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The Kent richest 50 - compiled by Philip Beresford

PUBLISHED: 01:17 23 May 2011 | UPDATED: 19:26 20 February 2013

The Kent richest 50 - compiled by Philip Beresford

The Kent richest 50 - compiled by Philip Beresford

The Kent rich are recovering their fortunes fast. The combined worth of the Top 50 tycoons, music megastars et al in the Kent Life Rich List has risen to more than £4.2bn, a handy £400m more than our last list in early 2010...

The Kent rich are recovering their fortunes fast. The combined worth of the Top 50 tycoons, music megastars et al in the Kent Life Rich List has risen to more than 4.2bn, a handy 400m more than our last list in early 2010 when the recession gripped even the Garden of England, reports Philip Beresford, author of the annual Sunday Times Rich List

1 Roger and Peter De Haan
Leisure and charity, 800m


The second Folkestone Triennial takes place from June to September (see page102) following the hugely successful first one in 2008 a Roger de Haan initiative, as was the establishment of a City Academy designed by Norman Foster.

De Haan has also employed Foster to masterplan an 800m redevelopment of land around the harbour, which will incorporate the campus of a new university. But the area that to date offers the most visible evidence of his largesse is the Old Town, where his Creative Foundation has bought 80 buildings, many of which were in an advanced state of decay, and over the next 10 years the new Folkestone is aiming to have a brand new harbour on the 14-acre site De Haan has bought for 11m. Elsewhere in town will be a sculpture park, a performing arts complex in Tontine Street, and several university buildings created from Victorian warehouses.

Roger De Haan took over the running of Saga in 1984 and sold up in 2004 to a private equity business in a 1.35bn deal. Characteristically generous with the proceeds, he gave 15m away to staff.

After stripping out any debt we allow at least 400m for tax, as Rogers commitment to Folkestone means he wont become a tax exile. His brother Peter now runs a wine and marketing business and Roger bought Peter out of some of his shares in an earlier 81m deal. Allowing for the tax bill, we reckon the family should be worth 800m allowing for the huge commitment to Folkestone.



2

Peter Cullum

Insurance, 450m

Cullum began his career in 1969 with Royal Insurance and after several jobs started his own Towergate operation in 1997. It grew rapidly by 177 acquisitions and early in 2008 was valued at 3.4bn in a potential takeover.

Talks ended and in the credit crunch the Maidstone-based company had a difficult time over its debt levels. It has recently sorted out its banking arrangements and reduced debt, creating a warchest for further acquisitions.

In 2009, while it showed 646m of debt, Towergate also generated premium turnover of 1.86 bn and operating profits of 118m. While the company could be worth perhaps 1.3bn, we value Cullum's stake at 412m allowing for debt. Other assets such as his family stake in the separate Cullum Ventures take him to 450m, allowing for hefty charitable donations.



3Sir Mick Jagger

Music, 190m


After the exertions of the two-year Bigger Bang tour which ended in August 2007, the Rolling Stones have been recuperating of late. There is no word yet whether the band will go on the road again, but it will be difficult to beat the 390m gross box office receipts achieved in the tour (in all the Stones have generated 1.8bn in receipts from touring since 1989).

The band signed an exclusive long-term recording deal with Universal Records in 2008. The re-packaging of old hits such as Exile on Main Street, their 1972

hit which topped the UK charts and was number two in the USA in 2010, is

the way forward for the Stones.

Jagger, the Stones' Dartford-born and bred frontman, has considerable wealth despite the absence of any accounts for the Rolling Stones. Past royalty earnings, his property and investment portfolio, song rights and the touring income give Jagger a 190m fortune.




4 Keith Richards

Music, 175m


Dartford-born Richards much-anticipated autobiography Life, published in autumn 2010 was long on drug binges and hell-raising by the Rolling Stones guitarist.

While Richards is miraculously still alive, he remains a key member of the band which in August 2007 wrapped up the final leg of its A Bigger Bang tour at the O2 arena.

The tour grossed more than 390m, making it easily the biggest in rock history, but the European leg had to be postponed in May 2006 when Richards underwent brain surgery after falling out of a palm tree during a holiday in Fiji.

The Stones are not particularly successful though on the recording front these days, though they will charge 5m to play at weddings, according to a Living TV programme. Until they mount their one final tour, we stick with a 175m valuation for Richards.




