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You can become financially successful whatever the state of the economy...
Top Earners in Hampshire
Grim economic times are hitting us hard and it is no different for the countys richest, however, with over half of this years list made from those that have made their own fortunes, it proves that with the right idea and some determination, you can become financially successful whatever the state of the economy.
Lord Lloyd Webber
Lord Lloyd Webber was running out of space at his Sydmonton Court cellars in Hampshire, so a recent sale of fine wines raised 3.4m. He is also having problems with the local wildlife around his home there, Muntjac deer are over-running where I live in Hampshire, he told one paper recently. But life goes on and his latest musical offering The Wizard Of Oz, with updated lyrics by Sir Tim Rice, opened at the London Palladium in March. Lloyd Webber hopes to see the production take off like previous offerings by the pair such as Jesus Christ Superstar and Evita.
It took 10m in advance bookings and a move to Broadway is now planned. Now one of the leading musical composers in the world, Lloyd Webber is also a leading West End Theatre owner. Theatre audiences are holding up well and his Really Useful Investments made a 10.6m profit on 153m in 2009-10. The worldwide business empire and royalty stream from long-running shows are still easily worth 550m. His Andrew Lloyd Webber Foundation is embarking on a major round of investment in cultural causes, eventually totalling 32m, following the sale of a Picasso painting last year. But his property and other assets should take him to 680m.
Jim Ratcliffe may be one of Britains top industrialists but he is now making a name as a New Forest hotelier. He owns the Lime Wood Group, which, in addition to two luxury hotels in the New Forest, owns Le Portetta, a luxury hotel in the ski resort of Courchevel, and two restaurants in Hampshire. Ratcliffe is also developing a separate hotel chain called Pig. Its first hotel under The Pig brand recently opened in the New Forest after a 3m conversion of the 26-room Whitley Ridge Hotel, in Brockenhurst. If the first hotel was successful, the concept could be replicated pretty quickly on the edge of conurbations including Chichester, Bristol, Poole and Bournemouth.
But Ratcliffe has not had an easy time of late at his main operation, the chemicals giant Ineos. Formerly based in the New Forest, it has relocated its headquarters and tax residence to Switzerland to save around 400m in tax by 2014. With hefty debts as a result of a big expansion in the boom years, Ineos was on the brink of collapse two years ago. But Ratcliffe turned it around and a recent 650m refining joint venture with a Chinese company has helped bolster Ineos. Ratcliffe started making serious money in 1992 and later headed a management team that acquired Ineos Group in 1998. Ratcliffe with a 70% stake should now be worth around 500m. We add around 20m for past dividends and other assets including his hotels.
London & Cambridge Properties, one of Britains largest private property companies, saw its net assets rise from 420m to nearly 499m in 2009-10 when it made a healthy 37.2m profit on 87.7m sales. The Midlands-based company is a leading developer of industrial estates. MacDonald-Hall has a 40% stake and he also has half of Proudreed, a Southampton property investor, with 130m net assets in 2009. Then there is a 45.5% stake in Ringmerit, which had over 126m net assets in 2009. In all then there are nearly 322m net assets attributable to him. Macdonald-Hall was also a non-executive director at AIM, an aviation group which was recently bought by its management for an undisclosed sum. In all with past dividends, etc, he should be worth 345m.
Arthur Landons wealth stems from his late father, Tim Landon, who died in 2007. His father, a former army officer, played a key role in the 1970 coup which deposed the then autocratic Sultan of Oman and installed his son Sultan Qaboos on the throne. He was rewarded handsomely and his assets included lavish homes and yachts. He owned Faccombe Estates, a farming operation based in Hampshire. Tim Landons fortune was put at 500m in books about Oman. But we still clip any inheritance received by his son to 200m allowing for tax and any charitable donations by his late father. Landon junior is making his name as a film maker and is tipped for stardom.
Sir Euan Anstruther-Gough-Calthorpe & Family
Calthorpe Holdings made a 1.5m loss in 2009-10 when its net assets came in at 4m. The Birmingham-based company has been involved in an ambitious 350m development programme in the Calthorpe estate covering 1550 acres of Edgbaston. The estate dates back to 1717. Anstruther-Gough-Calthorpe inherited his title from his late grandfather in 1985. The estate is worth 80m. His trusts made around 40m profit in 1999 by selling off 300 acres in Hampshire, leaving the family with 4,000 acres there. Anstruther-Gough-Calthorpe, who lives in Hampshire, also has interests in America, the Gulf and Europe. He is easily worth 160m.
