Joe Lewis (British businessman)

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Joe Lewis
Born
Joseph Lewis

(1937-02-05) 5 February 1937 (age 84)
NationalityBritish
Occupationbusinessman, entrepreneur
Years active1958–present
Net worthDecrease GB£3.992 billion (Sunday Times Rich List, 2020)
TitleChairman of Tavistock Group
SuccessorIncumbent
Spouse(s)Esther Browne (divorced)
Jane Lewis
Childrenwith Browne:
-Vivienne Lewis Silverton
-Charles Lewis

Joseph C. Lewis (born 5 February 1937) is a British businessman and investor.

According to The Sunday Times Rich List in 2020, Lewis has a net worth of £3.992 billion, a decrease of £366 million from 2019.[1] Lewis is also majority owner of Premier League football team Tottenham Hotspur.

Early life[edit]

Lewis was born to a Jewish[2][3] family above a public house in Roman Road, Bow, London.[4] Lewis left school at 15 to help run his father's West End catering business, Tavistock Banqueting. When he took the reins, he quickly expanded it by selling luxury goods to American tourists, and also owned West End club the Hanover Grand, where he gave Robert Earl his first job.[4] He later sold the business in 1979 to make his initial wealth.[citation needed]

Currency trading[edit]

After selling the family business in the late 1970s, Lewis moved into currency trading in the 1980s and 1990s, resulting in his move to the Bahamas where he is now a tax exile.[4] In September 1992, Lewis teamed up with George Soros to bet on the pound crashing out of the European Exchange Rate Mechanism. The event, which was dubbed Black Wednesday, made Lewis very wealthy, and some say he made more than Soros.[5][6] Lewis is still an active foreign exchange trader.[7]

Tavistock Group[edit]

Lewis is the main investor in Tavistock Group, which owns more than 200 companies in 15 countries. Tavistock Group's portfolio includes:

Property[edit]

Lewis hosted the Tavistock Cup tournament every March from 2004 through 2013,[8] in Florida, raising millions of dollars for charity, and owns three of the six clubs that competed in 2013:[9] Albany, Lake Nona Golf & Country Club and Isleworth Golf & Country Club. Lewis built a golf community in the Bahamas called Albany, which opened in October 2010. Tiger Woods and Ernie Els are also major shareholders in the luxury resort community located in New Providence. Lewis made a £70 million investment in Bulgarian property development.[10]

Lake Nona Medical City[edit]

Lewis seeded Lake Nona, covering 7,000 acres next to Orlando's international airport, with $100 million in gifts and land which was cultivated into a large-scale community offering research and educational facilities, hospitals for veterans and children, a town center, and a range of workspaces and residential options.[11]

Escondido Lake and controversy[edit]

Since Lewis bought a property in Río Negro Province, Argentina, public access to Escondido lake has been under discussion. The Argentine law asserts that every water course is public and of free access.[12] In 2009 Lewis was ordered by the Superior Tribunal de Justicia (STJ) to create and keep access to the lake, with "sufficient signage and to keep it transitable", but the ruling has not been enforced. Lewis' frontman Van Ditmer stated: "We are going to defend the private property with the Winchester in the hands; with blood if needed".[13]

Lewis' property encircles the lake. While some have called for another public mountain trail to be built to access the lake, El Consejo de Ecología y Medio Ambiente de Río Negro (the Council of Ecology and Environment of Río Negro) does not support building another pass, which would cause harm to the environmentally protected area.

He is currently planning to use a huge protected area, four times the size of the city of Buenos Aires, for another private development, against the wishes of the locals. The property was bought for 69 pesos per hectare, currently about US$4. This low price was secured by using the name of a local 'poblador' on the deed, after which it was transferred to him. It is suggested that the Hidden Lake property is needed to supply water and (hydraulic) energy to this new property, dubbed the private state in Patagonia. In January 2017, new mass protests have started in El Bolson against this project.[13][14]

Bear Stearns[edit]

On 10 September 2007, Lewis paid US$860.4 million in an all-cash purchase of a 7% stake in Bear Stearns.[15] By December 2007 Lewis had raised his stake at the brokerage firm to 9.4%, a total of 11 million shares, for which he paid an average price of $107 apiece.[16] After the purchase of Bear Stearns by JP Morgan for $10 a share, it was estimated that Lewis lost $1.16 billion on his investment.[4][17][18]

Mitchells & Butlers[edit]

Lewis is the largest shareholder in the British public house group Mitchells & Butlers, controlling 26.85% of the issued share capital through his investment vehicle Piedmont, which he built up since 2008.[19][20] It was reported on 27 August 2011 that Lewis had made a zero premium proposal for the pub group of 224p a share. He later revealed on 12 September 2011 that he was considering raising his earlier offer to 230p a share, a 4.5% premium. However, independent M&B board members rejected the offer as "significantly undervaluing" the business.

