News
3 Sep 2014 08:48am

Accountancy Rich List: 50-30

Today we count down from 50 to 30 on the Accountancy Rich List

49=

Michael 19/12/1953 & Chris Miller 25/09/1951
Industry
£84m

Harris & Sheldon, the Coventry-based industrial and property conglomerate, made £8.6m profit on £22m sales in 2012. The business, with £62m net assets, is largely owned by the Miller family, led by brothers Michael and Chris. A chartered accountant, Chris Miller, worked for Lord Hanson before setting up Wassall in 1988 when it was valued at £2m. The family It was taken over in 2000, valuing the Harris & Sheldon stake at £22m. Chris Miller now runs the £3.1 billion Melrose industrial group where he has a £44m stake. Allowing for duplication, the Miller family should be worth £84m.

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49=

Tom 30/03/1963 & Alan Fergusson 25/10/1966
Industry
£84m

Fergusson Group the Scottish-based solid fuel import, export and distribution business, made around £6m profit on £122m sales in 2011-12. The Stirling-based operation dates back to 1926 when Thomas Fergusson founded Fergusson Coal, selling coal 'door-to-door' from a horse & cart. The £69m company is now run and owned by the third generation in the shape of brothers Tom and Alan Fergusson. Alan joined the business in 1982 directly from school as a 16 year-old and Tom in 1983 after completing a BA in accountancy and finance at Heriot Watt University. Other assets add £15m to the Fergussons.

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47=

Solomon Potel 09/06/1933 & Family
Construction
£85m

Fairholme Estates (Holdings), a London-based property developer and building contractor, is owned by chartered accountant Solomon Potel and his family trusts. In 2012-13 it made £3.7m profit on £5m sales. It has nearly £85m net assets and we value the business and Potel family on this figure.

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47=

Eddie Kilty 25/08/1948
Industry
£85m

Dublin-based Eddie Kilty joined the Ardagh glass and packaging group in 1972 as a management accountant and progressed to the role of chief executive. Now involved in senior positions in the company. He is now chief executive of the South Wharf glass business and retains a 3.4% stake in Ardagh, making him easily worth £85m.

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45=

Carl McCann 03/05/1953 & Family
Industry
£90m

The first commercial delivery of bananas arrived in London for E.W. Fyffe Son & Co in 1888. Meanwhile in Ireland Charles McCann established a green grocer’s shop in Dundalk in 1902. McCann becomes the first agent for Fyffes bananas in Ireland. In the mid-1960s Banana Importers of Ireland was formed to cater for the banana needs of Ireland’s leading ripeners. Led by Neil McCann, BII had a powerful competitive edge as bananas could now be delivered directly to Ireland for the first time. Nearly twenty years later, after floating on the stock market in 1981, the re-named Fruit Importers of Ireland bought Fyffes in 1986 from United Brands. Fyffes became Europe's leading fresh produce distribution company. Carl McCann, an accountant and FCA, and joined the family business from KPMG and served as Finance Director of Fyffes from 1983 to 1998. In March 2014 it was announced that Fyffes was being merged with Chiquita Brands to create the world's biggest banana supplier. The McCann family stake held by Carl and his brother David was worth around £45m. But other assets take the family to £90m.

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45=

Jim Flavin 30/10/1942
Industry
£90m

Dublin-based DCC provides sales, marketing, and distribution services primarily to Irish and British companies in the health care, energy, information technology, and the food and beverage industries. Jim Flavin, an FCA, founded the quoted DCC in 1976. His stake is now worth £79m. Other assets easily take him to £90m.

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44

Michael Winterbottom 23/04/1938
Industry
£92m

Chartered accountant Winterbottom and his family trusts own around half of Hyde Industrial Holdings, an high-technology engineering group based in Dukinfield, near Manchester. It made £15.4m profit on £109m sales in 2013. With £105.1m net assets, it is worth £160m. Past dividends add £12m.

 

42=

Peter Hambro 18/01/1945
Finance
£96m

A member of the Hambro family, Peter Hambro had a spell at an accountancy firm before joining Hambros bank in 1966. He later moved to another City broker and stayed for 14 years. Moving into commodities, Hambro worked for the American financier, Marc Rich, developing a passion there for gold. After working for other gold dealers and a US tycoon, Hambro met a Russian professor, Pavel Maslovsky, and the pair went into partnership to develop a gold mine. Hambro raised $5m for the project - and five years later the
first gold started coming out of the ground. Peter Hambro Mining was floated on the stock market in 2002. Hambro has a £6m stake in the business, now called Petropavlovsk. Proceeds from the bank sale should

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42=

Brian Conlon 07/01/1966
Finance
£96m

An accountant by training, Conlon is the managing director of First Derivatives, providing support services to the derivatives market. Started in 1996 by Conlon in his Newry apartment with seed capital of £5000, it floated on the Aim in 2002 and is now valued at over £233m. Conlon has a £90m stake. Other assets add £6m.

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39=

The Duke of Richmond & Gordon 19/09/1929 & Family
Property
£100m

The Goodwood Estate Company made a £1.1m profit on £62.1m sales in 2012, when its net assets came in at
£44.5m. The entrepreneurial Earl of March has done wonders at the 12,000 acre West Sussex estate. Horse racing, vintage car races and other attractions have raised huge revenue. March's father, the Duke of Richmond & Gordon succeeded his father to the title in 1992. He is a chartered accountant by training. But with land and art values rising allied to the Goodwood brand, the family asset wealth should now be £100m

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39=

Alan McIntosh 02/11/1967
Finance
£100m

Alan McIntosh qualified as a chartered accountant with Deloitte & Touche. He is a key partner in Hugh Osmond's Sun Capital investment operation and has been with Osmond since 1994. He has a £48m stake in the Phoenix insurance operation. He was one of the beneficiaries of the sale of the Wellington Pub Company in 2004 which netted £100m profit for Osmond and his backers. Aside from these deals, McIntosh owns Edward Square, an investment operation with nearly £14m net assets. In all the Scots accountant should be worth £100m with past share sales.

