News
1 Sep 2014 09:22am

Accountancy Rich List: 75-100

In the first part of the Accountancy Rich List we count down from 100 to 75

71 =

Sir Nigel Rudd 31/12/1946
Industry
£50m

After becoming the youngest ever-qualified chartered accountant in Britain at the age of 20, Rudd went into company trouble-shooting. He later bought a small housebuilder for £10,000 and had made £600,000 from property deals by his early 30s. He is best known for turning a tired industrial group into the huge Williams conglomerate in the 1980s. Williams was demerged in 2000 and Rudd now chairs Nottingham-based Pendragon car dealer where he has a £500,000 stake. He is known in the City as a serial deal maker and he has presided over the sales of Invensys, Boots and Pilkington Glass. Rudd, who is also the chairman of Heathrow, recently took over as chairman of BBA Aviation. His private equity outfit Longbow Capital, where his financier son Edward is a director, backs growing businesses. But with his property assets including a Peak District estate and a £7m London home, plus the sales of stakes in takeovers from Williams onwards should have made Rudd a £50m fortune.
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71 =

Paul Walker 17/05/1957
Computers
£50m

Sage, the Newcastle-based software accountancy firm, was started in 1981 to develop business and accountancy programmes. PUL Walker, an accountant by training, joined the fledgling firm in 1984, and became finance director three years later. He is now chief executive while his stake is worth nearly £25m. In 2005 he made around £13.7m from share sales and option gains. With his remaining options and past salaries, he should be worth £50m after-tax.
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71 =

Paul Walsh 01/05/1955
Drinks
£50m

The son of an engineer, Paul Walsh wanted to be an RAF pilot but slight colour blindness put an end to that option. After training in accountancy, he joined GrandMet in 1982, and was finance director of its brewing division within four years. Walsh joined the main board in 1995 following the merger that created Diageo, the drinks giant which has drink brands like Guinness. In 2000 he became chief executive and left 13 years later having grown Diageo from a market value of £20 billion to £50 billion. His stake was worth £14m, while salaries and options over the years, including £11.2m in 2011 plus a £15.8m pension pot, should take him to £50m.
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78

Killian Hurley 21/04/1958 & Family
Construction
£47m

Cork-educated Hurley runs and with his family largely owns Mount Anvil group, a London developer and builder. A chartered accountant he established Mount Anvil in 1991. It made £10m profit on £54.4m sales in 2012. With £21m net assets, it is easily worth £60m, valuing Hurley's stake at £47m.
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79 =

Craig Bennett 29/06/1963
Computers

£45m Craig Bennett left the then recently privatised BT in 1986 to join the fledgling Caudwell Group in Stoke as an accountant. He worked his way up over 20 years and was the man who kept the company's cash flow on track during its years of expansion. As finance director he had a 5% stake in the Stoke on Trent-based business when it was sold to the Doughty Hanson private operation for £1.46 billion in the summer of 2006.
He says he received around £50m for his stake. Bennett, the son of am Port Vale footballer, has launched a second career by buying a stable of top-class horseflesh including Purple Moon, who cost him 440,000 guineas at the autumn 2006 sales at Newmarket. His trusts also own the Merry Fox Stud in Cheshire which showed £10.4m net assets in 2012. After-tax and allowing for his investment in horses, we value Bennett at £45m.
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79=

Malcolm 25/08/1937 & Guy Brook 23/04/1960
Industry
£45m

Exeter-based Stovax was co-founded in 1981 by Guy Brook. His father Malcolm Brook, a chartered accountant, chaired the company, which made £4.9m profit on £26.4m sales in the eight months to January
2013. A 60% stake was sold to a Swedish company for an undisclosed sum in March 2013. But it has hived off one of its trading operations into a separate company, called Original Style Holdings, which made £1.1m profit on £16.1m sales in 2012-13. The Brooks have around 92% of the shares there and had an 85% stake in Stovax before the deal, including trusts. Stakes and sale proceeds should be worth £40m. Past dividends etc. take the Brooks to £45m.
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79 =