5 Sir Keith Mills

Business services, 160m


Mills made 160m from the sale of the Nectar loyalty card business in 2007.

A factory worker's son, he worked in marketing and in the late 1980s thought up the Air Miles loyalty scheme. British Airways took it over in 1994, paying a reported 10m for the stake held by Mills and his partner. In 2002, Mills started the Nectar card and never looked back. His other assets not included in the 1994 sale and property, etc take Tunbridge Wells-based Mills to 160m after-tax. He was knighted for his role in securing the 2012 Olympics for London and is on the Tottenham Hotspur board.



6Jon Moulton

Finance, 154m


Better Capital is the latest venture of Moulton, a private equity veteran. Floated

in 2009, it is now worth 245m and Moulton has a 23m stake. He also has a 33m stake in the quoted investment operation, Ashmore Group, where he was a non-executive director

until his recent retirement.

He made around 26m from a share sale at Ashmore in October 2009 on top of a 22m sale at Ashmores 2006 float. We can see another 10m

of stakes in other quoted companies.

Sevenoaks-based Moulton's wealth from a long involvement at Alchemy Partners (which he left in 2009) was put at 40m in 2000. It was also reported at the time that he had made 40m from the flotation of a high-tech company, Bookham Technology. Moulton, should be worth 154m today with other assets.




7 Andrew Goodsell

Finance, 133m



Goodsell is chief executive of Acromas, the company formed from the 6.2bn merger of Saga, the over-50's holidays to insurance group and the AA in 2007. The deal left the Folkestone-based group groaning under a debt burden of 6.3bn. But a future flotation, valuing the company at up to 10bn would wipe that out.

Goodsell's total proceeds from the deal were 144m, though he reinvested 36m in the newly merged operation. After-tax he should

be worth 133m.



8 Roger Bromley & Family

Retailing, 120m

Russell & Bromley produced a record 14m profit on 88.1m sales in 2009. Bromley chairs the chain of quality shoe shops which began in 1873 and still remains in family hands, either directly or in trust. With 50.4m net assets, the Bromley-based operation is worth 100m. We add 20m for past dividends, etc after-tax.



9David Instance & Family
Industry, 110m


Early in 2010 the Instance family made another 22m when it sold its Eschmann medical equipment business to Irish company John Sisk. That stake had been bought for 11m in 2001. Instance used to chair an Ashford-based specialist printing company bearing his

name which printed instruction labels for pharmaceutical companies products.

In 1999, the Instance family made around 50m by selling

49 per cent of the company (now renamed Inprint Systems). Instance is no longer involved but retained a small stake. Other assets and stakes should keep the family at 110m.







10David Bowie

Music, 100m

In February Bowies son Duncan Jones won a BAFTA for a sci-fi movie Moon and said he was keen to recruit his father to star in a future film. Bowie certainly has the time. Since his huge Reality world tour in 2004, he has led a quiet life with no significant career activity in the last two years. Bowie, who had left Bromley Tech with an O-level in art, achieved his first hit in 1969 and in all has sold 136m albums. He lives in New York with his wife Iman, a former model. As a result there are no company accounts available. Despite the longevity of his career, the lack of activity particularly touring, leads our rock expert to keep Bowie at 100m.


10Guy & Julia Hands

Finance and hotels, 100m


Private equity group Terra Firmas 1.7bn investment in EMI was seized by the bank in February. It was a terrible blow for Terra Hands founder Guy Hands, who created the group after leaving Japanese firm Nomura in 2002 where he had made 300m from deals. He bought a chain of luxury hotels, which his wife Julia runs, for 136m and spent 36m on upgrading them. In 2009 Hand Picked Hotels made an 8.2m loss though net assets had risen to 37m. Guy moved to Guernsey ahead of the 50 per cent tax rate, but Julia and the children remained in Sevenoaks, though visiting regularly. Other losses (internet ventures, the Rockingham Speedway) will have cost Hands over 70m. Despite EMI, Terra Firma Capital Partners raised profits to 3.2m in 2009-10. We value the hotels on the net assets figure and keep the Hands at 100m.



