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In the September issue of North West Business Insider, the compiler of the Sunday Times Rich List, Robert Watts has once again compiled Insider’s own business Rich List.
He also compiled a special ranking of the 10 richest self-made entrepreneurs who rank the highest in the list of the working wealthy.
All stakes in quoted companies were valued by taking the share price in the Financial Times in early July 2024.
Private company stakes were valued on a par with the nearest equivalent quoted company or failing that by the prevailing prices in the sector.
If that was not appropriate, then Insider simply used a multiple of 10 times the profit figure to value a business, reflecting the stock market average.
Where it was appropriate, companies and therefore family stakes are valued on the net assets of the business.
5. John Roberts, 50 - 2024: £182m
Having failed all three of his A-levels, Roberts was bet £1 by Alan Latchford that he would never turn his business idea into reality. In fact the pair would later co-found AO World, the electrical good retailer. Roberts runs and still owns 18.1% of the Bolton-based group. His stake is now worth £122.7m - £31.7m than a year ago. | AO World
6. Colin Mustoe
Mustoe began his working life in the insurance world but quit to become an assistant in an office furniture maker. Soon after his 30th birthday he quit. “I wanted to have my own business,” he said. “I did not want to be asking myself ‘what if’ later in life.” Deciding to stick to furniture because that was what he knew, he started what would become Senator Group from his bedroom. Accrington-based Senator should now be worth at least £170m. Past salaries, dividends and property add another £10m. | Senator Group
7. Michael Smyth and family, 85 - 2024: £173m
Smyth started his Swansway Group with a petrol station in Bolton. “We had two wooden huts and hand cranked petrol pumps,” he once said. These days he has more than 20 car and van dealerships across the North West, Midlands and North Wales. Turnover ticked up to £941m last year. Smyth and his family still own all of the £150m business. | Swansway Group
8. Seamus McDermott and family, 60 - 2024: £114m
McDermott set up his house builder from his spare bedroom in 1992. Seeing a large number of small terraced houses across Lancashire, he saw an opportunity to build slightly larger family homes. Over the years this Ironman triathlete has grown profits at the Altham-based construction firm to £14.1m. McDermott and his family own at least 95% of the shares in the £120m firm. | McDermott Homes