Tim Sainsbury
Encyclopedia
Sir Timothy Alan Davan Sainsbury (born 11 June 1932) is a politician and businessman in the United Kingdom
.
and his wife Doreen. His elder brothers are Lord Sainsbury of Preston Candover
, a former Chairman of Sainsbury's, and the late Simon Sainsbury
; Lord Sainsbury of Turville
, a former Labour Minister for Science, is a cousin. His great-grandparents, John James Sainsbury
and Mary Ann Staples, established a grocer's at 173 Drury Lane
in 1869 which became the British supermarket
chain Sainsbury's.
, Eton College
, and Worcester College, Oxford
.
When the Company listed on the London Stock Exchange
on 12 July 1973, as J Sainsbury plc, his family at the time kept control with an 85% stake. Whilst his cousin, David Sainsbury, inherited his father Robert Sainsbury
's entire 18% shareholding, Tim Sainsbury had to split his father Alan Sainsbury's 18% stake with his brothers JD Sainsbury and Simon Sainsbury
, and so they held 6% each. It is believed that Sir Robert Sainsbury gave David Sainsbury his entire shareholding (rather than split it between David and his three daughters) so that David would have more votes at the table, considering John Davan Sainsbury, who became Chairman in 1969 on Sir Robert Sainsbury's retirement, had a forceful, autocratic style of leadership, whereas David was always more cautious (and always seemed less interested in the family business than John Davan "Mr JD" (David having only joined Sainsbury's personnel department as he did not get the grades to become a scientist)).
Tim Sainsbury stepped down from the board in 1983 to further pursue his career in politics. In 1992 his brother JD Sainsbury retired and was succeeded as chairman and chief executive by his cousin, David Sainsbury; this brought about a change in management style - David was more consensual and less hierarchical but not in strategy or in corporate beliefs about the company's place in the market. As JD had an autocratic style of leadership, he compiled a management team full of "Yes Men" who were used to taking orders from JD. In contrast, David had a democratic style of leadership, and so with no senior management changes in 1993, JD's "Yes Men" were suddenly unguided on what they should do. Tesco overtook Sainsbury's to become the UK's largest supermarket chain in 1995. As a result, it is believed that JD Sainsbury asked Tim to re-join Sainsbury's as a non-executive director in 1995 to support David. David stepped down in 1998 to pursue a career in politics, and in 1999, Tim stepped down as non-executive director, meaning no member of the Sainsbury family
now works for the Company. At the time he vowed "to remain a major and committed shareholder."
On 13 January 2006, the company was notified that Sir Timothy Sainsbury no longer has a notifiable interest in the company's issued share capital, such interest now being below 3%.
His wife, who had held the other half of his 6% stake, dropped her interest in Sainsbury's below 3% the previous week.
When Sainsbury's was the target for takeover bids during 2007, it is believed that Tim was close to his brother JD Sainsbury in that he was unwilling to sell his remaining stake at any price, wanting to keep the company independent, as opposed to being closer to his cousin David Sainsbury, who indicated he was willing to let the Sainsbury's board open its books for due diligence if someone offered him a price of 600 pence per share or more.
As of August 2009, Tim Sainsbury together with his wife are still thought to own just under 3% of the retailer. The Sainsbury family
as a whole control approximately 15% of Sainsbury's. In the Sunday Times Rich List 2008
his family fortune was estimated at £1.3 billion.
Member of Parliament
for Hove
from 1973 to 1997, and served as a junior minister, holding a number of Ministerial posts in the previous Conservative administration including those of Minister for Trade (1990–92) and Minister for Industry (1992–94). Tim was President of the Hove Conservative Association from 1998 until 2002 and was President of the Conservative Friends of Israel
from 1997 until 2005. Tim is a Patron of the Tory Reform Group
.
He was Chairman of the Somerset House Trust from 1997 until 2002, and was president of a £25m campaign for Worcester College, Oxford
.
He was appointed as a trustee of the Victoria & Albert Museum on 17 December 2003 and was re-appointed on 17 December 2007. Tim Sainsbury is Chairman of the V&A's International Council, which aims to secure major donations for the FuturePlan.
(an MP who defected from the Tories to Labour
). Jessica is married to Prince Peter de Frankopan Subic Zrinski.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
Early life
Sainsbury is the youngest son of Lord SainsburyAlan Sainsbury, Baron Sainsbury
Alan John Sainsbury, Baron Sainsbury was a British business executive and a leading member of the supermarket Sainsbury family.-Early and private life:...
and his wife Doreen. His elder brothers are Lord Sainsbury of Preston Candover
John Sainsbury, Baron Sainsbury of Preston Candover
John Davan Sainsbury, Baron Sainsbury of Preston Candover, KG is the President of J Sainsbury, a British businessman and politician. He sits in the House of Lords as a member of the Conservative Party.-Early and private life:...