12 Lord Alli

Media, 85m


Lord Alli, one of the leading lights of British broadcasting, chairs Chorion, the media rights group with a stable which includes the rights to Mr Men, Noddy and Enid Blyton characters. Chorion was taken private for 110m in 2006 and profits rose to 15m on 52m sales in 2009-10. It is worth more than 150m.

Tenterden-based Alli made his name originally as managing director of Planet 24, the youth-friendly TV production company, which made hits such as The Big Breakfast. When Planet 24 was sold to Carlton in March 1999, he netted 6m for his one-third stake. He stayed with Carlton until 2000. He has a one-third stake in Castaway Television Productions, the maker of Survivor, which turned in a 3.8m profit on 7.6m sales in 2009-10. Alli's stake in Castaway is now worth perhaps 20m. In the last two years he has had 2.9m in dividends from Castaway. He should be worth 85m now.




13The Brett Family

Aggregates, 84m

Canterbury aggregates business Robert Brett made a 5.5m loss on 137.3m sales in 2009. Started back in 1884 by a Robert Brett, it is still owned by the Brett family, and is worth its near 82m net assets. Other assets add 2m.



14Moni Varma

Rice, 77m


Varma, a millionaire rice producer raised in Malawi, is now the largest supplier of rice to the UK retail market with a 30 per cent share operating from a 6m state-of-the-art plant in Rochester. Further investments have also been made in Pakistan and South Africa. He owns all of the separate VeeTee Rice which made 3.4m profit on 61.5m sales in 2009. Other companies including VeeTee Foods add a further 1.4m of profit. In all the businesses are worth 67m. Other assets add 10m.




15 Dennis Paulley & Family

Finance, 72m

Dennis Paulley was well known in the 1980s running property auctions for the Kent estate agency Ward and Partners, which he chaired. Today he has a 39m stake in the Prudential financial group. Other assets add 33m.




16 Michael Conway & Family

Construction, 65m


Michael Conways father came over from Ireland in the 1950s and started his own construction business in 1961. Conway took it over and has expanded it enormously.

FM Conway, based in Dartford, recycles the

waste from its road-surfacing operation and turns

it into concrete for use on its sites after careful preparation and sorting.

In 2009-10, FM Conway made a healthy

9.6m profit on 124.9m sales. It should easily

be worth 60m and is owned by Conway and his family. Other assets add 5m.



17
John Bigwood & Family
Food production, 62m


Profits at the Oscar Mayer food-processing operation rose from 3.2m to 5.3m in 2009-10 on sales at a record 164.5m. Adding in the 2.5m highest paid director's pay to the bottom line takes the profit to 7.8m.

The Erith-based business is run and owned by John Bigwood and his family. It supplies chilled-food to supermarkets such as J Sainsbury, Morrison and Somerfield. In 2003 Bigwood sold the separate Hygrade Foods, which started life as a butchers shop in South London but now supplies a range of meat products to supermarkets.

Bigwood took over running the business from his father in the mid-1980s. The buyer was Danepak, the Danish food producer. We assume the sale price was at least 40m. We value Oscar Mayer at around 45m on its performance.

With past dividends, etc, the Bigwood family should be worth 62m after-tax and allowingfor any reinvesting of sale proceeds.




17Dennis Pay & Family

Pharmaceuticals, 62m


Paydens, the Maidstone-based pharmaceuticals-to-grocery operation, was established in 1969 and is also one of the UKs largest pharmaceutical wholesalers. It has grown through offering a top-class service to customers including a medication healthcheck in some of its outlets. Other services offered by the chain include smoking-cessation support, pregnancy and cholesterol testing, and syringe and needle exchange schemes. Paydens profits came in at 6.2m on 119.1m in 2009-10. Its net assets rose to 55.5m. Dennis Pay chairs the business which is owned by his family. On its latest figures we value Paydens at around 60m.

Other assets take the Pay family to around 62m after-tax.





19Edmund Hor

IT and finance, 53m


Edmund Hor came to Britain from Hong Kong in 1982, aged 15. While at university he worked as a commodities and foreign-exchange trader before founding a company called Trayport in 1993 to carry out IT contract work. The first client was an energy broker, work that led to the development of software for online trading of energy, commodities and currency.

