David and Simon Reuben: Difference between revisions

| birth_place        = [[Bombay]], [[Bombay Presidency]], [[British Raj|British India]] (now [[Mumbai]], [[India]])

| boards            = [[Reuben Brothers]]

'''David Reuben''' (born 1941) and '''Simon Reuben''' (born 1944) are British businessmen.<ref name=tatler>{{cite web|url=http://www.reubenbrothers.com/mayfairs-first-family/|title=Mayfair's First Family |work=[[Tatler]] |publisher=Reuben Brothers |date=October 2013 }}</ref> In May 2020, they were named as the second richest family in the UK by the ''[[Sunday Times Rich List]]'' with a net worth of £16 billion.<ref name=":0">{{Cite news|last=Times|first=The Sunday|title=Rich List 2020: profiles 1-20. James Dyson tops the list|language=en|url=https://www.thetimes.co.uk/article/rich-list-2020-profiles-1-20-featuring-roman-abramovich-and-jim-ratcliffe-50m6h3xdf|access-date=2020-07-13|issn=0140-0460}}</ref>

The brothers were born in [[Bombay]], [[British India]], the sons of David Sassoon Reuben and Nancy Reuben,<ref name="rfdn-nancy">{{cite web |url=http://www.reubenfoundation.com/nancy-reuben-primary-school/ |title=Nancy Reuben Primary School|publisher=[[Reuben Foundation]] |date=2014 |access-date=10 June 2016 }}</ref> a [[Baghdadi Jewish]] family.<ref name=tatler/> The brothers arrived in London in the 1950s with their mother, Nancy, and lived in [[Islington]];<ref name=tatler/> having run various businesses across the [[Indian Subcontinent]] from their bases in Bombay and Baghdad.<ref name="livingston1">{{cite news|url=https://www.theguardian.com/politics/2006/jun/19/london.london|title=Livingstone cleared of anti-semitism |agency=Press Association |date=20 June 2006 |access-date=10 June 2016 |work=[[The Guardian]] |location=United Kingdom }}</ref> The brothers attended state schools, with Simon never completing his formal education.<ref name="yahoo2014">{{cite news |work=[[Yahoo!|Yahoo! Finance]] |title=How Britain's richest brothers made billions from nothing |url=https://uk.finance.yahoo.com/news/how-britain-s-richest-brothers-made-billions-from-nothing-180004118.html |date=12 March 2014 |access-date=10 June 2016 |author=Lunn, Emma }}</ref>

David joined a [[scrap metal]]s business while Simon started out in carpets. Simon went on to buy out England's oldest carpet company from the receivers and made enough money from it to start investing in property, with early investments on [[Walton Street, London|Walton Street]] and the King's Road in [[Chelsea, London|Chelsea]].<ref name="yahoo2014"/> The brothers increased their wealth during the 1970s and 1980s in both metals trading and property. Nearly half their fortune is in [[liquid asset]]s such as cash and bonds. They avoid publicity.{{cn|date=June 2020}}

In the early 1990s, the brothers invested in the Russian metals market, financing significantly the production and distribution of metals. The Reubens became the world's third-biggest producer of aluminum.<ref name=russia>{{cite news |url=https://www.theguardian.com/business/2004/jun/27/russia |title=Pack up your roubles ...|work=The Observer, [[The Guardian]] |author=Robinson, James |date=27 June 2004 |access-date=10 June 2016 }}</ref> At its peak, their company, [[Trans-World Metals]], and its associates controlled five-to-seven percent of the world's aluminum output.<ref name="yahoo2014"/> When Russian aluminum smelters were incapacitated by debt, Trans World entered into tolling arrangements with factories in which they paid for and delivered raw materials in return for finished aluminum, which it then sold for profit.<ref name=BeharFortune>{{cite news |last=Behar |first=Richard |author-link=Richard Behar |url=https://archive.fortune.com/magazines/fortune/fortune_archive/2000/06/12/281972/index.htm |title=Capitalism in a cold climate |language=ru |work=[[Fortune (magazine)|Fortune]] |date=12 June 2000 |access-date=19 August 2021 |archive-date=19 October 2014 |archive-url=https://web.archive.org/web/20141019043548/https://archive.fortune.com/magazines/fortune/fortune_archive/2000/06/12/281972/index.htm |quote=The story of Trans World's aluminum empire is filled with bribes, shell companies, profiteers, and more than a few corpses. Then again, in today's Russia, that's pretty much par for the course.}} [http://www.compromat.ru/page_9819.htm Archived as Капитализм в холодном климате] in Russian at compromat.ru on 21 June 2000.</ref> The company's investment in Russia was {{USD}}1.5&nbsp;billion ({{GBP}}870&nbsp;million), with global sales in 1995 topping {{USD}}8&nbsp;billion.<ref name=russia/>  The brothers were involved with several members of the country's new [[oligarchy]], including [[Roman Abramovich]].<ref name=russia/> Subsequently, they settled a multimillion-pound legal dispute with [[Oleg Deripaska]] which resulted in a substantial settlement being awarded to [[Reuben Brothers]].

