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 ten tech 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 ten 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.
*The Top 50 Rich List for the region can be found in the September issue of Insider, which is out now. Order your copy here.
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5. Richard Tang, 58 - 2024: £170m
During his teens Tang sold pet food at a market in Rochdale, gradually saving enough to buy a PC. He nurtured his passion for IT with a computer systems degree at Salford University. By his late 20s he was ready to launch Zen Internet, a niche internet service provider with more than 100,000 customers. Profits have jumped to £20.5m on sales of £100.5m. With a loyal customer base and strong growth in recent years, Zen should be worth at least £170m and Tang owns it all. | Richard Tang, CEO
6. Dafydd and Rebecca Stuttard, 51 and 47 - 2024: £136m
The Stuttards’ cybersecurity specialist Portswigger has grown profits by more than 50% to £12.7m over the past year. Dafydd honed his hacking skills while working for accountancy firm Arthur Anderson. Knutsford-based Portswigger has landed contracts with Barclays, Amazon and more than 16,000 other business. The husband and wife team own all of the £120m operation and took dividends of £14.2m last year. | Portswigger
7. The Hogg family - 2024: £130m
Software developer CDL has delivered services to Ageas, Legal & General and a range of other insurers over the years. Tom Hogg founded the business back in 1977 and stepped down as chairman four years ago. The Stockport-based company should be worth £120m after delivering profits of £12.8m last year. The Hoggs and their trusts own it all. | Google
8. Scott Fletcher, 50 - 2024: £120m
Fletcher founded IT service group ANS Group from his bedroom when he was 22. A £200m sale of the Manchester-based business three years ago should have delivered a £100m windfall for Fletcher. His company Lowry Trading owns a collection of tech and consultancy firms and should be worth £100m after racking up annual profits of £14.2m. A child actor in his youth, Fletcher landed roles in the BBC drama Casualty and the children’s show Jossy’s Giants. | Contributed