Hor built up Trayport into a leading provider of technology to European over-the-counter energy markets, selling it in 2008 to GFI, the New York-based broker, for 75m cash. Hor, based in Bromley, had a 78.5 per cent stake and should have picked up 53m after-tax for his stake. He had many offers for the company but is staying. He recently moved from managing director to product director to help develop new products.



20 Jonathan Neame & Family

Brewing and pubs, 50m


Shepherd Neame, the Faversham-based brewer, saw profits rise from 6.9m to 8.7m in 2009-10, with sales up too at 115.3m. Its A shares are quoted on the junior PLUS market and are now worth 100.2m.


The business dates back to 1698 and the Neame family became involved in 1859 when former chairman Bobby Neames great grandfather bought into the business. Neame was chairman from 1971-2005; fifth-generation member, now Jonathan Neame, is chief executive. The family has around half the A shares (though we discount their widely scattered stake to around 20m), and also own all the B shares worth 30m.

In all we value the family at 50m.




21 Beverley Charman

Finance, 48m


Beverley Charman is regularly in the news in Sevenoaks over her sterling work as chair of the Magistrates bench. She married John Charman in 1976 when she was working in the civil service. John, who had started as a junior clerk, became one of the leading figures in the insurance world, building a 131m fortune.

Beverley was awarded 48m in the biggest divorce award in British legal history. The settlement in August 2006 equates to almost 1.5m per year of marriage. The award came after she asked for 50 per cent of her husbands fortune, having rejected 20m as too little. The judge finally settled on a 48m award.




22 Brian Forest

Computers, 47m

Harehead, a software consultancy, has been working with a host of blue chip companies since 2003 in the area of asset finance and lending. Based in Northfleet, it is growing rapidly and in 2009 nearly doubled profits to 8m on 15.4m sales. It has a strong balance sheet and 8.2m net assets. On these figures it is worth 90m. The company is owned and run by its two directors. Brian Forest is one and his stake is worth 46m. Past dividends etc. take Forest to 47m.




23John Elkington
Property, 46m

John Elkington owns Tonbridge-based Penhurst Properties. Its portfolio of more than 300 properties (most acquired in the early 1990s) has net assets of 27m with an annual income in excess of 3m.

The strong balance sheet shows substantial cash reserves, leaving the group well placed to acquire more properties in a buyers market. We also see numerous trusts and companies that lead back to Elkington and his direct family, all with virtually no debt and significant income from its 40-strong property portfolio. Past hefty dividends and share buy backs would easily take Elkington to 46m.




24 Wilson Adams
Computers, 45m
Harehead, a software consultancy, has been working with a host of blue chip companies since 2003 working in the area of asset finance and lending. Based in Northfleet, it is growing rapidly and in 2009 nearly doubled profits to 8m on 15.4m sales. It has a strong balance sheet and 8.2m net assets. On these figures it is worth 90m. The company is owned and run by its two directors. Wilson Adams is one and his stake is worth 44m. Past dividends etc. take Adams to 45m.

24Damian Aspinall
Property and gaming, 45m
Aspinall is the son of casino operator and zoo owner the late John Aspinall who died in 2000, leaving 25m. That money largely went to the upkeep of his two Kent zoos, where he achieved great success in breeding rare animals. Aspinall is now following the family tradition of running gaming clubs, including Aspinalls in Mayfair, the haunt of Lord Lucan, as well as casinos in Newcastle, Northampton and Swansea under the Aspers name.

Jersey-based Aspers Group made a 12.7m loss on 41m sales in 2008-09 as it financed the cost of expansion. It is in talks to sell Aspinalls for 65m. Any sale proceeds and Aspinalls past property profits and internet deals should take him to a 45m valuation.

24Malcolm & Andrew Friday
Eggs, 45m

Malcolm and Andrew Friday run Fridays, which has grown to be one of the three biggest egg producers and packers in Britain. Originally it simply produced freshly laid eggs to supermarkets, but it has expanded into chilled products and has recently invested 2m to cater for demand from sandwich bars, etc. Its chilled products now account for 25 per cent of the Cranbrook-based companys turnover.

The business is run and owned by Malcolm and AndrewFriday and their families. In 2009 it made a healthy 6.3m profit on nearly 45m sales. With 21.2m net assets and a very strong balance sheet it is a 45m business The Friday family takelittle out of the company.



