Ronson makes pounds 100m property comeback

Gerald Ronson, who spent six months in jail as a result of his involvement in the Guinness scandal, set the seal on his corporate rehabilitation yesterday with the announcement of a pounds 100m property programme by his Heron International group.

The company is to sink the money into four city centre projects in London, Madrid and Barcelona over the next two years or so. Finance for the developments will be provided by Deutsche Pfandbrief und Hypothekenbank, United Bank of Kuwait and Banco Santander. Scottish Amicable, the fund manager, is also involved.

The news represents a remarkable comeback for Mr Ronson, whose conviction for theft, conspiracy and false accounting was upheld by the Court of Appeal in London a year ago.

He, along with Ernest Saunders, the former Guinness chairman, Jack Lyons, a financier, and stockbroker Anthony Parnes, were all found guilty of involvement in an illegal share support scheme which paid out guarantees and "success fees" in return for help in boosting Guinness's share price in the pounds 2.7bn take-over battle for Distillers.

Mr Ronson's fall from grace was compounded in 1992 by the collapse under debts of pounds 1.4bn of Heron International, which he had built into Britain's second-largest private company on the back of astute property deals and businesses ranging from Suzuki car and motorcycle distribution to one of the UK's largest chains of independently-owned petrol stations.

The group was bailed out in a controversial pounds 142m takeover by a US investor group led by Steven Green, the man behind Samsonite suitcases. HNV Acquisition, the acquisition vehicle backed by Rupert Murdoch and family trusts of Michael Milken, the Wall Street financier who more or less invented junk bonds, was criticised for its decision to keep on Mr Ronson as chief executive with a pay deal worth pounds 5m over five years.

Following the failure, Heron sold off most of its trading subsidiaries to concentrate on property, but this is the first big deal to emerge. Mr Ronson said yesterday the new property ventures marked a step forward in Heron's objective of building one of Europe's leading property groups.

Three of the schemes are mixed office and retail in the Strand and Tottenham Court Road in London and Paseo de Gracia in Barcelona.

The fourth scheme, in Calle Raimundo Fernandex Villaverde in Madrid, is residential. The Strand development was acquired from Scottish Amicable, which is retaining a stake.

News
people

Top Gear presenter is no stranger to foot-in-mouth controversy

Arts and Entertainment
Imelda Staunton as Dolores Umbridge in the Harry Potter films
books

New essay by JK Rowling went live on Pottermore site this morning

News
Mike Tyson has led an appalling and sad life, but are we not a country that gives second chances?
people

Former boxer recalls incident when he was seven years old

Sport
A Rutherford Raiders shirt with the PornHub sponsorship
football

PROMOTED VIDEO
Arts and Entertainment
Charlie Sheen said he would
tv

Charlie Sheen could be set to revive his role as a hedonistic womaniser

Life and Style
Jamie Oliver’s version of Jollof rice led thousands of people to post angry comments on his website
food + drink
Arts and Entertainment
glastonbury
News
Apple CEO Timothy Cook
people
News
i100
Arts and Entertainment
Vividly drawn: Timothy Spall in Mike Leigh’s ‘Mr Turner’
film

Review: Mike Leigh's biopic is a rambling, rich character study

News
ebooksAn unforgettable anthology of contemporary reportage
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 Consultants

£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...

Finance Assistant - Part time - 9 month FTC

£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...

Marketing Manager

£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...

Market Risk Manager - Investment Banking - Mandarin Speaker

£45,000 - £65,000: Saxton Leigh: Our client is a well-known APAC Corporate and...

Day In a Page

The drugs revolution starts now as MPs agree its high time for change

The drugs revolution starts now as MPs agree its high time for change

Commons debate highlights growing cross-party consensus on softening UK drugs legislation, unchanged for 43 years
The camera is turned on tabloid editors in Richard Peppiatt's 'One Rogue Reporter'

Gotcha! The camera is turned on tabloid editors

Hugh Grant says Richard Peppiatt's 'One Rogue Reporter' documentary will highlight issues raised by Leveson
Fall of the Berlin Wall: It was thanks to Mikhail Gorbachev that this symbol of division fell

Fall of the Berlin Wall

It was thanks to Gorbachev that this symbol of division fell
Halloween 2014: What makes Ouija boards, demon dolls, and evil clowns so frightening?

What makes ouija boards and demon dolls scary?

Ouija boards, demon dolls, evil children and clowns are all classic tropes of horror, and this year’s Halloween releases feature them all. What makes them so frightening, decade after decade?
A safari in modern Britain: Rose Rouse reveals how her four-year tour of Harlesden taught her as much about the UK as it did about NW10

Rose Rouse's safari in modern Britain

Rouse decided to walk and talk with as many different people as possible in her neighbourhood of Harlesden and her experiences have been published in a new book
Welcome to my world of no smell and odd tastes: How a bike accident left one woman living with unwanted food mash-ups

'My world of no smell and odd tastes'

A head injury from a bicycle accident had the surprising effect of robbing Nell Frizzell of two of her senses

Matt Parker is proud of his square roots

The "stand-up mathematician" is using comedy nights to preach maths to big audiences
Paul Scholes column: Beating Manchester City is vital part of life at Manchester United. This is first major test for Luke Shaw, Angel Di Maria and Radamel Falcao – it’s not a game to lose

Paul Scholes column

Beating City is vital part of life at United. This is first major test for Shaw, Di Maria and Falcao – it’s not a game to lose
Frank Warren: Call me an old git, but I just can't see that there's a place for women’s boxing

Frank Warren column

Call me an old git, but I just can't see that there's a place for women’s boxing
Adrian Heath interview: Former Everton striker prepares his Orlando City side for the MLS - and having Kaka in the dressing room

Adrian Heath's American dream...

Former Everton striker prepares his Orlando City side for the MLS - and having Kaka in the dressing room
Simon Hart: Manchester City will rise again but they need to change their attitude

Manchester City will rise again but they need to change their attitude

Manuel Pellegrini’s side are too good to fail and derby allows them to start again, says Simon Hart
Isis in Syria: A general reveals the lack of communication with the US - and his country's awkward relationship with their allies-by-default

A Syrian general speaks

A senior officer of Bashar al-Assad’s regime talks to Robert Fisk about his army’s brutal struggle with Isis, in a dirty war whose challenges include widespread atrocities
‘A bit of a shock...’ Cambridge economist with Glasgow roots becomes Zambia’s acting President

‘A bit of a shock...’ Economist with Glasgow roots becomes Zambia’s acting President

Guy Scott's predecessor, Michael Sata, died in a London hospital this week after a lengthy illness
Fall of the Berlin Wall: History catches up with Erich Honecker - the East German leader who praised the Iron Curtain and claimed it prevented a Third World War

Fall of the Berlin Wall

History catches up with Erich Honecker - the East German leader who praised the Iron Curtain and claimed it prevented a Third World War
How to turn your mobile phone into easy money

Turn your mobile phone into easy money

There are 90 million unused mobiles in the UK, which would be worth £7bn if we cashed them in, says David Crookes