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39=

Simon Dolan 25/05/1969
Business services
£100m

Former kickboxing champion Simon Dolan started his career as an entrepreneur selling eggs and cheese in Chelmsford market. Now a serial entrepreneur Dolan has interests ranging from accountancy, employment services, motor racing, publishing and an airline. His parent company Hemel Hempstead-based SJD Group, showed £6.4m profit on £13.2m sales in 2012-13. His past salaries, car collection and property interests take Dolan to £100m.

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38

Mayank Patel 10/07/1967
Finance
£105m

The son of a Zambian-based businessman who had left Uganda to escape the Amin terror, Mayank Patel was sent to Britain to study. He worked briefly for a firm of accountants before getting a job in 1991, at the age of 23, with a derivatives-trading firm in the City. He loved it, staying in derivatives for another four years. By the age of 28, though, Patel decided he wanted to run a business of his own. He started London-based Currencies Direct in 1996. The currency and international payments group should make around £9.2m profit in 2013-14. Patel, with 63% of the £140m group, has other assets which add £17m.

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36=

Duncan Sinclair 11/10/1947 & Family
Property
£120m

Mountview Estates, the London-based property company, has seen its share price steady in 2010 and it is now worth over £267m. The company is chaired by accountant Duncan Sinclair and the Sinclair family's stake is now worth around £111m. We add another £9m for the family's net assets in smaller private companies such as Ossian Investors and Sinclair Estates.

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36=

Lochlann Quinn 05/11/1941
Industry
£120m

A chartered accountant, Lochlann Quinn was a partner with Arthur Andersen. He is also a former Chairman and Director of Allied Irish Banks. He worked in partnership with fellow tycoon Martin Naughton to build up the Glen Dimplex electrical appliance manufacturer. But in 2004, Quinn sold his Glen Dimplex stake back to Naughton for around £110m. He has put some of his Glen Dimplex money into an Irish consortium that bought London's Savoy hotel and other hotels in 2004. They made a tidy profit selling on part of the group in 2005. Quinn's other assets, including, a Bordeaux chateau and property investments in Dublin, should be worth £120m in the current market.

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35

Harold Sher 13/01/1947
Finance
£125m

Amalgamated Metal Corporation is one of the top metal traders in the City. In 2013 its profits fell to £13.8m on £751m sales. It has nearly £248m net assets. Harold Sher, Amalgamated's chief executive, studied commerce at university and started his career as a chartered accountant. He later served as the President of a major North American Steel Services Group before becoming chief executive of Amalgamated Metal in 1992. He led a £200m management buyout in December 2003 from the German travel company TUI. But we now value the business at around £400m today. That values Sher's stake at £100m. Past salaries, dividends and pensions etc. should take him to £125m.

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34

Anwar 19/10/1954 & Yakub Patel 19/08/1953
Pharmaceuticals
£135m

The Patel brothers, Anwar a pharmacist and Yakub an accountant, started their first chemists shop in 1980, selling 111 of their pharmacies for £130m in 2005. They kept thirty pharmacies worth £13.5m and now run the separate Bolton-based pharmaceutical wholesaler Prinwest, worth £60m on the back of £6.8m profit in 2011-12. After-tax and re-investment the Patels should easily be worth £135m.

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33

John Griffin 01/08/1942 & Family
Transport
£140m

Griffin left school at 16 without any qualifications as he had TB and couldn't sit any exams. Yet he bluffed his way to being taken on by a firm of accountants as an articled clerk. But his father had a roads-and-sewers building business in north London which had expanded too fast and got into serious problems. Griffin quit his training to help with the rescue. In the meantime, he had to get an income so he started minicabbing. Eventually, the building firm was saved. But his father went to work for Islington council as a clerk of works and Griffin stayed with cabbing. He set up on his own in 1975. Stuck for a name, he chose Addison because one of his controllers was living in a squat in Addison Gardens and it sounded posh. The second part of the name was Lee, which was chosen off the top of Griffin's head. Today Addison Lee, based near Euston Station, is London's largest minicab operation. Griffin and his family owned half the business until early 2013 when it was sold to American private equity group Carlyle in a £300m deal. Griffin has reinvested in the business. After-tax and with other assets, the Griffin family is worth £140m.

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32

George Burnett 21/09/1946
Construction
£145m

The Ashtead Group hires out plant and equipment to construction companies. The Surrey-based company was founded in 1947 and a management buy-out team acquired it in 1984. Two years later it floated on the stock market. Burnett, an accountant by training and member of the buyout team, retired in 2006 after transforming the group into an international player with a strong US operation. He retains a £136m stake in the £4.6 billion group. Other assets should take him to £145m.

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31

Michael Gooch 31/10/1958
Finance
£160m

Essex-born Mickey Gooch founded GFI Group, the New York-based brokerage operation in 1987. Gooch, who trained as an accountant, previously worked for a number of blue chip American financial institutions including Citibank. He floated GFI on Wall Street in 2005 and by late 2007 the shares had nearly quintupled. But the credit crunch and recession has hit it hard. The shares have recovered and Gooch's stake in GFI is now worth around £97m. Other Gooch family assets add around £63m.

Philip Beresford

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