Terry Brown 06/07/1942 & Family
Leisure
£45m

Former West Ham chairman Terry Brown resigned from the board of the Hammers in February 2007 just three months after the club's then £108m takeover. Brown pocketed some £30m from the deal. Brown, an accountant by training, also has other property, pet food and caravan park interests. We can see Latham Trust with nearly £11m net assets in 2013. There are also £2m of profit and £14.5m of net assets in other Brown companies. We value the Brown family at £45m allowing for tax.
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79=

Barry Hearn 19/06/1948 & Family
Leisure
£45m

He had a Romford snooker hall, a fruit-machine and pool-table business in the East End. The best snooker player the world Steve Davis simply walked in off the street

Orient chairman Barry Hearn is an East End boy from a council estate whose mother was a cleaner and dad a London bus driver. He trained as an accountant and became the youngest ever chartered accountant to become a member of the institute. Hearn later worked for a large firm where one of his biggest clients was Deryck Healy International, a textile design company. In 1973, he persuaded the firm that it needed a full-time finance director. Overnight he had doubled his salary. "I couldn't believe it: £150 a week." One of his briefs at Healy was to look at possible acquisitions, so he took the company into snooker, buying the Lucania chain of snooker halls for £500,000 in 1974. It was such a good investment that he put his own money into it. When Healy sold it in 1982 for more than £3.5m, Hearn owned a third of it. He invested his cut in "bits and pieces, property, a forest in Scotland, you could do things with that sort of money in those days" and in June 1982 he left Healy and formed his own company Matchroom. He had a Romford snooker hall, a fruit-machine and pool-table business in the East End, some offices and the best snooker player the world had yet produced, Steve Davis, who simply walked in off the street. Since then Hearn has dominated snooker, overseeing its extraordinary leap as it became established as Britain's favourite television sport. He managed the best players, organised many of the top tournaments and sold them to television. He took 20% of his players' income but re-invested heavily in the sport. He also branched out into boxing, pool, bowling, golf, fishing, poker and darts, giving the latter a much-needed injection of razzmatazz. In 1995 he bought Orient, then a financial basket case, for a fiver. Matchroom, owned by Hearn and his family, made £3.8m profit on £32.6m sales in 2012-13. It is a £38m operation. With his other assets, Hearn is easily worth £45m.
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79=

Andrew Pritchard 03/08/1958
Retailing
£45m

Chartered accountant Andrew Pritchard was managing director of Iceland, the Clwyd-based frozen food retailer until he cashed in his stake just before its planned £1.4 biliion sale. After tax and allowing for other assets, we value him at around £45m.
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84

Timothy Elliott 26/10/1953 & Family
Industry
£43m

It was in 1922 that Alan Elliott started Elliot Baxter as a paper merchant with a partner who bowed out the same year. Today the West London-based operation is run by his grandson. Timothy Elliott, a chartered accountant by training is managing director and heads an operation that has expanded to eleven branches round Britain. Despite the difficult climate, it is still expanding and has a strong balance sheet. In 2012, Elliott Baxter, still family-owned, made a £2.1m profit on £98.1m sales. It is worth its near £43m net assets. The Elliott family take little out of the business.
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85=

John Morley 22/12/1951
Industry
£40m

As managing director of the Paul Smith fashion empire, John Morley runs the business day-to-day for Sir Paul Smith Under Morley, the Nottingham-based operation has boomed on the back of strong demand in the US and Japan. Morley, an accountant by trade, should have made at least £30m from the sale of his stake to the Japanese licensee Itochu in 2006. He has £10m of stakes in development companies such as Colston Property Partners (with over £50m net assets in 2012-13), so a £40m valuation is appropriate.
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85=

Geoff Squire 29/01/1947
Computers
£40m

Geoff Squire is one of Britain's unsung technology heroes. The Winchester-based accountant gained his first exposure to the information technology industry in 1965. He formed Oracle U.K. as managing director and was promoted to senior vice president and chief executive officer of Oracle Europe in 1987. He later had a worldwide role at the fast-growing operation and was widely credited with Oracle's history-making financial turnaround. He is one of the few individuals in the world who has built a $1 billion international business from scratch. Since then he has had other high-tech roles and investments. He put up £250,000 into backing the data mining group Dunn Humby, and eventually made £7m back. In 2001, Squire joined the board of the quoted insurance software firm, The Innovation Group, later becoming chairman. He resigned early in 2009 but retains a stake worth £5.6m. He wound up his Hursley 2000 property company in late 2009. But after stripping out liabilities, Squire was left with over £28m of net assets there. He is still active as an investor and entrepreneur, owning an 82%% stake in Kognitio, a software operation. In all we value Squire at £40m.
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85=

