B Properties. It has completed Shire House on Harris Street, on the site of the former woollen mill used by Dilbag Singh’s Dilbag Cloth House textile company – and the developer is run by Singh’s sons, Bobby and Lucky.
Dilbag Singh, now aged 68, arrived from the Punjab in 1962 with just £3 to his name, and went to work in a local Bradford factory, later setting up a tailoring business with his wife. In 1968, Dilbag Cloth House was born. It has grown rapidly since 1980.
In the year to September 2005, DCH showed a £476,000 profit and £8m of net assets. The profit rises to £800,000 if we add the £376,000 directors’ pay to the bottom line. With personal property, pension plans and other assets such as Shire House, the Singh family is easily worth £30m.
485£30m
Paul Smith & Family
Spicerhaart
Profits fell by £300,000 to £3.3m in 2005 at Spicerhaart Group, the Colchester-based estate agency. Sales also fell by £2m to £89.1m. But Spicerhaart has repaid its financial backer, Winterthur, three years ahead of schedule and is now poised for a major expansion.
Smith, 46, has built Spicerhaart to be the largest independent estate agency business in Britain by adapting the internet and text-messaging alerts to revolutionise the business, which now has 250 branches nationwide. Despite the profits fall, it is still easily worth £30m on these figures. Smith and his family own all the shares.
Sir Stuart Lipton
485£30m
Stanhope
There is no sign of 64-year-old Sir Stuart Lipton taking life easier. In November 2005, he sold his remaining 44% stake in the Stanhope property operation for £15m, but he is back in business at the newly created Chelsfield Partners, where he is also looking for large development projects and working with old-chum Elliott Bernerd, his former business partner and another survivor of the property scene.
The £1bn backing for Chelsfield Partners comes from heavyweight investors. Lipton was one of the major property developers and visionaries in London in the 1980s. He founded Stanhope in 1983 and is best remembered for developing the Broadgate Centre in the City. Stanhope was rescued by British Land after near bankruptcy in 1994. Lipton bought the name and started again. To his £15m sale proceeds, we add another £15m for past salaries, the £2.7m net assets for First Palace Securities and past share sales, taking Lipton to £30m.
