Tom Hunter
Encyclopedia
Sir Thomas Blane Hunter (born 6 May 1961) is a Scottish
businessman, entrepreneur
, and philanthropist
.
In April 2007, Hunter was reported in the Sunday Times Rich List
as the first ever home-grown billionaire
in Scotland, with an estimated wealth of £1.05 billion. Due to the Financial crisis of 2007–2010 slicing an estimated £250million from his fortune, Hunter was overtaken as Scotland's richest man in late 2007 by Jim McColl
, head of Glasgow engineering firm Clyde Blowers, who has an estimated fortune of £800million.
, and he was forced to sell up. Campbell invested in another businessman who sold footwear
, with Campbell undertaking the accounts and working on a market stall
in Irvine
indoor market. Tom noticed how well the trainers
were selling, and on leaving University in 1984 took two £5,000 cheque
s - one from his father and one a loan from the Royal Bank of Scotland
- and started selling trainers from the back of a van, forming the business which would become Sports Division
. In 1989 he opened his first Sports Division store in Paisley
selling sports kit and shell suits, and in 1995, with some help from his friend Sir Philip Green
(now the billionaire
owner of BHS and Top Shop
), bought Olympus Sports, a deal that transformed Sports Division into the No 1 sports chain in the UK, growing to 250 stores.
In July 1998, JJB Sports
offered to buy the larger Sports Division for £290m: Hunter accepted, earning himself £252million. But it resulted in the loss of more than 500 local jobs, which prompted the local MP Des Browne
to say he was "profoundly disappointed the people of Ayrshire have lost out because of the actions of one man."
, he met Halifax Bank of Scotland
governor Gavin Masterton on a trip to watch Rangers F.C.
play Juventus, and subsequently built his business on the HBoS relationship. He then went on and made a massive amount of money
Senior lending manager Peter Cummings introduced Hunter to property development, which resulted in his purchase of stakes in builder Crest Nicholson
, and retirement
homebuilder McCarthy & Stone
. In 2001 Cummings introduced Hunter to fellow HBoS client Nick Leslau
, which lead to the purchase of stakes via Leslau's Prestbury Investment Holdings in the freehold property portfolios of Travelodge
hotels, licensed premises; and the theme park portfolio of Merlin Entertainments
, including Alton Towers
.
Hunter has been unsuccessful on two occasions in trying to take over Rangers Football Club Ltd, with both bids blocked by friend and Rangers chairman Sir David Murray.
, Office, D2
, Qube; and 8% of BHS, with the bulk owned by Sir Philip Green. His other investments include Wyevale Garden Centres.
At its height, West Coast investments covered over 50 companies, and Hunter was touted as a possible bidder for Selfridges
- he lost out to Galen Weston
. However, in light of the Financial crisis of 2007–2008 he sold his stake in Dobbies Garden Centres
to partner Tesco
, lost his entire holding in Crest Nicholson; and a majority of his stakes in McCarthy & Stone and Wyevale Garden Centres.
after the sale of Sports Division, Hunter wanted to raise his family in his homeland. With a growing realisation that making money was, as he told Andrew Marr
in a 2005 BBC interview, "only half of the equation;" and inspired by his hero Andrew Carnegie
, whose book "The Gospel of Wealth
" central premise he often quotes:
Hunter with his wife resultantly established The Hunter Foundation in 1998 with a £10million cheque as a tax management vehicle. After discussions with Vartan Gregorian, head of the Carnegie Foundation
in New York
, Hunter set a cause and a method which has resulted in the foundation donating millions to supporting educational and entrepreneurial projects in Scotland.
In 2001, Hunter was interviewed for the STV programme Rich, Gifted and Scots discussing his wealth, influences and philanthropy. Hunter coined the term "venture philanthropy" – using his investment pledges to leverage more cash from others to invest with him and becoming involved in the strategic delivery of the initiatives he backed. This ensured he could make a bigger impact with his money.
His donations and beneficial projects have included:
Scotland's former first minister, Jack McConnell
, who works for African focused Clinton Hunter Development Initiative, has said of Hunter:
In July 2007 in interview with Jeremy Paxman
on BBC Two
's "Newsnight
" programme, it was reported that Hunter had pledged to donate a further £1 billion to charity. However, in light of fallings in his property portfolio as a result of the Financial crisis of 2007–2008, Hunter has presently suspended his philanthropic activities.
for "services to Philanthropy and to Entrepreneurship in Scotland".