Susan Watson 30/07/1953
Fashion
£40m

Susan Watson, a former employee of the Arthur Andersen accountancy firm, co-founded Harris Watson Holdings, a Birmingham-based financial group which bought up textile and fashion businesses which have fallen on hard times. Now known as Lyle & Scott, it made a £4.3m profit on £14.6m sales in 2012-13 and should be worth £35m. Past dividends and other assets take Watson, who owns it all, to £40m.
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88=

Tony Barry 10/08/1928
Tea
£39m

Tony Barry is the fourth generation of the Barry family who has developed Barry’s Tea into one of Ireland’s leading tea wholesalers and blenders. Tony has played a key role in the expansion of the Cork-based company, which has diversified into other areas over recent years. A chartered accountant, Tony Barry graduated from U.C.C. with a B. Comm. His stake and other assets take him to £39m.
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88=

Howard Kilroy 30/01/1936
Industry
£39m

An accountant and FCA, Howard Kilroy spent some of his early career working for one of the big multinational food companies before becoming chief financial officer at Jefferson Smurfit, the Irish packaging giant. While Michael Smurfit was credited with the dynamism that turned the company into a world leader, Kilroy designed the complicated financial mechanisms to smooth that extraordinary growth. He received £11.4m for his stake when the company was sold in 2002. Other assets and property take him to £39m.
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90

John Clohisey 07/09/1952
Retailing
£38m

John Clohisey trained as an accountant but made his early money in convenience stores in Ireland through the purchase and resale of the defunct H Williams supermarket chain in the 1980s. He now holds a minority stake in the Dublin-based Spar and Mace franchisee, BWG Group. In 2004, he was among a group of minority shareholders who received around £14.5m as part of a refinancing by Eletra Partners, the venture capital group which led a buyout of BWG in 2002. He retains a significant stake in BWG and should easily be worth £38m.
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91

Bernard Rooney 26/08/1960
Construction
£36m

Glasgow construction firm Campbell Construction was bought by a management buyout team led by Alastair Wylie in 1999 for £2.75m. With finance director, Bernard Rooney, Wylie now owns the business which has grown from a local plumbing and heating firm into a large multi-disciplined construction group. In 2012-13, CCG (Holdings), the parent company, saw its profits hit £12.9m on £128.9m sales. Rooney has a £33m stake in the £90m company. Past salaries and dividends together with stakes in other separate
companies should take Rooney, a chartered accountant, to £36m after-tax.
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92=

Matthew Brown 03/03/1963
Business services
£35m

Giant Group, a specialist accountancy firm providing services to IT contractors, was originally established in 1992 under the name Independent Accountancy Services by Brown, a chartered accountant. He had previously held a number of senior financial positions in the electricity and travel industries. IAS adopted the name Giant in 1998. It made £1.4m profit on £336.4m sales in 2012-13. That should value the company at
£30m. Brown has a 75% stake worth £22.5m. Past dividends/salaries etc. take him to £35m easily
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92=

Mark Reid 20/07/1955 & Family
Biotechnology
£35m

Genetix, a Hampshire-based biotechnology company, was taken over by an American company called in a £63.4m deal early in 2010. For former accountant Mark Reid, it meant a large windfall. Reid stumbled into the biotechnology industry almost by accident in the early 1990s. He had set up an injection moulding business based near Bournemouth and was asked in 1991 to make a special plastic plate with 384 'wells' used to accelerate experiments in genetic research. The 384-well plate has now become an industry standard, Reid took Genetix into robotic instruments used in gene discovery. It floated on the stock market in 2000. The Reid family stake was worth around £36m at the takeover. Reid made £10m through share sales at the float and after-tax the family should be worth £35m.
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92=