24 Stuart Howard

Finance, 45m

Stuart Howard is chief finance officer of Acromas, the merged Saga Leisure and AA group. Previously finance director of Saga, his good fortune began in 2004 when Saga ceo Andrew Goodsell led an mbo of Saga with senior colleagues backed by private equity. The team and its staff received a combined stake

of about 20 per cent in return for an investment of some 2m, with Howard taking a four per cent share. Four years ago it merged with the AA to create a 6.2bn Acromas group. The deal valued Howard's stake at around 50m. Despite the hefty debt carried by Acromas, we value Howard at 45m allowing for tax.




24John Paul Jones

Music, 45m


Rock legend John Paul Jones has recently appeared at the Royal Opera House in the opera Anne Nicole Smith, a tale of sex, drugs and Playboy bunnies. The former Led Zeppelin bass guitarist was part of a jazz trio playing alongside the orchestra. Jones also joined in a new rock supergroup, Them Crooked Vultures, whose debut album released in late 2009 to generally positive reviews. The group toured in 2009 and 2010.

Jones, born in Sidcup, played in the Led Zeppelin reunion show at London's O2 Arena in December 2007, which was a huge sell-out success. He also plays guitar, koto, lap steel guitars, autoharp, ukulele, sitar, cello, and the three over-dubbed recorders heard on Led Zep signature tune Stairway to Heaven.

In recent years Jones has developed a successful solo career and is widely respected as both a musician and a producer. He has two main companies: JPJ Communications and the separate Cap Three company with 9m net assets in 2009-10. Jones past earnings and his share of the Led Zeppelin back catalogue should give him wealth of around 45m in today's climate.



24Tim Bull
Finance, 45m
Bull is marketing director of Saga, the Folkestone-based holidays to finance group aimed at the over 50s. Bulls good fortune can be tracked back to 2004, when Saga chief executive Andrew Goodsell, led a management buyout of Saga with senior colleagues backed by private equity.




The team and its 2000-plus staff received a combined stake of about 20 per cent in return for an investment of about 2m, with Bull taking a four per cent share. In June 2007 it merged with the AA to create Acromas, a 6.2bn group. The deal valued Bull's stake at around 50m. Though the group is weighed down by debt, it is growing fast and Bull should be worth 45m after-tax.









30Geoffrey Granter

Construction, 41m



Granter founded Swanley based United House Group in 1964 and succeeded in building it into the foremost specialist social housing contractor operating in London and the south east. In April 2010 he sold his stake for 50m and stepped down as chairman. Granter is a

regular correspondent on the letters pages of the Financial Times, writing about the lack of recognition afforded engineers in this country. After-tax he is worth 41m.



31Leon Aichen & Family

Food, 40m


Dartford-based AG Thames is run by Leon Aichen and owned by his family. Started

in the early 1970s, it imports, packages and markets produce mainly to British and European supermarkets. The company also runs Solstor UK, a pan-European haulage business transports goods ranging from chilled food to pharmaceutical supplies. The 2008-09 accounts show a 4.8m profit on 259.5m sales and net assets of nearly 33.5m. It is easily worth 40m.




31Sam Barnett
Internet, 40m
An internet entrepreneur, Barnett founded his company Struq in 2008, offering retailers highly targeted, personalised adverts on the web.

Orpington-born and bred, Barnett is now a veteran of the internet boom having worked for other net entrepreneurs before starting Struq.

The business is growing like crazy. In 2009, turnover was 500,000 in 2009 growing to 6m last year, and forecasts of 19.5m this year. He says he turned down five offers for the business last year. One valuation was for 35m but he suggests it is higher now. We settle for 40m. He owns it all.


31Paul Firmin & Family

Transport, 40m

Paul Firmin is md of Alan Firmin Ltd, the Maidstone-based farming to haulage and warehousing group which dates back to 1928. Its orchards regularly win prizes for top-quality fruits from supermarkets and the like. In March 2010 it won a 6m a year contract for five years from drywall manufacturer Knauf to handle the distribution operation from its Sittingbourne plant.

The family owned business made 580,000 profit on 13.5m sales in 2009-10. The new contract will take it turnover to 16m a year. With 40.2m net assets, the company should be worth 40m.



