Latest news with #HolchPovlsen
The National
11 hours ago
- Business
- The National
Plans for sauna in Loch Ness pub owned by Anders Holch Povlsen
Danish billionaire Anders Holch Povlsen's estate management company WildLand purchased the Dores Inn on Loch Ness last year. It is located in the village of Dores, around 10 miles south of Inverness. In plans outlined to Highland Council, and reported by the BBC, WildLand has proposed renovating and expanding the inn, as well as revamping its car park and public toilets. READ MORE: Labour MP calls for Palestine Action to be banned under terror law after RAF break in The proposals include a sauna, beach cafe, bakery, shop, public toilets, car parking, a service building, landscaping and paths. Holch Povlsen, the majority shareholder in online fashion giant Asos, is recognised as the richest person in Scotland. He is estimated to be worth almost £8 billion, according to The Sunday Times Rich List. His company WildLand already owns the nearby 300-year-old Aldourie Castle, as well as 500 acres of grounds and woodland. The National previously told how WildLand said the inn is expected to reopen in 2026/2027 following restoration work. A full planning application is expected to be submitted to Highland Council before the end of the year. The company is set to hold public exhibitions on its plans at the inn on June 27 and 28. READ MORE: Man dies after wild swimming off coast of Scottish island WildLand chief executive Tim Kirkwood said: "The Dores Inn sits at the heart of a much-loved community setting. "As we explore options for its restoration and long-term operation, we're committed to involving the community from the outset." Lavinia Turner, head of region at WildLand Loch Ness, said: "The Dores Inn has always been more than a pub – it's a gathering place, a gateway to the loch, and an important part of local life. "We want to restore that role and build on it, creating something that works year-round for the area."
Business Times
09-05-2025
- Business
- Business Times
Mega-rich Baby Boomers quit UK in wealth exodus over tax
[FRANKFURT] The patriarch of one of the Europe's biggest fortunes is among the latest wave of rich Baby Boomers and Gen X residents exiting the UK amid tax hikes aimed at the country's wealthiest denizens. Troels Holch Povlsen, the 75-year-old founder of clothing giant Bestseller, which owns the Jack & Jones brand, recently switched his usual residency to his native Denmark after previously citing it as England, according to registry filings. Elio Leoni Sceti, 59, the former chief executive officer of EMI Music and co-founder of an early stage investment firm based in London and San Francisco, has returned to his native Italy, a filing this month shows. Ricardo Leiman, 59, founding partner of London-based hedge fund KLI Asset Management, has also relocated to Italy, according to an April filing. Leiman, a native of Brazil and KLI's chief investment officer, declined to comment, while Leoni Sceti and a representative for Holch Povlsen didn't respond to requests for comment. The Holch Povlsen family has a net worth of about US$7 billion through closely held Bestseller, according to the Bloomberg Billionaires Index. The firm is now run by Troels' son, Anders. The departures underscore the growing unease among many of Britain's richest residents over changes to taxation, ranging from private equity investments to inheritances and capital gains. Many of those in the Baby Boomer cohort – born from 1946 to 1964 – are nearing retirement age and focused on preserving wealth, with the demographic shift dubbed a 'silver tsunami.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up That's making Chancellor Rachel Reeves' efforts to bring more assets under the nation's standard 40% inheritance tax rate – one of the highest among developed countries – a red-hot topic and leading many wealthy individuals to reassess their future in the UK. 'Inheritance tax is the dealbreaker,' said Marc Acheson, a global wealth specialist at Utmost Wealth Solutions in London. 'That's what is driving people away.' Bart Becht, the 68-year-old former CEO of Reckitt Benckiser Group and a former money manager for the billionaire Reimann dynasty, has also moved to Italy after previously living in the UK, according to a registry filing Thursday. Becht didn't immediately respond to a request for comment. Italy is increasingly becoming a hot spot for wealthy UK individuals looking to relocate, offering a 15-year tax break on overseas income and assets in exchange for an annual fee that doubled last year to US$226,000. For those concerned about preserving wealth, Italy's regime also offers exemptions on overseas assets from local inheritance tax levies. Bill Browder, 61, the co-founder of onetime hedge fund Hermitage Capital Management, has also made plans in the past year to relocate to the Mediterranean nation, according to people with knowledge of the matter, who asked not to be identified as the details are private. While the former Russia investor turned Kremlin critic still lists England as his country of residence, he has already curbed some of his UK ties. In August, Browder stepped back as a director of a London-based company that owns and operates his namesake website, according to local registry filings. Representatives for Browder, who moved to the UK after his 2005 exile from Moscow and just last year was awarded one of the country's highest civil honours, didn't respond to several calls and emails requesting comment. Other mega-rich Baby Boomers recently exiting the UK include Egypt's richest person, Nassef Sawiris. The 64-year-old has relocated to Abu Dhabi and Italy, where Goldman Sachs Group veteran Richard Gnodde, 65, is also moving. Frederic de Mevius, 66, a member of brewing giant AB InBev SA's three founding families, has returned to his native Belgium. Two of Britain's richest real estate investors – Richard Livingstone, 60, and his brother Ian, who turns 63 this month – have moved to Monaco, which doesn't tax personal income or capital gains. Fellow UK property investor Nick Leslau, 65, similarly switched his residency to the city-state, according to a March filing. Leslau declined to comment. BLOOMBERG
Telegraph
20-03-2025
- Business
- Telegraph
Battle of the billionaires looms as Mike Ashley's rival gains ground at Asos
A battle for control of Asos is brewing between two retail tycoons after Danish billionaire Anders Holch Povlsen moved closer to a takeover of the fast fashion retailer. Mr Holch Povlsen and his family have increased their stake in Asos to just over 28pc, according to new filings. The billionaire, who made his money in Danish retail and is now the biggest private landowner in Scotland, has cemented his position as Asos's largest shareholder and moved closer to the takeover threshold. City rules dictate that any investor with a stake of more than 30pc in a business must make a formal takeover offer. It sets the stage for a looming tug of war with rival retail billionaire Mike Ashley, who is Asos's second largest shareholder. His retail empire Frasers Group holds a 24pc stake in Asos and has also been increasing its investment, stoking speculation that Mr Ashley could be preparing for a takeover swoop. The pair have also already clashed at Asos. In 2023, The Telegraph revealed that Frasers had offered to invest more into Asos in return for closer cooperation between the two businesses, including Asos using its buy-now-pay-later service Frasers Plus. Asos ultimately snubbed the offer in favour of an alternative investment backed by Mr Holch Povlsen. It prompted frustration at Frasers, with executives questioning the 'thinking and decision making' at Asos in a letter to executives. The two moguls have butted heads at other times in the past. In late 2020, Mr Ashley and Mr Holch Povlsen clashed over the collapse of Jenners, one of Scotland's oldest department stores. Both blamed each other for the retailer's demise.