Clinton, Spencer and John McCarthy
18/10/1964, 24/03/1966, 31/12/1939
Construction and retirement homes
Specialist house builder Churchill Retirement Living is run by Spencer and Clinton McCarthy. In the year to May 2010, it made a 4.5m profit. The McCarthy brothers learnt all about the retirement home market from their father, John McCarthy, who set up McCarthy & Stone, which was floated on the stock market in 1982. He grew the business but left in 2004 after backing the first rebuffed bid for the operation by his sons. McCarthy stood down as chairman and sold his stake for 74.4m. His sons run Hampshire-based Churchill, now valued at 130m. Other assets take the family to 150m.
Brian and Alan Stannah
Prince Charles pressed the button to start production of the 500,000th Stannah stairlift in February. The Andover-based company was founded by Joseph Stannah in 1860 and today it maintains lifts and special stair lifts for the elderly, passenger and goods lifts as well as powered chairs. Some 151 years on Stannah remains a family business, run and owned by fourth and fifth-generation family members. In 2009, profits came in at 9.6m on 183.4m sales. With 73m net assets, the company is worth around 90m this year. Past salaries/dividends etc. add 12m.
8/9 Angus Ball and Keith Morris
Portsmouth-based Binomial is a fast-growing car insurance group. Trading as Sabre, it is headed by its co-founders Angus Ball and Keith Morris who each have a 50% stake. In 2010, Binomial saw its profits hit 25.4m on 156.9m sales. That should value the company at perhaps 150m. The stakes held by Ball and Morris are worth 75m apiece. Past salaries and dividends add 20m apiece.
Micheldever Tyre Services could change hands for 200m. But founder Todd will not benefit from the sale as he sold the tyre wholesaler in 2006 to its management, backed by private equity money. Todd started the operation in 1972 from a shed in Hampshire. No sale price was disclosed in 2006 though respected legal journal, Legal Week, suggested a 150m price tag. We are more cautious and value Todd, who has now retired, at around 90m allowing for tax.
Smith chaired AIM, a Hampshire company making cabins for aircraft and trains. It was recently sold to its management team. Smith had a stake worth perhaps 24m. Smiths main asset is a property company, Proudreed, which he owns jointly with Caspar Macdonald-Hall (q.v.). It had over 130m net assets in 2009, valuing Smiths stake at 65m. Other assets take him to 84m after-tax.
Antony Crosthwaite-Eyre & family
The low-key Crosthwaite-Eyre family, with historical links to the New Forest, used to own the Eyre & Spottiswood publishing group. That became part of a publishing giant, ABP, in the 1960s. ABP in turn was taken over in 1987, netting Crosthwaite-Eyre, who was deputy chairman at the time, and his family 63m. Other assets such as Eyre Holdings (with 4.2m net assets in 2009-10), take the family to 68m.
James Roberts and Family
Thomas Roberts Estates, a Winchester-based investment business, is owned by James Roberts and his family trusts. Its main subsidiary, Burt Boulton Holdings, showed 40.1m net assets in 2009-10. The Roberts family also owns the separate Thomas Roberts Ltd and Thomas Roberts Industries with 14.5m net assets between them. In all we think Roberts and his family will easily be worth 56m with past salaries and dividends etc.
Jerome OHea and Family
Jerome OHea is a director and former chairman of the Colt Group, a family-controlled heating, ventilation and environmental control equipment company. The foundations of the Havant-based group were laid in 1931 when Jack OHea formed Colt Ventilation Limited. He was one of the first people to develop ventilation into a science, building an aerodynamics laboratory in London in the early-1930s. Colts first products included vehicle ventilators for trains and buses and blackout ventilators for wartime use. Today the Group is represented in more than 50 countries in the form of a network of wholly owned subsidiaries, joint venture companies, agents, manufacturing licensees and distributors. It is a world leader and has all the attributes of a well run family business, with profits ploughed back into the company. In 2009, Colt made 7.2m profit on record sales of 169.5m. It has a solid balance sheet and with over 37m net assets, should easily be worth 50m even today. Past salaries etc, take the OHea family to perhaps 53m.
Ashley Whittome and Family
Ashley Whittome, a former star banker at Credit Suisse First Boston, is heavily involved in property through a number of small Hampshire-based companies. The largest, owned by his family, is Avon Capital (Australia) which made 3.5m profit on 10.5m sales in 2009 when its net assets rose by nearly 6m to 28.3m. There are other Whittome companies such as Whittome Holdings and Whittome Ltd. which add another 14.5m net assets. With his earnings from CSFB added, Whittome should easily be worth 50m.