31Simon & Jon Miles

Recycling & metal reclamation, 40m

In 2007 the Irish waste group Greenstar bought Sevenoaks-based Verdant Waste, one of Britains biggest privately owned waste management and recycling businesses. The business had been owned by brothers, Simon and Jon Miles, and before the sale went through, the Sunday Times reported that it had a 50m price tag. Allowing for any tax on the deal, we value the Miles brothers at around 40m.

The brothers acquired the business in 2002 from Saur, the French utility group. They now run and own Valens Resources Group, a waste metal recoverer, which made 456,000 profit on 17.2m sales in 2009-10.It recently bought Singh (UK), an East Anglian waste and recycling operation.

The Miles brothers should be worth 40m easily after-tax and reinvestment of sales proceeds.



31Karen Millen

Fashion, 40m


The Teens Unite Fighting Cancer charity was founded by fashion designer Karen Millen, who opened her first store in Maidstone. She is also involved with a vocational project for the charity Hope HIV, which works with children in sub-Saharan Africa affected by the Aids pandemic.

An alumni of Medway College in Rochester, where she did a City & Guilds in Fashion, Millen started out selling shirts when she was at college. On holiday in Morocco she met Kevin Stanford, who became her business partner and later her (now-ex)husband. They started selling Karens shirts at fashionable Kents answer to Tupperware parties, and went on to open a shop in a backstreet in Maidstone, then another three in Tunbridge Wells, Brighton and Guildford. They were approached by shoe chain Pied Terre to produce a clothing line for them, and Karen Millen the business took off.

In 2001, she sold a 40 per cent stake in the business to Icelandic investors, and shared a 54m payout when all but 15 per cent of the rest of the shares were sold in mid-2004. Karens total proceeds were around 40m after-tax.





31Hilary Riva

Retailing, 40m


Former ceo of the British Fashion Council, Hilary Riva OBE has been helping out in her home town of Faversham. She chairs the Alexander Centre Trust, which aims to provide affordable business, educational, social and networking spaces to residents, community groups and firms. Much of the recent success of London Fashion Week is down to her, but Riva fell into fashion by mistake. Intending to work in languages, her first job was as a merchandising clerk at Debenhams. She hated it initially, but soon realised she had found her vocation, moved to Topshop and by 1998 was md of Evans, Principles and Racing Green. With Peter Davies, ceo of Rubicon, she led an mbo of the Principles, Warehouse, Racing Green and Hawkshead brands from Arcadia Group in 2001.

Rubicons senior management gained 100 per cent of equity, with 90 per cent held by five directors for a total cost of 1m. By 2004 Riva had turned a 9m operating loss into a 20m profit and in 2005 the business was sold for 140m to the Shoe Studio Group. Riva made more than 40m in sale proceeds.



37Peter Holm & Family

Industry, 37m

Founded in 1952, BATT Cables is the oldest cable distributor in the UK. Based at Erith, its cables range across the industrial spectrum, from fibre optics for telecoms to 33kv power cable, twin-and-earth and flexible mines and quarries cables. This enables the company to respond quickly to client needs whether in Britain or world-wide. Peter Holm, chairman, and his family own most of the business which made nearly 5m profit on 84m sales in 2009-10. With 37.6m net assets it is worth 37m.



38Martin Lovegrove

Finance, 35m
Lovegrove, a veteran oil and gas banker who masterminded BPs 12.7bn asset sale after the Gulf of Mexico oil spill, retired last year, stating that it was time for an old fart to step aside after 40 years in the energy industry. Instead he joined US bank Citigroup as head of its global energy business. He had worked at Standard Chartered since 2007, when he sold his advisory boutique, Harrison Lovegrove, to the bank for 50m. He had a near 49 per cent stake at the time. Lovegrove said he wanted to spend more time on his farm, Henden Manor, so that will have to wait. With past bonuses and his private company Ataa (1.7m net assets in 2008-09), Lovegrove should easily be worth 35m.



38Geoffrey Smith

Transport, 35m


Geoffrey Smith runs and owns Pentagon Holdings, an Orpington-based freight forwarding operation. In 2009-10 profits came in at 3.3m on 104m sales.

With a solid balance sheet it has 13m net assets.

Adding the 884,000 highest-paid directors pay to thebottom line would push the profit to over 4m. On thesefigures we value the company and Smith at 35m.




