Albert Gubay
Albert Gubay | |
---|---|
Born | 9 April 1928 Rhyl, Denbighshire, Wales |
Died | 5 January 2016 | (aged 87)
Nationality | Welsh |
Occupation | Businessman |
Years active | 1959–2016 |
Title | Founder/Owner of Kwik Save (1959–73) Founder/Owner of Total Fitness (1993–2004) Founder/Owner of Mount Murray Hotel & Country Club (1994–2013) Chairman of The Albert Gubay Charitable Foundation (2010–16) Owner of The Nunnery[1] |
Spouse(s) | ex-wife (divorced) Carmel Gubay[2] (?–2016, his death) |
Children | 2 |
Albert Gubay, KC*SG (9 April 1928 – 5 January 2016) was a Welsh businessman and philanthropist, who made his fortune with the Kwik Save retail chain, building it further on investments, mainly in property development. According to Forbes, in 2006 Gubay had an estimated fortune of approximately GBP500 million (US$1.1 billion), making him the 698th richest person in the world.[3]
Early life
Born on 9 April 1928 in Rhyl,[4] to an Iraqi Jewish father,[5][6] and an Irish Roman Catholic mother,[5] Gubay began his business career in North Wales selling non-sugar sweets during post-World War II confectionery rationing. When rationing came to an end in the mid-1950s, the confectionery business ran into difficulties and Gubay moved into retailing via market stalls.[7]
Career
Kwik Save
Gubay founded Value Foods on 11 May 1959 in Prestatyn, and rented its first retail shop in Rhyl in July 1959. His aggressive price cutting resulted in some manufacturers refusing to supply him.[8]
In 1964 Gubay visited the United States with fellow director Ken Nicholson, and learnt about the "baby shark" method of retailing. Combined with ideas gained from West German retailer Aldi, the business model was based on buying goods on favourable (net 60 or 90) payment terms, distributing and selling them at or below cost before the payment fell due, and using the interest on the resulting cash flow to fund the business. The first Kwik Save Discount branded store opened in Prestatyn in 1965, and produced more sales than the existing Value Foods supermarkets. The second opened in Colwyn Bay, and by 1970 Kwik Save Discount had 24 stores.
Just before it was floated on to the London Stock Exchange in November 1970, the company changed its name formally to Kwik Save Discount Group Ltd. In 1973, Gubay sold Kwik Save for £14M/$28 million.[3]
3 Guys
After selling Kwik Save, Gubay repeated the low-price retail model in New Zealand, Ireland and the United States:[3]
- New Zealand
- Ireland - Gubay founded 3 Guys in Ireland, selling the chain to the H Williams chain of supermarkets in 1986, which subsequently collapsed in the same year. Many ended up as outlets of other chains, including Crazy Prices, which was later bought by Tesco together with a residual stake in a new 3 Guys chain to create Tesco Ireland[9]
- United States - Gubay entered the United States in 1980, but was not as successful as in his other locations. The chain went bankrupt late in 1985, with the stores selling to other chains including Food Lion[10]
Total Fitness
While recovering from a back injury, Gubay founded fitness chain Total Fitness. In July 2007, Gubay sold the chain, based mainly in North West England and Ireland, with 21 locations and 150,000 members, to the private equity arm of Legal & General, for £70 million.[11]
Portville
Gubay had since moved his focus to property development, via Portville.[12] He has mass investments, mainly in the United Kingdom,[13] Ireland,[14] and Russia. He was named the top property developer in Wales in 2005.[15]
Church giving and charity
In the 1980s, Gubay paid for a replacement church at the site of St Anthony's in Onchan, Isle of Man. The church was designed by Clayton/Massey, with local architect John Cryer responsible for the interior, and Gubay's suggestion of a window illustrating Christ walking on Douglas Bay by Chris Spittall as a focal point.[16] In 1990, Gubay paid for an extension to Our Lady of the Nativity church in Leixlip, County Kildare, in memory of his mother, Mary Clarke, a native of the area.[17]
Gubay funded an Isle of Man Government bursary program, which means that students from the Isle of Man can enter any of the world's top ten universities.[18]
"Pact with God"
In summer 1997, Gubay told an RTÉ television documentary that he had made a "50-50" deal with God, promising when he was younger and penniless to give half his estate to the Roman Catholic Church, if he succeeded in becoming a millionaire.[14]
In March 2010 Gubay announced that he was to transfer £470 million of his £480 million personal fortune to a charitable trust.[19] Half the income must be spent on projects connected with the Catholic Church with the rest distributed at the discretion of the trustees.[5]
Personal life
Gubay and his second wife lived in Santon, Isle of Man since 1971. He had two children with his first wife, and was petitioned to stay on the island by locals after threatening to leave for Switzerland as a result of a dispute over taxes.[11]
Honours and awards
On 23 February 2011, Gubay was invested as Knight Commander with Star of the Order of St. Gregory the Great (KC*SG) by the Archbishop of Westminster, Vincent Nichols. Gubay was honoured with this Papal knighthood for his conspicuous service to the Church and society.[20][21][22]
Death
Gubay died aged 87, following a short illness, at his home in Wilmslow, Cheshire, on 5 January 2016.[23][24]
References
- ^ "Island benefactor offers to complete Douglas town centre 'missing link'". Douglas Borough Council Online. 23 April 2011. Archived from the original on 21 July 2011. Retrieved 18 August 2011.