Personal life[edit]

Lewis has been married twice. His first marriage to Esther Browne ended in divorce. They had two children: Vivienne Lewis Silverton and Charles Lewis. Vivienne Lewis Silverton is seen as his "heir"[4] and serves on Tavistock's board of directors.[21][22] She is divorced from Toby Silverton, the former chairman of Bristol Cars, once fully owned by Tavistock.[23][24][25] She was engaged to the ex-Liverpool footballer Craig Johnston for 18 years in the 2000s to 2010s.[26] Charles Lewis lives in Argentina,[4] Lewis is now married to Jane Lewis.[4] Lewis was heavily criticized for Tottenham’s decision to furlough 550 non-playing staff members during the coronavirus pandemic.[27]

Art collection[edit]

Lewis' art collection is estimated to be worth $1 billion, includes works by Picasso, Matisse, Lucian Freud, and sculptor Henry Moore.[7] Lewis bought Francis Bacon's Triptych 1974–1977 in 2008 for £26.3 million,[28] then a record for postwar artwork bought in Europe.[29] In November 2018 Joe Lewis sold his "Portrait of an Artist (Pool with Two Figures)" by David Hockney in Christie's salesroom for $90.3 million.[30]

Lewis is the owner of several versions of Arturo Di Modica's iconic Charging Bull, including the original, which the artist installed during the middle of the night on 15 December 1989 on Wall Street with no prior permission from the authorities.[31][32][33]

References[edit]

  1. ^ Times, The Sunday. "Rich List 2020: profiles 21-50, featuring Salma Hayek and Sir Richard Branson". ISSN 0140-0460. Retrieved 10 March 2021.
  2. ^ European Jewish Press: "Jewish businessmen prominent in British 'Rich List'" Archived 14 April 2012 at the Wayback Machine 24 April 2006
  3. ^ Wall Street Journal: "Star of David, For Entertainment Only" 11 November 2012
  4. ^ a b c d e f g h Luscombe, Richard and Teather, David (22 March 2008). "The East Ender who blew a billion dollars in a day". The Guardian. Archived from the original on 2 September 2013. Retrieved 1 October 2011.CS1 maint: multiple names: authors list (link)
  5. ^ Bowers, Simon. "Profile: Joe Lewis", The Guardian, 14 September 2007.
  6. ^ "Billionaires: March 2011 - Profile: Joe Lewis". Forbes.
  7. ^ a b "World's Billionaires 2013". Forbes. 4 March 2013.
  8. ^ [1]; [2]
  9. ^ Tavistock press release, 2013
  10. ^ Jenny Davey (27 September 2007). "Joe Lewis takes aim at Bulgaria". The Sunday Times. London. Retrieved 14 March 2008.
  11. ^ "Orlando's Newest Attraction Is Medical". New York Times. 7 September 2010.
  12. ^ ¿Quién es Joe Lewis, el magnate dueño de Lago Escondido?, Clarín, 26 March 2016.
  13. ^ a b "Joe Lewis, el verdadero patrón del mal de la Patagonia".
  14. ^ "Día histórico en El Bolsón: Más de 15 mil personas marcharon contra el loteo de Joe Lewis".
  15. ^ "Bear Stearns Gains on Speculation About Stake Sale (Update5)". Bloomberg. 26 September 2007.
  16. ^ "Lewis, Barrow Hanley Lose Combined $2 Billion on Bear (Update2)". Bloomberg. 17 March 2008.
  17. ^ Bryan-Low, Cassell (17 March 2008). "A Stake Through the Heart". The Wall Street Journal.
  18. ^ "Joseph Lewis: "I Lost $1 Billion in Bear Stearns"".
  19. ^ Jenny Davey (18 September 2011). "Mitchells & Butlers: the giant pub company with no one to call 'time'". The Guardian. London. Retrieved 24 September 2011.
  20. ^ The Jewish Chronicle: "Joe Lewis still has that midas touch" by Alex Brummer Archived 22 February 2014 at the Wayback Machine 10 June 2010
  21. ^ Tavistock Website: Board of Directors Archived 17 September 2012 at the Wayback Machine retrieved 8 September 2012
  22. ^ City AM: "JOE LEWIS CLAN BEARS HIS FOURTH GENERATION" by HARRIET DENNYS 23 November 2011
  23. ^ Britol Cars: "The end of the second era - 1997-2011" Archived 10 March 2013 at the Wayback Machine retrieved 31 December 2012
  24. ^ New York Times: "Bristol Cars: Exclusive Anonymity" By NICK KURCZEWSKI 11 February 2008
  25. ^ This Is Bristol: "Bristol Cars - Memorable Motors" by Gerry Brook Archived 5 May 2013 at Archive.today 8 December 2009
  26. ^ "Craig Johnston's mixed emotions over Champions League final between Liverpool and Tottenham".
  27. ^ "Gary Lineker slams Tottenham as club furlough staff during coronavirus hiatus".
  28. ^ Mark Brown (8 February 2008). "What recession? Bacon sells for £26.3m]". The Guardian. Retrieved 16 November 2018.
  29. ^ Sarah Thornton (29 August 2008). "Francis Bacon claims his place at the top of the market". The Art Newspaper. Retrieved 10 June 2010.
  30. ^ "David Hockney Painting Sells for $90 Million, Smashing Record for Living Artist". 16 November 2018. Retrieved 16 November 2018.
  31. ^ "Reserve Collection │ Tavistock Restaurant Collection". Tavistock Restaurant Collection. Retrieved 29 August 2019.
  32. ^ "Arturo di Modica: Charging Bull". Phillips. Retrieved 29 August 2019.
  33. ^ Risen, Clay (21 February 2021). "Arturo Di Modica, Sculptor of the 'Charging Bull', Dies at 80". The New York Times. ISSN 0362-4331. Retrieved 24 February 2021.

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