, a former Chairman of Sainsbury's, and the late Simon Sainsbury
Simon Sainsbury
The Hon Simon David Davan Sainsbury was a British businessman, philanthropist and art collector.-Early and private life:...
; Lord Sainsbury of Turville
David Sainsbury, Baron Sainsbury of Turville
David John Sainsbury, Baron Sainsbury of Turville, FRS , is a British businessman and politician. From 1992 to 1997, he served as the Chairman of Sainsbury's . He was made a life peer in 1997, and currently sits in the House of Lords as a member of the Labour Party...
, a former Labour Minister for Science, is a cousin. His great-grandparents, John James Sainsbury
John James Sainsbury
John James Sainsbury was the founder of the Sainsbury's supermarket chain.-Early and private life:John James Sainsbury was born on 12 June 1844 at 5 Oakley Street, Lambeth, to John Sainsbury , ornament and picture frame maker, and his wife Elizabeth Sarah, née Coombes...
and Mary Ann Staples, established a grocer's at 173 Drury Lane
Drury Lane
Drury Lane is a street on the eastern boundary of the Covent Garden area of London, running between Aldwych and High Holborn. The northern part is in the borough of Camden and the southern part in the City of Westminster....
in 1869 which became the British supermarket
Supermarket
A supermarket, a form of grocery store, is a self-service store offering a wide variety of food and household merchandise, organized into departments...
chain Sainsbury's.
Education
Sainsbury was educated at Sandroyd SchoolSandroyd School
Sandroyd School is an independent co-educational preparatory school for both day and boarding pupils in Rushmore Park, near the village of Tollard Royal in Wiltshire.- Introduction :...
, Eton College
Eton College
Eton College, often referred to simply as Eton, is a British independent school for boys aged 13 to 18. It was founded in 1440 by King Henry VI as "The King's College of Our Lady of Eton besides Wyndsor"....
, and Worcester College, Oxford
Worcester College, Oxford
Worcester College is one of the constituent colleges of the University of Oxford in England. The college was founded in the eighteenth century, but its predecessor on the same site had been an institution of learning since the late thirteenth century...
.
Business career
Tim Sainsbury joined Sainsbury’s in 1956. In 1959 he became deputy to Fred Salisbury (the first non-Sainsbury director of the company). He was appointed Director of Estates, Architects and Engineers in 1962. In this role he was in charge of converting all the remaining counter service shops to self-service, and modernising the earlier self-service shops.When the Company listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
on 12 July 1973, as J Sainsbury plc, his family at the time kept control with an 85% stake. Whilst his cousin, David Sainsbury, inherited his father Robert Sainsbury
Robert Sainsbury
Sir Robert Sainsbury , was the son of John Benjamin Sainsbury , and along with his wife Lisa began the collection of modern and tribal art housed at the Sainsbury Centre for Visual Arts, Norwich.-Early and family life:Robert Sainsbury was educated at Haileybury College and Pembroke...
's entire 18% shareholding, Tim Sainsbury had to split his father Alan Sainsbury's 18% stake with his brothers JD Sainsbury and Simon Sainsbury
Simon Sainsbury
The Hon Simon David Davan Sainsbury was a British businessman, philanthropist and art collector.-Early and private life:...
, and so they held 6% each. It is believed that Sir Robert Sainsbury gave David Sainsbury his entire shareholding (rather than split it between David and his three daughters) so that David would have more votes at the table, considering John Davan Sainsbury, who became Chairman in 1969 on Sir Robert Sainsbury's retirement, had a forceful, autocratic style of leadership, whereas David was always more cautious (and always seemed less interested in the family business than John Davan "Mr JD" (David having only joined Sainsbury's personnel department as he did not get the grades to become a scientist)).
Tim Sainsbury stepped down from the board in 1983 to further pursue his career in politics. In 1992 his brother JD Sainsbury retired and was succeeded as chairman and chief executive by his cousin, David Sainsbury; this brought about a change in management style - David was more consensual and less hierarchical but not in strategy or in corporate beliefs about the company's place in the market. As JD had an autocratic style of leadership, he compiled a management team full of "Yes Men" who were used to taking orders from JD. In contrast, David had a democratic style of leadership, and so with no senior management changes in 1993, JD's "Yes Men" were suddenly unguided on what they should do. Tesco overtook Sainsbury's to become the UK's largest supermarket chain in 1995. As a result, it is believed that JD Sainsbury asked Tim to re-join Sainsbury's as a non-executive director in 1995 to support David. David stepped down in 1998 to pursue a career in politics, and in 1999, Tim stepped down as non-executive director, meaning no member of the Sainsbury family
Sainsbury family
The Sainsbury family founded Sainsbury's, the UK's third largest supermarket chain...
now works for the Company. At the time he vowed "to remain a major and committed shareholder."
