Stairlift bosses rise and fall amongst the top 1000 wealthiest UK residents
Acorn Stairlifts’ John Jakes and Stannah Stairlifts’ brothers Brian and Alan Stannah have reappeared in the Sunday Times’ annual Rich List, with the former rising and the latter falling in the standings.
Acorn Stairlifts’ John Jakes
Placed in 569th in the 2019 Rich List, Jakes net wealth was estimated to at £210million, a significant increase of £30million from 2018’s £180million.
According to the Sunday Times, the Bradford-based stairlift manufacturer saw a jump in sales by 20 percent to £211.8million in 2016-17, with the company operating one of the most successful British export operations in the industry, exporting to 82 countries from its Yorkshire-base.
In particular, Acorn Stairlifts enjoys substantial success in the USA market, with two-thirds of its revenue coming from across the pond. The company manufactures, supplies, installs, services and maintains all of its home stairlifts and has recruited television personality Dr Hilary Jones as medical adviser to the £150m company.
Alongside Acorn Mobility’s thriving activities, Jakes, who now resides in Monaco, owns a four percent stakes in funeral director Dignity, worth £20million, alongside large dividends and a considerable property portfolio to expand his fortune.
Stannah Stairlifts’ Brian and Alan Stannah
Appearing in 760th place with an estimated net wealth of £155million in this year’s Rich List, Stannah’s brothers have dropped down 67 places since 2018, where they placed 693rd with £171million.
The Andover-based manufacturer of stairlifts, which has been producing the mobility aid since 1975 and has installed more than 600,000 devices, saw its profits halve in 2017 to £5.8million on £251.3million sales, however, it is the company’s net assets of £118.2million which led the Times to reach the valuation of £130million.
In addition, the brothers’ past salaries and dividends also add £25million, making up £155million overall wealth.
The Sunday Times Rich List
Produced annually since 1989 and updated in April, the Sunday Times Rich List ranks the UK’s top 1,000 wealthiest people and families on their net wealth. The wealth is estimated from different, publicly-available information and excludes bank accounts, which the editors have no access to.
Top of the charts in 2019 is the industrialist Hinduja brothers Gopi, 79, and Sri, 83, along with brothers Prakash, 73, and Ashok, 68, who together control more than 50 companies with a total turnover of nearly £40bn in 2018.
How did the UK compare globally?
The United States boasts the most amount of sterling billionaires according to the Times, with 463 people worth an eye-watering £2,374billion, followed by China with 294 billionaires worth £975billion.
The UK ranks third, with 151 billionaires worth £525billion, ahead of Germany’s 116, worth £483bn in total.
London however has the highest amount of billionaires situated in one city in the world, with 95 of the UK’s 151 billionaires located in the capital. San Francisco has 73 billionaires, overtaking New York’s 71, whilst Hong Kong hosts 61, LA with 45, Beijing with 44 and Paris with 40 – Europe’s second highest billionaire-laden city behind London.