In 1997, Russia's Interior Minister [[Anatoly Kulikov]] linked both the [[Michael Cherney|Cherney]] brothers and Reuben brothers to the [[Izmaylovskaya gang|Izmaylovskaya mafia]] which was led by [[:ru:Малевский, Антон Викторович|Anton Malevsky]] in Israel, but, in March 1998, [[Boris Yeltsin]] removed Kulikov from his post.<ref name=BeharFortune/>

In 2008, the Reuben brothers returned to the commodity business, expanding their mining interests with a portfolio of mines in Morocco, Indonesia and South Africa.<ref name="yahoo2014"/>

By 2000, the Russian business environment resulted in the brothers selling all their Russian assets<ref name=russia/> as they focused their business activities mainly in the UK property market, where they have a substantial portfolio of debt-free assets. With others, they have been involved in financing a number of major acquisitions and also have investments in technology companies. {{As of|2016}} their business activities mainly involved real estate, both in the UK and abroad, [[venture capital]], and [[private equity]].

UK properties owned by Reuben Brothers include: [[Millbank Tower]]; the [[John Lewis Partnership]] headquarters in [[Victoria, London|Victoria]]; the [[American Express]] offices also in Victoria; Carlton House [[SW postcode area|SW1]]; Academy House on [[Sackville Street (London)|Sackville Street]]; Connaught House on [[Berkeley Square]]; Market Towers; the London Primark store on Oxford Street; [[Sloane Street]] shops; and [[Cambridge House]], the former premises of the [[Naval and Military Club]],<ref name="yahoo2014"/> which comprises six freehold buildings which have a planning consent for a six-star hotel and private members' club.

Other investments and developments include Merchant Square, a {{convert|1800000|sqft|m2|abbr=on}} development scheme of offices and flats, in the [[Paddington]] area of London; [[Park Plaza Hotels & Resorts]], a 50/50 joint venture in a new apart-hotel under the 'art'otel' brand in [[Hoxton]], [[City of London]]; Hampton House, demolition and redevelopment of the 1960s office block opposite [[Tate Britain]] that was designed by [[Foster & Partners]] and features a mix of apartments and an apart-hotel on the [[River Thames]] next to the Park Plaza London Riverbank hotel; airports at [[London Oxford Airport|London Oxford]] and [[London Heliport]].<ref name="yahoo2014"/> In 2006 the Reuben Brother formed a partnership that injected private equity into the [[FTSE 100 Index|FTSE]]-listed [[McCarthy & Stone]], a retirement home construction company, and divested the investment in 2013.<ref>{{cite news|url=http://www.theconstructionindex.co.uk/news/view/new-mccarthy-and-stone-boss-wields-the-axe|title=New McCarthy & Stone boss wields the axe|work=Construction Index|date= 6 March 2014|access-date=10 February 2016}}</ref>

Via both companies, the Reuben Brothers continue to be one of the largest investors in luxury leisure group [[Belmond (company)|Belmond Ltd]]. Other holdings include [[Travelodge Hotels]]; [[D2 Jeans]] and [[Blue Inc]] clothing retailers, with retailer [[Sir Stuart Rose]]; Luup and [[Metro Bank (UK)|Metro Bank]]; The Wellington Pub Company, the largest free-of-tie pub estate in the UK with approximately 850 tenanted pubs; Global Switch, the largest wholesale carrier neutral data centre provider in [[Europe]] and the [[Asia-Pacific]] region; [[Arena Leisure]] and [[Northern Racing]] merged forming [[Arena Racing Company|ARC]] (Arena Racing Company) which represents 40% of UK fixtures and a 45% stake in [[At The Races]] (ATR), the broadcaster taking UK and Irish racing to domestic & international audience; and a joint venture with [[British Marine]], that in 2014 had eight vessels with plans to double the fleet size.<ref name="yahoo2014"/>

==Personal==

In 2006 [[Ken Livingstone]], the [[Mayor of London]] at the time, used a press conference to accuse Simon and David Reuben of jeopardising the £4 billion [[Queen Elizabeth Olympic Park|Olympic City]] development, in which the Reuben brothers held a 50% stake. Livingstone controversially told the media conference, referring to the Reuben brothers, that "If they're not happy here, they can go back to Iran and try their luck with the ayatollahs, if they don't like the planning regime or my approach."<ref>{{cite news |url=http://news.bbc.co.uk/2/hi/uk_news/england/london/4830878.stm |title=Mayor in fresh Jewish controversy |work=[[BBC News]] |date=21 March 2006 |access-date=10 June 2016 }}</ref> After a public complaint and a subsequent official investigation into Livingstone's comments that were alleged to be [[anti-semitic]], the investigating officer dismissed the complaint and concluded that Livingstone had reason to be strongly critical of his understanding of the Reuben brothers' conduct, and that his criticism, whilst robust, was reasonable in the circumstances.<ref name="livingston1"/>

