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 richest entrepreneurs under 42 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.
*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.
5. Reece Wabara, 32 - 2024: £83m
A former Manchester City defender and England U20 international, Wabara began developing his fashion label during his football career. He quit the game at 26 to focus on Maniere De Voir and now sells chic, urban shirts, trousers, jackets, skirts and other clothes. The Manchester-based brand’s wares include a Mona Lisa themed skateboard. After initially trading only online, Wabara now has a store on London’s Oxford Street. Profits climbed to almost £8m last year and the label should be worth at least £110m – putting a value of £83m on his controlling stake. | Matthew Lewis/Getty Image
6. Mike and George Heaton, 33 and 31 - 2024: £80m
The Heaton brothers don’t lack ambition. Represent, their Bolton-based online clothes retailer, is on a mission is to “build the best brand in the world”. The pair began with just £150 of start-up capital and the idea of printing George’s graphic design coursework onto t-shirts. Smart tie-ups with Kayne West, Justin Bieber and other celebrities have boosted sales of their puffer jackets, hoodies, trainers and other wares. Profits doubled to £9m on turnover of £48.4m in 2022. The brothers still own 99% of the £80m brand. | Victor Boyko/Getty Images for Represent
7. Reece and Ryan Broadhurst, 28 and 31 - 2024: £50m
Football stars including Rio Ferdinand, Raheem Sterling and Ashley Cole have been spotted wearing Arne trainers and clothing. Brothers Reece and Ryan Broadhurst set up the Warrington-based label in 2018. Their range includes everything from hoodies and shirts to leggings and sports bras. Turnover more than tripled to £67.8m in 2022-23. Profits of £4.8m suggest that Arne is now worth £50m and the brothers are now branching out into property. | Arne
8. Jess Hunt, 28 - 2024: £42m
REFY Beauty’s lip glosses, skincare range and other products are in vogue. Hunt, a former model, set up the Manchester-based cosmetic brand in 2020 with Jenna Meek. Within three weeks Sephora asked to stock their products and Selfridges soon followed. Instagram has also been integral to their success. Hunt has 1.7m followers on the platform. REFY’s profits doubled to £8.9m on £24.8m sales in 2023. Hunt owns 50% of the £80m brand. A separate company adds another £1.5m. | Gareth Cattermole/Getty Images