, Sir Bob Geldoff and the David and Simon Reuben
, Melaine Walker.
In 2001 Hunter spent £500,000 on his 40th birthday party, at which Stevie Wonder
and Kool and the Gang performed. The party was held at his £50million home in Cap Ferrat
, on the Côte d'Azur, which he sold to a Russian business for £50million in late 2007. He has also since sold his Mangusta yacht, and his penthouse suite in the , London.
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
businessman, entrepreneur
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
, and philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...
.
In April 2007, Hunter was reported in the Sunday Times Rich List
Sunday Times Rich List
The Sunday Times Rich List is a list of the 1,000 wealthiest people or families in the United Kingdom, updated annually in April and published as a magazine supplement by British national Sunday newspaper The Sunday Times since 1989...
as the first ever home-grown billionaire
Billionaire
A billionaire, in countries that use the short scale number naming system, is a person who has a net worth of at least one billion units of a given currency, usually the United States dollar, Euro, or Pound sterling. Forbes magazine updates a complete list of U.S. dollar billionaires around the...
in Scotland, with an estimated wealth of £1.05 billion. Due to the Financial crisis of 2007–2010 slicing an estimated £250million from his fortune, Hunter was overtaken as Scotland's richest man in late 2007 by Jim McColl
Jim McColl
James Allan "Jim" McColl OBE is a Scottish businessman and entrepreneur. He is responsible for the development of Clyde Blowers plc. In 2007, he was placed tenth on the Sunday Times Rich List in Scotland...
, head of Glasgow engineering firm Clyde Blowers, who has an estimated fortune of £800million.
Sports Division
His father's business suffered badly during the 1984/5 miners strikeUK miners' strike (1984–1985)
The UK miners' strike was a major industrial action affecting the British coal industry. It was a defining moment in British industrial relations, and its defeat significantly weakened the British trades union movement...
, and he was forced to sell up. Campbell invested in another businessman who sold footwear
Footwear
Footwear consists of garments worn on the feet, for fashion, protection against the environment, and adornment. Being barefoot is commonly associated with poverty, but some cultures chose not to wear footwear at least in some situations....
, with Campbell undertaking the accounts and working on a market stall
Market stall
A market stall is a typically immobile, temporary structure erected by merchants to display and shelter their merchandise in a street market or other setting. Stalls are easily erected, taken down or simply moved on wheels...
in Irvine
Irvine, North Ayrshire
Irvine is a new town on the coast of the Firth of Clyde in North Ayrshire, Scotland. According to 2007 population estimates, the town is home to 39,527 inhabitants, making it the biggest settlement in North Ayrshire....
indoor market. Tom noticed how well the trainers
Athletic shoe
Athletic shoe is a generic name for the footwear primarily designed for sports or other forms of physical exercise but in recent years has come to be used for casual everyday activities....
were selling, and on leaving University in 1984 took two £5,000 cheque
Cheque
A cheque is a document/instrument See the negotiable cow—itself a fictional story—for discussions of cheques written on unusual surfaces. that orders a payment of money from a bank account...
s - one from his father and one a loan from the Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
- and started selling trainers from the back of a van, forming the business which would become Sports Division
Sports Division
Sports Division was one of the biggest sports retailers in the United Kingdom during the 1990s. In 1998 it was sold to its main competitor, JJB Sports for approximately £295 Million....
. In 1989 he opened his first Sports Division store in Paisley
Paisley
Paisley is the largest town in the historic county of Renfrewshire in the west central Lowlands of Scotland and serves as the administrative centre for the Renfrewshire council area...
selling sports kit and shell suits, and in 1995, with some help from his friend Sir Philip Green
Philip Green
Sir Philip Green is a British businessman. Green was born into a Jewish family in 1952, beginning as a businessman at the age of 15. The first and last quoted company Green took lead of was "Amber Day", from which he stepped down as CEO and Chairman in 1992...
(now the billionaire
Billionaire
A billionaire, in countries that use the short scale number naming system, is a person who has a net worth of at least one billion units of a given currency, usually the United States dollar, Euro, or Pound sterling. Forbes magazine updates a complete list of U.S. dollar billionaires around the...
owner of BHS and Top Shop
Topshop
Topshop is a British clothes retailer with shops in over 20 countries and online operations in a number of its markets. Its sales come primarily from women's clothing and fashion accessories...
), bought Olympus Sports, a deal that transformed Sports Division into the No 1 sports chain in the UK, growing to 250 stores.