===The Reuben Foundation===

===Personal wealth===

According to the ''[[Sunday Times Rich List]]'' 2020, David and Simon Reuben and their family had an estimated personal net worth of £16 billion, a decrease of £2.664 billion on the previous year. This makes them Britain's second wealthiest family.<ref name=":0" />

The Reuben's net worth has progressively increased over the last decade.<ref name="strl2008" /><ref name="Forbes-2011" /> ''[[The Times]]'' has reported that the brothers' businesses make extensive use of offshore [[tax haven]]s. A spokesperson said that their businesses "fully comply with UK tax laws".<ref name="et">{{cite web|url=https://economictimes.indiatimes.com/nri/nris-in-news/india-born-reuben-brothers-in-uks-new-tax-haven-elite-list/articleshow/68304464.cms|title=India-born Reuben brothers in UK's new Tax Haven Elite list|work=Economic Times|date=7 May 2019|access-date=16 June 2020}}</ref>

The brothers are regular donors to the [[Conservative Party (UK)|Conservative Party]].<ref name="et"/>

====Wealth rankings====

| 2006<ref name="Forbes-2006">{{cite news |url=https://www.forbes.com/lists/2006/10/IWRB.html |title=#185 David & Simon Reuben |work=[[Forbes]] |date=2006 |access-date=9 June 2015 }}</ref>

| 2007<ref name="Forbes-2007">{{cite news |url=https://www.forbes.com/lists/2007/10/07billionaires_David-Simon-Reuben_IWRB.html |title=#177 David & Simon Reuben |work=[[Forbes]] |date=8 March 2007 |access-date=9 June 2015 }}</ref>

| 2008<ref name="strl2008">{{cite news |url=http://business.timesonline.co.uk/tol/business/specials/rich_list/article3822711.ece |title=Rich List reveals wealthy reap profits under Labour |work=[[The Sunday Times]] |date=27 April 2008 |editor1=Beresford, Philip |editor1-link=Philip Beresford }}</ref><ref name="Forbes-2008">{{cite news |url=https://www.forbes.com/lists/2008/10/billionaires08_David-Simon-Reuben_IWRB.html |title=#178 David & Simon Reuben |work=[[Forbes]] |date=5 March 2008 |access-date=9 June 2015 }}</ref>

| 2009<ref name="strl2009">{{cite news |url=http://business.timesonline.co.uk/tol/business/specials/rich_list/article6169048.ece |title=Sunday Times Rich List: Bonfire of the billionaires wipes out £155bn fortune |work=[[The Sunday Times]] |date=26 April 2009 |editor1=Beresford, Philip |editor1-link=Philip Beresford }}</ref><ref name="Forbes-2009">{{cite news |url=https://www.forbes.com/lists/2009/10/billionaires-2009-richest-people_David-Simon-Reuben_IWRB.html |title=#98 David & Simon Reuben |work=[[Forbes]] |date=11 March 2009 |access-date=9 June 2015 }}</ref>

| 2010<ref name=Rubble>{{cite news |url=http://business.timesonline.co.uk/tol/business/specials/rich_list/article7107182.ece |title=The Sunday Times Rich List 2010: Rising from the rubble |work=[[The Sunday Times]] |date=25 April 2010 }}</ref><ref name="strl2010">{{cite news|url=http://www.thesundaytimes.co.uk/sto/public/richlist/|title=2010 Rich List|work=thesundaytimes.co.uk|editor1=Beresford, Philip |editor1-link=Philip Beresford |date=25 April 2010}}</ref><ref name="Forbes-2010">{{cite news |url=https://www.forbes.com/lists/2010/10/billionaires-2010_David-Simon-Reuben_IWRB.html |title=#93 David & Simon Reuben |work=[[Forbes]] |date=10 March 2010 |access-date=9 June 2015 }}</ref>

| 2011<ref name="Forbes-2011">{{cite news |url=http://swns.com/news/forbes-rich-list-the-uk-and-worlds-wealthiest-people-revealed-17491/ |title=Forbes Rich List: The UK and world's wealthiest people revealed |work=SWNS.com |date=10 March 2011 |access-date=9 June 2015 }}</ref><ref name="strl2011">{{cite news|url=http://www.thesundaytimes.co.uk/sto/public/richlist/ |title=''2011 Sunday Times Rich List'' |work=The Sunday Times |location=United Kingdom |date=8 May 2011 |access-date=8 May 2011 |editor=Beresford, Philip |editor-link=Philip Beresford }}</ref>