John Partridge and Family
John Partridge set up Sonardyne in a Hampshire garage in 1971. Its underwater positioning, subsea communications and acoustic navigation systems products cater to the offshore oil exploration, defence, subsea telecommunications, oceanographic and salvage industries. It had a tough 2009-10 with profits falling to 4.2m on 32.7m sales, but expects a much stronger 2011. With 40.1m net assets, Sonardyne is worth 42m. The Partridge family and family trusts own the highly-regarded operation. Other assets take the family to 48m.
Lord Brabourne, grandson of Earl Mountbatten (killed by the IRA in 1979) runs the 7,000-acre Broadlands estate and glorious house in Hampshire. He is a close friend of the Prince of Wales and is one of the six godparents of Prince William. He is a classic asset-rich, cash-poor aristocrat but he did have media interests including an 8.8m stake in the quoted Gullane Entertainment (formerly BrittAllcroft ) where he was a director until its takeover by HIT Entertainment in 2002.
Romsey also chaired Alibi Communications, the Aim-quoted TV producer, with a small stake. He also made 7m from the sale of his Southern Radio shares in 1994. He owns the highly profitable Romsey Underwriting agency at Lloyds, which made a healthy 1.8m profit on 13m sales in 2009. Broadlands, with its history and name should easily be worth 30m in the current climate. We add another 15m for Brabournes business interests and share sales, taking him to 45m. This is much lower than some newspapers which put the fortune at 100m.
A Regency-style party and dinner, authentic in every detail, was held at Chawton House in July 2009. There were 32 guests, each paying 3000 to celebrate the 200th anniversary of Jane Austen taking up residence there. It was the culmination of a 10m dream of an American computer networking tycoon.
In 1993, US philanthropist Sandy Lerner, co-founder of Cisco Systems, set up a charitable trust to buy the lease of the house and pay for its restoration. Ten years and 10m after it was initiated, Lerners project to restore the disintegrating structure to its original 16th-century designs was complete. Lerner also set up a library of womens writing in English from the late 1500s to 1830, which is open to the public by appointment. Does pink make you puke, as a slogan seems to have done wonders for Urban Decay, the cosmetics company founded in 1995 by Sandy Lerner. In 2000 she sold it to LVMH, the French luxury goods maker for around $20m. For Lerner, an American software entrepreneur, the sale of Urban Decay meant a second fortune.
In 1984 Lerner launched Cisco Systems, the computer firm, with her then husband in California. They invented the routers that made the internet possible. Cisco floated in 1990 but Lerner and her former husband sold their shares for about 125m and left the business, which has since grown to challenge Microsoft in size. In 2009, Chawton House Library had over 8.4m net assets in its accounts. She now divides her time between Hampshire and America. She is also busy with her 800-acre Ayrshire Farm in Virginia, specialising in organic, and what Lerner calls humanely raised livestock and poultry. Though Lerner gave away nearly three-quarters of her Cisco proceeds to animal welfare and scientific research, she should still be worth at least 40m with the money from Urban Decay.
Jody Scheckter is of course best known as the racing driver who gave Ferrari their last F1 championship victory in 1979 before Michael Schumacher delivered in the 2000 season. Scheckter drove a total of 112 F1 races for McLaren, Tyrrell, Wolf and Ferrari in his F1 career. It was after his F1 career was over that he made his fortune.
At the age of 30, Scheckter went into race promotion before heading off to America. Here he launched a company, Firearms Training Systems, which provided highly sophisticated and realistic hardware for weapons training simulators for police and military uses. Scheckter, who had been based in Monaco, moved to near Atlanta to grow the business. He sold up in the late 1990s when the company was achieving annual sales of over 60m. Though no price was disclosed at the time, it was at the peak of the technology boom, and Scheckter should have picked up at least 100m.
In recent years Scheckter has re-invented himself as an organic farmer in Hampshire. After six years of huge losses at his organic Laverstoke Park estate, he is about to turn in his first profit. But he has created a superb operation with his money, planting 130,000 trees and eight miles of hedgerow; and a bespoke mixed salad of 31 different grasses for his flocks to feed on.
Within two years he plans to be self-sustaining in fossil-fuel-free energy. Scheckter has spent millions of pounds on Laverstoke, now the biggest organic operation in Britain. But it is a costly business and Scheckter nearly packed it in five years ago. The way things are going at present I am in the process of turning farming into a charity, he says. He should be worth 40m now after his spending.
