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James Palumbo

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Not to be confused with Peter Palumbo, Baron Palumbo.
The Right Honourable
The Lord Palumbo of Southwark
Member of the House of Lords
Incumbent
Assumed office
31 October 2013
Personal details
Born (1963-06-06) 6 June 1963 (age 61)
London, England
Political partyLiberal Democrats
OccupationEntrepreneur, Author, Peer
Net worthIncrease £180 million (Est. 2013)

James "Jamie" Palumbo, Baron Palumbo of Southwark (London, 6 June 1963) is a British entrepreneur, author and life peer. In 1991 he co-founded the Ministry of Sound, the London nightclub. He was listed in the Sunday Times Rich List 2013 in 434th place with an estimated fortune of £180 million.[1]

Early career

Palumbo was born in London and educated at Eton College and Worcester College, Oxford.[2] On leaving Eton in 1981 Palumbo travelled to California with a group of school friends to set up the English Butler Service[2] The business was a success, but the group did not have work permits. US attorney Randolph Fields helped Palumbo stay in the country.

From 1984 - 1992 Palumbo worked in the City of London for Merrill Lynch and Morgan Grenfell in equity capital markets and property finance.[3]

Ministry of Sound

In September 1991 Palumbo co-founded the Ministry of Sound nightclub in South London with school friend Humphrey Waterhouse and DJ Justin Berkmann. The club, modelled on the Paradise Garage in New York, had a 24 hour licence and rode the wave of dance music then popular in the UK. Initially Palumbo lost control of the club to drug dealers, and a fight to regain control ensued.[4]

Ministry of Sound has expanded into a number of areas including recorded music, live events, digital media and merchandise. Ministry of Sound Recordings has sold over 55 million albums and is the largest independent music company in the world.[5] In 2001 Palumbo sold 16% of the business to 3i for £24 million. Palumbo stepped down as chief executive of the group in 2008 and was succeeded by Lohan Presencer. Palumbo remains as chairman of the group.[6]

Palumbo was estranged at an early age from his father Lord Palumbo, the Conservative peer and former Chairman of the Arts Council.[7]

In 1994 he launched legal proceedings with his sister, Annabella Adams, claiming his father had mismanaged the family trust, set up by his grandfather Rudolph, a successful property developer.[8] In 1997 his father resigned as a trustee and new trustees were appointed to manage the family affairs.[9] In 2010 new proceedings were launched relating to another family trust, this time with Annabella Adams and his younger sister Laura Tikoo.[10] Again his father resigned as a trustee and made a substantial contribution towards the children's legal fees.[11]

Politics

On 2 October 2013, Palumbo was created a Life Peer taking the title Baron Palumbo of Southwark, in the London Borough of Southwark.[12]

Personal

He lives in London with his Thai friend of thirty years, Rawipim Paijit.[3] He has one son, Alessandro, born in 1991 to Atoosa Hariri.[2]

References

  1. ^ The Sunday Times 21 April 2013. The Sunday Times
  2. ^ a b c Wynne-Jones, Ros (02 November 1997). "The Man From the Ministry". The Independent. Retrieved 6 May 2014. {{cite web}}: Check date values in: |date= (help)
  3. ^ a b Bell, Matthew (09 August 2009). "James Palumbo: There's only money, sex; and music and mellowing". The Independent. Retrieved 6 May 2014. {{cite web}}: Check date values in: |date= (help)
  4. ^ How I risked my life kicking the drug gangs out of my club, by Ministry of Sound boss James Palumbo
  5. ^ Club class: 20 years of the Ministry of Sound
  6. ^ The Times
  7. ^ London Evening Standard, 7 November 1994, Palumbo courts fresh battle against Jamie
  8. ^ Kelsey, Tim (11 April 1994). "Lord Palumbo accused of benefiting from trust". The Independent. Retrieved 6 May 2014.
  9. ^ Kate Rankine, ‘Daily Telegraph’, 13 September 2003, Business profile: Chairman with a passion for needlework
  10. ^ Michael Seamark, ‘Daily Mail’, 28 July 2010, Lord Palumbo in fresh court row with children over “missing art worth £2m”
  11. ^ Palumbo the Younger ready to make peace over a cuppa
  12. ^ "No. 60648". The London Gazette. 4 October 2013.

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