| 2012<ref name="strl2012">{{cite news|url=http://www.thesundaytimes.co.uk/sto/public/richlist/|title=2014 Rich List|work=thesundaytimes.co.uk|editor1=Beresford, Philip |editor1-link=Philip Beresford |date=29 April 2012}}</ref><ref name="forbes2012">{{cite news|url=https://www.telegraph.co.uk/culture/books/booknews/9129981/Forbes-list-JK-Rowling-fortune-under-vanishing-spell.html |title=Forbes list: JK Rowling fortune under vanishing spell|work=[[The Daily Telegraph|The Telegraph]] |location=United Kingdom |access-date=10 June 2016 |author=Prince, Rosa |date=7 March 2012}}</ref>

| 2013<ref name="strl2013">{{cite news|url=http://www.thesundaytimes.co.uk/sto/public/richlist/|title=2013 Rich List|work=thesundaytimes.co.uk|editor1=Beresford, Philip |editor1-link=Philip Beresford |date=21 April 2013 }}</ref><ref name="forbes2013">{{cite news|url=https://www.independent.co.uk/voices/comment/forbes-billionaire-list-shows-that-in-global-terms-britain-s-rich-folk-are-little-more-than-also-8521469.html |title=Forbes' billionaire list shows that, in global terms, Britain'' rich folk are little more than also-rans |work=[[The Independent]] |location=United Kingdom |access-date=10 June 2016 |author=McRae, Hamish |date=6 March 2013}}</ref>

| 2014<ref name="strl2014">{{cite news|url=http://www.thesundaytimes.co.uk/sto/public/richlist/|title=2014 Rich List|work=thesundaytimes.co.uk|editor1=Beresford, Philip |editor1-link=Philip Beresford |date=18 May 2014}}</ref><ref name="forbes2014">{{cite news|url=http://www.my-property-report.com/articles/the-20-richest-real-estate-tycoons-on-the-forbes-billionaires-list |title=The 20 Richest Real Estate Tycoons on the Forbes Billionaires List |work=The MP Report |access-date=10 June 2016 |date=26 March 2014}}</ref>

| 2015<ref name="strl2015">{{cite news|url=http://www.thesundaytimes.co.uk/sto/public/richlist/|title=Rich List|work=thesundaytimes.co.uk|access-date=9 October 2015 |editor1=Beresford, Philip |editor1-link=Philip Beresford |date=April 2015}}</ref><ref name=Guardian>{{cite news |url=https://www.theguardian.com/business/2015/apr/26/crisis-what-crisis-britains-richest-double-their-wealth-in-10-years |title=Richest Double wealth |work=[[The Guardian]] |location=London |date=26 April 2015 |access-date=26 April 2015 }}</ref><ref name="forbesl2015">{{cite news |url=https://www.forbes.com/sites/chasewithorn/2015/03/02/forbes-billionaires-full-list-of-the-500-richest-people-in-the-world-2015/#6b4101cb16e3 |title=Forbes Billionaires: Full List Of The 500 Richest People In The World 2015 |work=[[Forbes]] |access-date=10 June 2016 |author=Peterson-Withorn, Chase |date=2 March 2015}}</ref>

| 2016<ref name="forbes2016"/><ref name="strl2016">{{cite web|url=http://www.thesundaytimes.co.uk/sto/public/richlist/|title=Rich List|work=[[The Sunday Times]]|access-date=24 April 2016|editor1=Beresford, Philip |editor1-link=Philip Beresford |editor2=Watts, Robert |date=24 April 2016 }}</ref>

| 2017<ref>{{cite news|url=https://www.forbes.com/profile/david-simon-reuben/?list=billionaires|title=David & Simon Reuben|work=[[Forbes]]}}</ref><ref name="strl2016"/>

* {{cite web |url=http://www.reubenbrothers.com/Home.aspx |title=David and Simon Reuben |publisher=Reuben Brothers website }}

* {{cite web |url=http://www.reubenbrothers.com/the-rise-and-rise-of-david-and-simon-reuben/ |title=The Rise and Rise of David and Simon Reuben |publisher=Reuben Brothers website |date=2008 }}

* {{cite web |url=http://www.reubenfoundation.com |title=Home page |publisher=[[Reuben Foundation]] website }}

* [https://web.archive.org/web/20070301030215/http://www.reubenbrothers.com/Article74.html Article 74]

* [https://web.archive.org/web/20070301030749/http://www.reubenbrothers.com/article70.html article70]

* [https://web.archive.org/web/20070301003934/http://www.reubenbrothers.com/article46.html Reuben Brothers]

* [https://web.archive.org/web/20090422045911/http://www.reubenbrothers.com/Article102.html Reuben Brothers – homepage]