{{cite web}}
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suggested) (help) - ^ "Philanthropist to be knighted - Isle of Man News". iomtoday. Archived from the original on 11 February 2011. Retrieved 18 August 2011.
{{cite web}}
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suggested) (help) - ^ a b c "Albert Gubay, The World's Richest People". Forbes. 13 February 2006. Retrieved 6 January 2016.
- ^ Nine Welsh Kwik Save stores shut BBC News, 29 May 2007
- ^ a b c Tozer, James (22 March 2010). "Kwik Save tycoon gives away fortune to fulfil his promise to God". Dailymail.co.uk. Retrieved 6 January 2016.
- ^ "Jewish billionaires". Jewprom.50webs.com. Retrieved 6 January 2016.
- ^ "Kwik Save Archive Shopping product reviews and price comparison". Dooyoo.co.uk. Retrieved 6 January 2016.
- ^ [1] Archived 29 January 2007 at the Wayback Machine
- ^ [2] Archived 25 September 2006 at the Wayback Machine
- ^ Supermarket History - Charlotte, North Carolina Archived 27 September 2007 at the Wayback Machine Groceteria.com
- ^ a b Business guru Albert Gubay sells Total Fitness to L&G for €120m Irish Independent, 1 August 2004
- ^ [3] Archived 29 September 2007 at the Wayback Machine
- ^ Health centre and pool in precinct plan[permanent dead link] This is Lancashire, 22 April 2000
- ^ a b Gubay-linked firm sued by builders Irish Independent, 8 December 1998
- ^ Gubay is top property magnate in Wales Archived from Western Mail (Cardiff, Wales) 3 November 2005
- ^ Roman Catholic Churches in the Isle of Man Isleofman.com - The Online Isle of Man Portal
- ^ "Our Lady of the Nativity". Archived from the original on 2 November 2006. Retrieved 30 May 2007.
{{cite web}}
: Unknown parameter|deadurl=
ignored (|url-status=
suggested) (help) - ^ [4] Archived 27 September 2007 at the Wayback Machine
- ^ Kwik Save tycoon gives up riches in pact with God Daily Telegraph, 21 March 2010
- ^ Papal knighthood for UK philanthropist Archived 26 July 2011 at the Wayback Machine - website CathNews, 1 February 2011
- ^ Albert Gubay 'overwhelmed' with Papal award - website BBC News, 23 February 2011
- ^ Pope gave personal consent for Albert Gubay honour - Isle of Man Nation Website, 24 February 2011
- ^ "Albert Gubay dies - Isle of Man Today". M.iomtoday.co.im. Retrieved 6 January 2016.[permanent dead link]
- ^ "Entrepreneur Albert Gubay dies aged 87 | Isle of Man News | News". Manx Radio. Retrieved 6 January 2016.
External links
- Use dmy dates from August 2011
- 1928 births
- 2016 deaths
- People from Rhyl
- Welsh Roman Catholics
- Welsh people of Irish descent
- Welsh people of Jewish descent
- 21st-century Welsh businesspeople
- 20th-century Welsh businesspeople
- Welsh billionaires
- Welsh philanthropists
- British people of Iraqi-Jewish descent
- British businesspeople in retailing
- Knights Commander with Star of the Order of St. Gregory the Great