In July 1998, JJB Sports
JJB Sports
JJB Sports plc is a United Kingdom sports retailer. It currently operates 251 stores in the UK and Ireland.- History :The sportshop chain was founded in 1971, when ex-footballer Dave Whelan acquired a single sports shop in Wigan. The original store was established by JJ Broughton in the early...
offered to buy the larger Sports Division for £290m: Hunter accepted, earning himself £252million. But it resulted in the loss of more than 500 local jobs, which prompted the local MP Des Browne
Des Browne
Desmond Henry Browne, Baron Browne of Ladyton is a British Labour Party politician who was the Member of Parliament for Kilmarnock and Loudoun from 1997 to 2010...
to say he was "profoundly disappointed the people of Ayrshire have lost out because of the actions of one man."
Other business activities
Hunter had expanded Sports Division through financing supplied by the Royal Bank of Scotland, but when he proposed the takeover of Olympus Sports, RBS refused to finance the deal. Through his friend Sir David MurrayDavid Murray (Scottish businessman)
Sir David Edward Murray is a Scottish entrepreneur, businessman and former owner and chairman of Rangers Football Club....
, he met Halifax Bank of Scotland
HBOS
HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...
governor Gavin Masterton on a trip to watch Rangers F.C.
Rangers F.C.
Rangers Football Club are an association football club based in Glasgow, Scotland, who play in the Scottish Premier League. The club are nicknamed the Gers, Teddy Bears and the Light Blues, and the fans are known to each other as bluenoses...
play Juventus, and subsequently built his business on the HBoS relationship. He then went on and made a massive amount of money
Senior lending manager Peter Cummings introduced Hunter to property development, which resulted in his purchase of stakes in builder Crest Nicholson
Crest Nicholson
Crest Nicholson is a British housebuilding company based in Chertsey, Surrey.-History:The Company was founded by Bryan Skinner in 1963 as Crest Homes and floated on the London Stock Exchange in 1968. One of the characteristics that differentiated Crest from most other housebuilders of the time was...
, and retirement
Retirement
Retirement is the point where a person stops employment completely. A person may also semi-retire by reducing work hours.Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when physical conditions don't allow the person to...
homebuilder McCarthy & Stone
McCarthy & Stone
McCarthy & Stone plc is a British residential property developer based in Bournemouth on the south coast of England which constructs and sells private retirement homes.-History:...
. In 2001 Cummings introduced Hunter to fellow HBoS client Nick Leslau
Nick Leslau
Nick Leslau is an English commercial property millionaire, with an estimated fortune in the Sunday Times Rich List of £200 million. He owns Thorpe Park which he leases to Merlin Entertainment.-Biography:...
, which lead to the purchase of stakes via Leslau's Prestbury Investment Holdings in the freehold property portfolios of Travelodge
Travelodge
Travelodge refers to several hotel chains around the world. Current operations include: the United States, Canada, the United Kingdom, Spain, the Republic of Ireland, New Zealand and Australia...
hotels, licensed premises; and the theme park portfolio of Merlin Entertainments
Merlin Entertainments
Merlin Entertainments Group Ltd is a British operator of amusement parks and other attractions. It is the largest such company in Europe, and globally the second largest after Walt Disney Parks and Resorts....
, including Alton Towers
Alton Towers
Alton Towers is a theme park and resort located in Staffordshire, England. It attracts around 2.7 million visitors per year making it the most visited theme park in the United Kingdom. Alton Towers is also the 9th most visited theme park in Europe...
.
Hunter has been unsuccessful on two occasions in trying to take over Rangers Football Club Ltd, with both bids blocked by friend and Rangers chairman Sir David Murray.
West Coast Capital
In March 2001, Hunter was a founding partner of West Coast Capital, an investment firm. Through this firm, he has become a major shareholder in a number of retailers - including USCUSC (store)
USC is a retail store that sells branded clothing across the United Kingdom. The first USC store opened in 1989 in Edinburgh and specialised in sports clothing. USC used to stand for United Sports Corporation and was founded by Angus Morrison and David Douglas...
, Office, D2
D2 (clothing)
D2 is a jeans and casualwear retailing company operating in Scotland, England, Wales and Ireland. The company was formed in spring 1999 from a combination of the Fosters Menswear, part of the Jeanster casualwear chain, and Jeans for Sale by Sir Tom Hunter and his investment company West Coast...