Stuart Williams 28/07/1944
Retailing
£35m

Topps Tiles, the Leicestershire-based flooring retailer of choice for Victoria Beckham and Laurence Llewelyn-Bowen, floated on the stock market in 1997. A chartered accountant by trade, Stuart Williams was a co-founder though he is no longer on the board. He retains a stake now worth £25m. Past share sales and £7.5m met assets in other smaller Williams operations such as Rex Venture Resources, take him to £35m.
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95

Ken Randall 26/05/1948 & Family
Finance
£34m

Accountant Ken Randall has worked in the insurance industry for more than 30 years. During the early 1980s, he was head of regulation at Lloyd’s. After seven years as chief executive of the Merrett Group, which at the time managed a number of high profile syndicates at Lloyd’s, Ken went into partnership with Alan Quilter in 1992 and founded Randall & Quilter. Ken became Chief Executive Officer of the Group, which expanded to become a leading insurance operation. In December 2007, the London-based operation floated on the junior Aim, It is now worth £104m and the Randall family has a near £30m stake. Share sales and other assets should take Randall to £34m.
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96

Stephen Hemsley 03/08/1957
Pizzas
£32m

Stephen Hemsley chairs Domino's Pizza UK & IRL, the highly successful pizza delivery operation. He started out as an accountant, "because my parents couldn't afford for me to become a barrister", dealing with public offerings at Stoy Hayward in London. He joined the Swiss investment bank, Sarasin, in the early 1980s and spent time in New York carrying out due diligence for US firms before settling down with 3i, or the "university of venture capital", as he refers to it. He worked at its international division and ran the off-shore arm from Jersey but left to join a firm of accountants on the island. "I soon discovered why I had left accountancy 10 years previously. I hated it." After a year he returned to 3i in England, but soon joined the computer services firm Meltek to help it float on AIM. He left to become Domino's finance director in 1998 and helped it down the same path in 1999. Hemsley became chief executive in 2001 and later chairman. He retains a £3.2m stake but between 2005 and 2014 we can see share sales totalling nearly £39m. In all allowing for tax, he should be worth £32m.
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97

George Kean 09/06/1925 & Family
Property
£31m

Accountant George Kean runs the Fairacres Group, an Essex-based property business, which has extensive interests in Dorset including the Bournemouth to Swanage ferry. The family also took a stake in the Aim-quoted Tom Hoskins pub group until its takeover in 2001. Fairacres showed £31.3m net assets in 2012-13. We value the Kean family at that level.
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98=

Brian Grey 21/03/1933 & Family
Construction
£30m

Profits at The Llanmoor Development Company hit £421,000 in 2013-14, when its turnover rose to £15.1m. Still the Pontyclun-based company - with nearly £30m net assets - has been in business since 1966 and it has built over 2000 homes in South Wales. It develops a range of residential properties under the Llanmoor Homes brand. The award-winning business is owned by Brian Grey, his family and trusts. The company was originally based in Barry in the Vale Of Glamorgan, where Grey also owned and ran a successful accountancy practice, which was sold in the early 1980s. We value the Grey family at £30m.
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98=

Demetrios Kounnis 30/06/1939 & Family
Property
£30m

Born in Famagusta, Cyprus, Demetrios Kounnis trained as an accountant and started his own accountancy practise in 1961. He branched out into insurance broking and property. With his family and trusts, he own and runs the Kounnis Group, an Ilford-based property operation. It has a range of investments and in 1996 bought the freehold of the National Sea Life Centre in Birmingham for £3.2m. In 2012-132, Kounnis Group saw its profits hit £1m and it showed nearly £29m net assets. It should be worth that sum. We can see three smaller companies where the Kounnis family has a stake. In all the family should be worth £30m.
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98=

Paul Thompson 24/02/1952
Electronics
£30m

Paul Thompson chaired Sanderson Electronics, a computer software and hardware supplier, which he formed in 1983. An accountant by training, he piloted the Sheffield-based business into new areas such as the Pacific Rim. He sold his 12% stake to a management buyout in 1999 for £13.7m. He also sold £10m of shares in 1994 and 1996. He now runs and owns Rotherham-based Highfield Electronics and other smaller companies which showed a total of around £2m net assets in 2013. Thompson, a former chairman of West Brom, left the Birmingham-based premiership football club in 2002. In all he should be worth around £30m after-allowing for tax on share sales.

 

Philip Beresford