40Pat Gallagher & Family

Construction, 34m

For more than 30 years Irishman Pat Gallagher has built up a number of Maidstone-based construction businesses. Gallagher Group Holdings, his main group, made 2m profit on nearly 25m sales in 2009. With over 10m net assets, it is easily worth 18m. We can see other companies, including Gallagher Aggregates and Gallagher Properties, with nearly 14m net assets between them. With past dividends Pat Gallagher and his family should easily be worth 34m in todays economic climate.




41Allan Pierce

Food, 33m


Based in Belvedere, APP Wholesale is a well-respected retailer and wholesaler of plumbing and heating equipment run and owned by Allan Pierce, In 2009-10 it made a healthy 4.8m profit on 62.8m sales. With 8m net assets anda strong balance sheet, it should be a 33m operation on its latest figures. Pierce takes little out of the company and we value him at that level.


42Michael Goldberg


Industry, 32m


With the motto Tell Us! We will build it!, Dartford-based Paalse Onderhoudswerken is a steel and sheet metal manufacturing company. It also provides specialist cable management systems and metal cladding systems used in many commercial installations, including the London Underground. In 2009-10 it made a healthy 8.4m profit on nearly 12.6m sales. With a strong balance sheet and nearly 11m net assets, it should be worth 40m. Michael Goldberg, one of its directors, has a

79 per cent stake worth nearly 32m.




42Josephine Green & Family

Construction, 32m

Josephine Green is a director of Henry Streeter, a Westerham-based distributor and producer of concrete aggregates. The business has net assets of nearly 31m but made just 14,000 profit on 5.8m sales in 2009-10. Green and her family own all the shares in the company, which is easily worth the net assets. Other assets take the Green family to 32m.






Where the millions came from

Financial services -12 fortunes
Computers/Industry -8 fortunes
Property/Construction -7 fortunes
Food - 5 fortunes
Music -4 fortunes
Leisure -4 fortunes
Transport -3 fortunes
Retailing -3 fortunes
Media -2 fortunes
Business services -2 fortunes

42William King & Family
Car dealer, 32m




Sam Barnett



Internet, 40mSam BarnettInternet, 40mSam Barnett

Internet, 40m
WJ King,(Garages), based in Welling, is one of the fastest growing Vauxhall, Peugeot, Seat and Suzuki dealers in the south east with branches in Bromley, Bexleyheath, Farningham, Swanley, Welling, Dartford and Woolwich. William King is head of the family-owned operation, which in 2009-10 made a 2.3m profit on nearly 104m sales. With nearly 30m net assets, it is worth 30m. Other assetsadd 2m to the King family.
WJ King,(Garages), based in Welling, is one of the fastest growing Vauxhall, Peugeot, Seat and Suzuki dealers in the south east with branches in Bromley, Bexleyheath, Farningham, Swanley, Welling, Dartford and Woolwich. William King is head of the family-owned operation, which in 2009-10 made a 2.3m profit on nearly 104m sales. With nearly 30m net assets, it is worth 30m. Other assetsadd 2m to the King family.

42Jonathan Palmer
Motor racing, 32m
Jonathan Palmer qualified as a doctor in 1980 then committed himself to a career as a racing driver, working his way up the ladder until he reached F1 in 1983. He enjoyed six seasons asa Formula One driver, at his peak earning around 200,000 a year. Palmer replaced the late James Hunt as an F1 commentator in1993 and spent four years there before being replaced in 1997when F1 moved to ITV.

By then Palmer had set up MotorSport Vision with 100,000 in 1991. It promoted championships and corporate driving days first at an old airfield in Leicestershire and later at a former RAF base, which he bought with the backing of two tycoons.

In 2003 they backed expansion of MotorSport Vision when Palmer bought Brands Hatch and three other circuits for 15.5m. It now has five circuits and Palmer has turned it round. In 2009 Brands Hatch-based MSV Group, made a 3.4m profit on 38.9m sales. It should easily be worth 42m. Palmer has a 75per cent stake worth 31.5m. Other assets take him to 32m

46Sir Bob Geldof
Media and music, 32m
Ten Alps, the television production company founded by Sir Bob Geldof in 1999, has seen its share price drift down in 2010 and the whole company is now worth a little over 5m. Geldof's stake is now worth just 250,000.



