Getting richer is lovelier the second time around

The sale of Pet City underlines a rash of similar sales by entrepreneurs who are making their second fortune. Giles Clarke and Richard Northcott, co-founders of the company, are already rich from previous businesses they built up and then sold.

Other entrepreneurs "doing the double" recently include David Krantz of Racing Green, Roger Myers and Robert Earl of Pelican, and Michael Cannon of Magic Pub, to name a few.

Some critics see this as evidence of a "British disease", comparing it unfavourably with German entrepreneurs who prefer to keep their companies private and grow them organically.

Others say that the latest raft of cash-outs is spurred by fears of a Labour government and the more onerous taxes and regulations it may introduce, as well as a possible fall in the stock market in the run-up to the general election. "I believe these factors are driving people to sell earlier than they otherwise would have done," said Nigel Pantling, head of corporate finance at Hambros.

The flow of "second-time-around" deals is undeniable. For instance Pet City's Mr Clarke made his first fortune by selling his Majestic Warehouse business in 1989 for pounds 15m, while his colleague, Mr Northcott, sold what was to become the B&Q DIY chain to Kingfisher in 1981 for pounds 20m.

Another retail entrepreneur to do well this week was Mr Krantz, 43, who netted his second high street fortune when he sold the Racing Green mail order and stores group to Burton for pounds 19m.

He also founded the Blazer menswear chain in the early 1980s before selling it to Storehouse for pounds 5m in 1987. It was bought by Moss Bros in June.

Pubs and restaurants have provided rich pickings for entrepreneurs. Mr Myers and Karen Jones built up the Pelican restaurant chain in six frenetic years from nothing to more than 100 outlets and sold it to Whitbread earlier this year for pounds 133m. Some pounds 100m of that was goodwill; the rewards for Mr Myers, chairman, were generous - around pounds 2.8m.

The couple opened their first Pelican outlet, Cafe Rouge in Richmond, Surrey, with the proceeds of selling on their previous venture. Theme Holdings, a restaurant and leisure group, traded briefly on the third market in the mid-1980s before being snapped up for pounds 17m in 1987.

Another who has done the double is Mr Cannon, who in June made a fortune for the second time in three years by selling his Magic Pub chain to Greene King for nearly pounds 200m.

Trevor Hemmings, who retired earlier this year as a director of Scottish & Newcastle Breweries, has made a habit of collecting fortunes. He is best known as the Fred Pontin protege who made a fortune buying the holiday camp business from Bass, and selling it on soon after to Scottish & Newcastle for shares worth more than pounds 100m.

Suggested Topics
News
people And here is why...
Arts and Entertainment
Amazon has added a cautionary warning to Tom and Jerry cartoons on its streaming service
tv
Voices
voicesBy the man who has
Sport
Arsene Wenger tried to sign Eden Hazard
footballAfter 18 years with Arsenal, here are 18 things he has still never done as the Gunners' manager
PROMOTED VIDEO
Life and Style
The new Windows 10 Start Menu
tech
Arts and Entertainment
Kristen Stewart and Robert Pattinson star in The Twilight Saga but will not be starring in the new Facebook mini-movies
tvKristen Stewart and Stephenie Meyer will choose female directrs
Arts and Entertainment
Hilary North's 'How My Life Has Changed', 2001
books(and not a Buzzfeed article in sight)
News
ebooksAn unforgettable anthology of contemporary reportage
News
More than 90 years of car history are coming to an end with the abolition of the paper car-tax disc
newsThis and other facts you never knew about the paper circle - completely obsolete today
Arts and Entertainment
There has been a boom in ticket sales for female comics, according to an industry survey
comedyFirst national survey reveals Britain’s comedic tastes
Arts and Entertainment
Twerking girls: Miley Cyrus's video for 'Wrecking Ball'
arts + ents
Arts and Entertainment
Ed Sheeran performs at his Amazon Front Row event on Tuesday 30 September
musicHe spotted PM at private gig
News
people'I’d rather have Fred and Rose West quote my characters on childcare'
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Trainee Recruitment Consultant - Birmingham - Real Staffing

£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...

Trust Accountant - Kent

NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...

Graduate Recruitment Consultant - 2013/14 Grads - No Exp Needed

£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...

Law Costs

Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...

Day In a Page

Ebola outbreak: The children orphaned by the virus – then rejected by surviving relatives over fear of infection

The children orphaned by Ebola...

... then rejected by surviving relatives over fear of infection
Pride: Are censors pandering to homophobia?

Are censors pandering to homophobia?

US film censors have ruled 'Pride' unfit for under-16s, though it contains no sex or violence
The magic of roundabouts

Lords of the rings

Just who are the Roundabout Appreciation Society?
Why do we like making lists?

Notes to self: Why do we like making lists?

Well it was good enough for Ancient Egyptians and Picasso...
Hong Kong protests: A good time to open a new restaurant?

A good time to open a new restaurant in Hong Kong?

As pro-democracy demonstrators hold firm, chef Rowley Leigh, who's in the city to open a new restaurant, says you couldn't hope to meet a nicer bunch
Paris Fashion Week: Karl Lagerfeld leads a feminist riot on 'Boulevard Chanel'

Paris Fashion Week

Lagerfeld leads a feminist riot on 'Boulevard Chanel'
Bruce Chatwin's Wales: One of the finest one-day walks in Britain

Simon Calder discovers Bruce Chatwin's Wales

One of the finest one-day walks you could hope for - in Britain
10 best children's nightwear

10 best children's nightwear

Make sure the kids stay cosy on cooler autumn nights in this selection of pjs, onesies and nighties
Manchester City vs Roma: Five things we learnt from City’s draw at the Etihad

Manchester City vs Roma

Five things we learnt from City’s Champions League draw at the Etihad
Martin Hardy: Mike Ashley must act now and end the Alan Pardew reign

Trouble on the Tyne

Ashley must act now and end Pardew's reign at Newcastle, says Martin Hardy
Isis is an hour from Baghdad, the Iraq army has little chance against it, and air strikes won't help

Isis an hour away from Baghdad -

and with no sign of Iraq army being able to make a successful counter-attack
Turner Prize 2014 is frustratingly timid

Turner Prize 2014 is frustratingly timid

The exhibition nods to rich and potentially brilliant ideas, but steps back
Last chance to see: Half the world’s animals have disappeared over the last 40 years

Last chance to see...

The Earth’s animal wildlife population has halved in 40 years
So here's why teenagers are always grumpy - and it's not what you think

Truth behind teens' grumpiness

Early school hours mess with their biological clocks
Why can no one stop hackers putting celebrities' private photos online?

Hacked photos: the third wave

Why can no one stop hackers putting celebrities' private photos online?