After four years of experience in the technology industry, Squire joined Data Logic, a UK consultancy. In 1984 he formed Oracle U.K. as managing director and was promoted to chief executive officer of Oracle Europe in 1987. He later had a worldwide role at the fast-growing operation and was widely credited with Oracles financial turnaround. He later joined Openvision in 1994 and a year later took the company public and merged it with another technology company. He is one of the few individuals in the world who has built a $1 billion international business from scratch.
He also put up 250,000 into backing the data mining group Dunn Humby, and made 7m back. In 2001, Squire joined the board of insurance software firm, The Innovation Group. He resigned in 2009 but retains a stake worth nearly 10m. With the Hursley 2000 assets and past share options Squire should be worth 40m.
The Earl of Portsmouth
The share price at Grainger, the Newcastle-based property company has been hit by the property crash and credit crunch. As a result the stake held by one of its largest shareholders, the 10th Earl of Portsmouth, is now worth 13.1m, down from 62m at the start of 2007. His country pile outside Portsmouth has 3,000 surrounding acres. He sold some land in 1986 and invested the proceeds in the Grainger Trust. He was on the Grainger board but resigned in early 2002 after selling 9.11m worth of shares. He does not have any other significant directorships. With his other assets, The Earl of Portsmouth should now be worth 38m today.
Willem Wester and Family
Its been a tough year for Carisbrooke Shipping, the Isle of Wight-based shipping operation. In 2009, profits fell from 37.5m to 3.6m on turnover down by more than half at 29.6m. Carisbrooke currently operates around 40 bulk carriers ranging from 3,000 dwt up to 20,000 dwt. He has 91.5m net assets and a solid balance sheet. It should be worth that sum today. That values the 35.8% stake held by Wester and his family at 33m. We add 2m for past dividends.
Malcolm Isaacs fast growing farming operation, MJI Farming, showed net assets of over 1.5m in 2010. Farmers son Isaac founded the Vitacress Salads business in 1951 in Hampshire where fast-flowing streams have traditionally supported extensive watercress beds. The Andover company supplies more than a million bags of salads to British supermarkets each week. Isaac had an 87% stake in the business which was sold in July 2008 to a Portuguese company in a deal worth around 50m. Isaac has now retired but with his MJI assets and should be worth perhaps 34m after-tax.
Sir Stuart Rose
Marks & Spencers former chairman Sir Stuart Rose has risen from modest beginnings. The son of a civil servant, he was born in Gosport and was educated at a Quaker boarding school before taking his first job as an administration assistant at the BBC. He soon found his way into the retail world, joining Marks & Spencer as a management trainee in 1972. He stayed with the company until 1989, when he went to Burton Group. He was with Burton through its merger with Arcadia, and became chief executive of the combined group.
He left Arcadia after an agreed 770m takeover by Sir Philip Green in September 2002 after just 18 months in the job. He made 25.65m from the sale of his shares and options to Green. He also negotiated the sale of Argos to GUS, after which he returned to M&S in 2004 to fend off takeover approaches from Green. He gave up the chief executives role at M&S in May 2010 and was chairman until early 2011. Today he is helping the government on efficiency savings in the public sector. Away from business, he splits his time between homes in London and Suffolk, indulging his interests of wine and flying. He had a share stake in M&S worth nearly 5m before he left. But with his previous gains from Arcadia and past salaries and share option gains at M&S, Rose should be worth at least 34m after-tax.
Born in Southampton where his father is a professor of archaeology at the University, Champion is Coldplays drummer. He was last of the four band members to join the ensemble on 31st July 1997 when he took up the position as drummer having no prior experience of drumming but quickly adjusted to fill the role. The first Coldplay album, Parachutes, was released in 2000 and sold over 7m copies. Coldplay has produced another three best sellers, with sales totalling over 50m copies worldwide. Coldplay also tour extensively round the world to sell-out crowds.
The last Coldplay tour in 2008 and 2009 produced a box office gross of $156.3m from 142 reported shows playing to 2,289,000 people in arenas according to the Billboard research group. The band is producing a fifth album in 2011 which will kick off more touring. Coldplays members trade as a partnership and a Limited Liability Partnership, Headlong Tours LLP. In 2009-10 it made a 10.2m profit and in the last five years has made over 37m all-told. All the Coldplay members should be worth 32m apiece until the new album and tour income comes in.