The former Boomtown Rat-turned-Third World campaigner via Live Aid, also has a one-third stake in Castaway Productions, maker of the reality show, Castaway. Castaway Television Productions made profits of 3.8m on 7.6m sales in 2009-10, valuing Geldofs one-third stake at perhaps 20m.

He also had a one-third stake in the Planet 24 TV. Its sale in 1999 netted Geldof 6m. He invested in an internet holiday company, Deckchair.com, but that was sold for a knockdown 3.2m. With houses in Battersea and Kent and dividends from Ten Alps in the last three years, a 32m valuation is realistic.



47Gerry Pack & Family

Leisure, 30m

Holiday Extras is the brainchild of Gerry Pack. He worked for 14 years at Saga, then his boss asked him to look at how the company dealt with customers who needed overnight stays in airport hotels. From this came the Apple Booking Company which Pack ran part-time and still worked at Saga. He left to work full-time and the company soon moved into offices of its own, adding more hotels, then travel insurance, airport car parks and airport lounges to the extras it sold. Renamed Holiday Extras, it now makes travel arrangements for 6.8m people a year.

The business was largely owned by Pack and his family. He sold a 37 per cent stake in the business to an mbo team for 24m in early 2005. The Pack family retained 49 per cent worth 30m at the time. In 2009-10 parent company Holidays Extras Holdings made 995,000 loss on 160.1m sales. In the current difficult climate for the holiday trade, we value the Pack stake at 10n. After-tax and allowing for the previous share sale, the Pack family should be worth 30m. Gerry Pack recently stepped down as chairman but the family retains its stake.




48Orlando Bloom

Films, 26m


Orlando Bloom says he revelled in the chance to camp

it up in his latest film, The Three Musketeers. Bloom, 34, takes on the role of the Duke of Buckingham inthe new movie adaptation of Alexandre Dumass classic tale.

The actor, who married model Miranda Kerr last year, and is now a proud father, told Shortlist magazine: This was my first time playing a villain. I had the big costume, the hairdo. I was like, I'm camping it up.

Blooms first role was as a rent boy in the 1997 film Wilde, but after appearing in the Lord of the Rings trilogy as the Elf Legolas Greenleaf, he had a starring role in Troy alongside Brad Pitt and was also in Pirates of the Caribbean and two of its sequels.

Canterbury-born Bloom, who attended The Kings School Canterbury and St Edmund's School, made around 21m from his role as Will in the three Pirate films. In all his films have garnered 1.3bn at the box office world-wide. His companyT 12 Ltd showed a healthy 2.5m net assets in 2009. The website Hollyworth.com puts Blooms worth at 26m. We agree.




49Philip Richards

Finance, 25m


The RAB Capital hedge fund has Lakshi Mittals family as shareholders, but having the richest person in Britain on board has not perked its share price up. RAB is now worth just 54m after having to write off the 200m it invested in the ill-fated A1 Grand Prix series.

RAB Capital said clients opted to withdraw around 250m from its special situation fund which invested in Northern Rock just before the banks collapse. It was founded in 1999 by ex-Merrill Lynch bankers Michael Alen-Buckley and Philip Richards.

Richards, a former army officer with the Greenjackets, has stepped down as RABs chief executive to concentrate on running investment funds at RAB. He lives in Kent, where he is well known locally for his support of local charities.

In 2006 he gave away 3.25m to charity. The greatest beneficiary was The Gateway, a Christian youth centre in Tonbridge, which was expected

to get more than 1m. His stake in RAB is now worth 15m. Other assets and nearly 20m of share sales take him to perhaps 25m after-tax and his hefty charitable work.



50Mansukh Ganatra & Family

Insurance, 24m

Citybond Holdings, a Beckenham-based travel insurance broker, turned in a healthy 2.8m profit on 6.8m sales in 2009-10. Founded in 1980, it operates as Citybond Suretravel and is run by its MD Mansukh Ganatra, who with his family owns all the shares in the company, which we value at around 23m. We can also see another 800,000 of Ganatra business assets in Landcharm, a property company with over 1.7m net assets in 2009-10, 50 per cent owned by the Ganatra family. In all we value the Ganatra family at 24m.



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