, Qube; and 8% of BHS, with the bulk owned by Sir Philip Green. His other investments include Wyevale Garden Centres.
At its height, West Coast investments covered over 50 companies, and Hunter was touted as a possible bidder for Selfridges
Selfridges
Selfridges, AKA Selfridges & Co, is a chain of high end department stores in the United Kingdom. It was founded by Harry Gordon Selfridge. The flagship store in London's Oxford Street is the second largest shop in the UK and was opened on 15 March 1909.More recently, three other stores have been...
- he lost out to Galen Weston
Galen Weston
Willard Gordon Galen Weston, OC, OOnt , is a Canadian businessman and philanthropist. He is the Chairman and President of George Weston Limited...
. However, in light of the Financial crisis of 2007–2008 he sold his stake in Dobbies Garden Centres
Dobbies Garden Centres
Dobbies Garden Centres is a British chain of garden centres, now owned by Tesco.The business was founded in 1865 by James Dobbie, who created a seeds business named Dobbie & Co...
to partner Tesco
Tesco
Tesco plc is a global grocery and general merchandise retailer headquartered in Cheshunt, United Kingdom. It is the third-largest retailer in the world measured by revenues and the second-largest measured by profits...
, lost his entire holding in Crest Nicholson; and a majority of his stakes in McCarthy & Stone and Wyevale Garden Centres.
Philanthropy
Advised to move to MonacoMonaco
Monaco , officially the Principality of Monaco , is a sovereign city state on the French Riviera. It is bordered on three sides by its neighbour, France, and its centre is about from Italy. Its area is with a population of 35,986 as of 2011 and is the most densely populated country in the...
after the sale of Sports Division, Hunter wanted to raise his family in his homeland. With a growing realisation that making money was, as he told Andrew Marr
Andrew Marr
Andrew William Stevenson Marr is a Scottish journalist and political commentator. He edited The Independent for two years until May 1998, and was political editor of BBC News from 2000 until 2005....
in a 2005 BBC interview, "only half of the equation;" and inspired by his hero Andrew Carnegie
Andrew Carnegie
Andrew Carnegie was a Scottish-American industrialist, businessman, and entrepreneur who led the enormous expansion of the American steel industry in the late 19th century...
, whose book "The Gospel of Wealth
The Gospel of Wealth
"Wealth", more commonly known as "The Gospel of Wealth", "the Richest man in the World," is an essay written by Andrew Carnegie in 1889 that described the responsibility of philanthropy by the new upper class of self-made rich...
" central premise he often quotes:
Hunter with his wife resultantly established The Hunter Foundation in 1998 with a £10million cheque as a tax management vehicle. After discussions with Vartan Gregorian, head of the Carnegie Foundation
Carnegie Corporation of New York
Carnegie Corporation of New York, which was established by Andrew Carnegie in 1911 "to promote the advancement and diffusion of knowledge and understanding," is one of the oldest, largest and most influential of American foundations...
in New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, Hunter set a cause and a method which has resulted in the foundation donating millions to supporting educational and entrepreneurial projects in Scotland.
In 2001, Hunter was interviewed for the STV programme Rich, Gifted and Scots discussing his wealth, influences and philanthropy. Hunter coined the term "venture philanthropy" – using his investment pledges to leverage more cash from others to invest with him and becoming involved in the strategic delivery of the initiatives he backed. This ensured he could make a bigger impact with his money.
His donations and beneficial projects have included:
- £6m to the Band AidBand Aid (band)Band Aid was a charity supergroup featuring British and Irish musicians and recording artists. It was founded in 1984 by Bob Geldof and Midge Ure to raise money for famine relief in Ethiopia by releasing the song "Do They Know It's Christmas?" for the Christmas market that year. The single...
appeal - £1m to support the Make Poverty HistoryMake Poverty HistoryMake Poverty History is the name of a campaign that exists in a number of countries, including Australia, Canada, Denmark , Finland, New Zealand, Nigeria, Norway, Romania, the United Arab Emirates, Great Britain and Ireland...
campaign - Supported the Live 8Live 8Live 8 was a string of benefit concerts that took place on 2 July 2005, in the G8 states and in South Africa. They were timed to precede the G8 Conference and summit held at the Gleneagles Hotel in Auchterarder, Scotland from 6–8 July 2005; they also coincided with the 20th anniversary of Live Aid...
concerts. - £100,000 in a £500,000 joint project with the Scottish ExecutiveScottish ExecutiveThe Scottish Government is the executive arm of the devolved government of Scotland. It was established in 1999 as the Scottish Executive, from the extant Scottish Office, and the term Scottish Executive remains its legal name under the Scotland Act 1998...