On 13 January 2006, the company was notified that Sir Timothy Sainsbury no longer has a notifiable interest in the company's issued share capital, such interest now being below 3%.
His wife, who had held the other half of his 6% stake, dropped her interest in Sainsbury's below 3% the previous week.
When Sainsbury's was the target for takeover bids during 2007, it is believed that Tim was close to his brother JD Sainsbury in that he was unwilling to sell his remaining stake at any price, wanting to keep the company independent, as opposed to being closer to his cousin David Sainsbury, who indicated he was willing to let the Sainsbury's board open its books for due diligence if someone offered him a price of 600 pence per share or more.
As of August 2009, Tim Sainsbury together with his wife are still thought to own just under 3% of the retailer. The Sainsbury family
Sainsbury family
The Sainsbury family founded Sainsbury's, the UK's third largest supermarket chain...
as a whole control approximately 15% of Sainsbury's. In the Sunday Times Rich List 2008
Sunday Times Rich List 2008
The Sunday Times Rich List 2008 was published on 27 April 2008.Since 1989 the UK national Sunday newspaper The Sunday Times has published an annual magazine supplement to the newspaper called the Sunday Times Rich List...
his family fortune was estimated at £1.3 billion.
Political career
Sainsbury was ConservativeConservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...
Member of Parliament
Member of Parliament
A Member of Parliament is a representative of the voters to a :parliament. In many countries with bicameral parliaments, the term applies specifically to members of the lower house, as upper houses often have a different title, such as senate, and thus also have different titles for its members,...
for Hove
Hove
Hove is a town on the south coast of England, immediately to the west of its larger neighbour Brighton, with which it forms the unitary authority Brighton and Hove. It forms a single conurbation together with Brighton and some smaller towns and villages running along the coast...
from 1973 to 1997, and served as a junior minister, holding a number of Ministerial posts in the previous Conservative administration including those of Minister for Trade (1990–92) and Minister for Industry (1992–94). Tim was President of the Hove Conservative Association from 1998 until 2002 and was President of the Conservative Friends of Israel
Conservative Friends of Israel
Conservative Friends of Israel, abbreviated to CFI, is a British parliamentary group affiliated to the Conservative Party and dedicated to strengthening business, cultural and political ties between the United Kingdom and Israel. CFI is an unincorporated associationIt was founded by the late...
from 1997 until 2005. Tim is a Patron of the Tory Reform Group
Tory Reform Group
The Tory Reform Group is a group aligned to, but independent of, the British Conservative Party, that works to promote the values of the One Nation Tory vision...
.
Charitable works
Sainsbury and his two brothers funded an extension to the National Gallery at a cost of around £50 million, which opened in 1991 as the Sainsbury Wing.He was Chairman of the Somerset House Trust from 1997 until 2002, and was president of a £25m campaign for Worcester College, Oxford
Worcester College, Oxford
Worcester College is one of the constituent colleges of the University of Oxford in England. The college was founded in the eighteenth century, but its predecessor on the same site had been an institution of learning since the late thirteenth century...
.
He was appointed as a trustee of the Victoria & Albert Museum on 17 December 2003 and was re-appointed on 17 December 2007. Tim Sainsbury is Chairman of the V&A's International Council, which aims to secure major donations for the FuturePlan.
Family
He has two daughters, Camilla (born 1962) and Jessica (born 1970) and two sons James (born 1962) and Alexander (born 1968). Camilla is married to Shaun WoodwardShaun Woodward
Shaun Anthony Woodward is a British Labour Party politician who has been the Member of Parliament for St Helens South since 2001. He served in the Cabinet from 28 June 2007 to 11 May 2010 as Secretary of State for Northern Ireland...
(an MP who defected from the Tories to Labour
Labour Party (UK)
The Labour Party is a centre-left democratic socialist party in the United Kingdom. It surpassed the Liberal Party in general elections during the early 1920s, forming minority governments under Ramsay MacDonald in 1924 and 1929-1931. The party was in a wartime coalition from 1940 to 1945, after...
). Jessica is married to Prince Peter de Frankopan Subic Zrinski.