. - £5m donation to establish the Hunter Centre for Entrepreneurship at the University of StrathclydeUniversity of StrathclydeThe University of Strathclyde , Glasgow, Scotland, is Glasgow's second university by age, founded in 1796, and receiving its Royal Charter in 1964 as the UK's first technological university...
- £1 million to the Children in NeedChildren in NeedChildren in Need is an annual British charity appeal organised by the BBC. Since 1980 it has raised over £500 million. The highlight of the Children in Need appeal is an annual telethon, held in November. A teddy bear named "Pudsey Bear" fronts the campaign, while Terry Wogan is a long...
charity appeal telethon - £1 million to the Comic Relief charity appeal. Matched the £1 million raised during Comic Relief Does The ApprenticeComic Relief Does The ApprenticeComic Relief Does The Apprentice is a special celebrity version of British reality television series The Apprentice, produced to raise money for Comic Relief. The first edition aired in March 2007, and the second in March 2009. Five male celebrities and five female celebrities took part in the show...
- US$10–25 million to the William J. Clinton Foundation.
Scotland's former first minister, Jack McConnell
Jack McConnell
Jack Wilson McConnell, Baron McConnell of Glenscorrodale is a British Labour life peer in the House of Lords. He was third First Minister of Scotland from 2001 to 2007, making him the longest serving First Minister in the history of the Scottish Parliament...
, who works for African focused Clinton Hunter Development Initiative, has said of Hunter:
In July 2007 in interview with Jeremy Paxman
Jeremy Paxman
Jeremy Dickson Paxman is a British journalist, author and television presenter. He has worked for the BBC since 1977. He is noted for a forthright and abrasive interviewing style, particularly when interrogating politicians...
on BBC Two
BBC Two
BBC Two is the second television channel operated by the British Broadcasting Corporation in the United Kingdom. It covers a wide range of subject matter, but tending towards more 'highbrow' programmes than the more mainstream and popular BBC One. Like the BBC's other domestic TV and radio...
's "Newsnight
Newsnight
Newsnight is a BBC Television current affairs programme noted for its in-depth analysis and often robust cross-examination of senior politicians. Jeremy Paxman has been its main presenter for over two decades....
" programme, it was reported that Hunter had pledged to donate a further £1 billion to charity. However, in light of fallings in his property portfolio as a result of the Financial crisis of 2007–2008, Hunter has presently suspended his philanthropic activities.
Recognition
In 2003, Hunter was rewarded for his philanthropy with the Beacon Fellowship Prize for his contribution to pioneering and innovative projects in the field of education. In 2005 he received a knighthoodBritish honours system
The British honours system is a means of rewarding individuals' personal bravery, achievement, or service to the United Kingdom and the British Overseas Territories...
for "services to Philanthropy and to Entrepreneurship in Scotland".
Personal life
Married to Marion, the couple have a daughter and two sons. His friends include Philip Green, Sir David Murray, Nick Leslau, BonoBono
Paul David Hewson , most commonly known by his stage name Bono , is an Irish singer, musician, and humanitarian best known for being the main vocalist of the Dublin-based rock band U2. Bono was born and raised in Dublin, Ireland, and attended Mount Temple Comprehensive School where he met his...
, Sir Bob Geldoff and the David and Simon Reuben
David and Simon Reuben
David and Simon Reuben are well known British businessmen and philanthropists. In the Forbes magazine List of billionaires 2011, ranking of the wealthiest people in the UK, the brothers were placed second with an estimated fortune of £5.5 billion...
, Melaine Walker.
In 2001 Hunter spent £500,000 on his 40th birthday party, at which Stevie Wonder
Stevie Wonder
Stevland Hardaway Morris , better known by his stage name Stevie Wonder, is an American singer-songwriter, multi-instrumentalist, record producer and activist...
and Kool and the Gang performed. The party was held at his £50million home in Cap Ferrat
Cap Ferrat
Cap Ferrat is situated in Alpes-Maritimes département, in southeastern France. It is located in the commune of Saint-Jean-Cap-Ferrat.Saint Hospitius lived here as a recluse during the sixth century...
, on the Côte d'Azur, which he sold to a Russian business for £50million in late 2007. He has also since sold his Mangusta yacht, and his penthouse suite in the , London.