David And Simon Reuben

Midas Touch 

After immigrating to the UK from India in the 1950s, David and Simon Reuben went from strength to strength, thanks to their business acumen and strategy. Today, the Reubens are the fourth wealthiest in Britain. 

According to Britain Tracker's industry report, prepared in conjunction with the Confederation of Indian Industry, of the fastest-growing Indian companies in the UK last year, 100 of them have clocked revenue growth of at least 10%. The combined turnover of these companies is estimated at £42.8 billion, aggregating an average annual growth rate of 48%. Together, they paid £473.6 million in corporation tax and made capital expenditure investments of £1.4 billion.

Of the 100 fastest-growing Indian companies, 27% are in technology and telecoms, while engineering and manufacturing companies represent 20% of companies. Hospitality and leisure companies particularly benefitted from a full year’s trading under normal conditions. They represented 10% of the Tracker companies, including five in the top 30 list. Around 52% of the fastest-growing companies are mostly focused in London.

Reuben Brothers

Born into a Baghdadi Jewish family in Mumbai (erstwhile Bombay), David Reuben and Simon Reuben are the sons of David Sassoon Reuben and Nancy Reuben. Their father migrated to Mumbai from Iraq in search of employment in the then large textile industry. However, the divorce of their parents led the brothers to a different destination, London, in the 1950s along with their mother. 

Due to financial circumstances, the brothers had a chequered early life and had to study in state schools. Simon Reuben could not complete his formal education, since he dropped out of school. They were brought up in Islington, North London.

Scrap Metals Business And Carpet Trading

Eventually, David set up a scrap metals business while Simon started out in carpets trade. He acquired England's oldest carpet company from the receivers, and subsequently he made a profit from carpet trading. Thereafter, he began investing in property. Initially, he invested in Walton Street and the King's Road in Chelsea. The brothers grew financially strong during the 1970s and 1980s, thanks to their successful metals and property businesses.

In the early 1990s, David and Simon were drawn towards the Russian metals market. However, the incapacitated Russian aluminum smelters soon became debt ridden. Trans-World, Reuben's firm, invested in the factories. They received raw materials in return for finished aluminum from them. The company's investment in Russia was estimated at $1.5 billion, with global sales in 1995 clocking over $8 billion. However, Trans-World was accused of involvement in illegal activities. The brothers were reportedly involved with a few members of the country's oligarchy. Eventually, they agreed to a multimillion-pound legal dispute with an oligarchy. And the settlement was awarded to Reuben Brothers.

By 2000, the brothers sold all Russian assets and focused their business activities particularly on the UK's property market. Since then they have made many acquisitions and investments in technology companies. By the mid-2000s their business interests in the UK and outside the country were primarily focused on real estate. Simon Reuben has investments in OneDome, a fintech business, in the UK. In 2008, the brothers once again focused on the commodity business. They expanded their mining footprint to Morocco, Indonesia and South Africa.

Realty Business And Investments

The Reuben brothers own a number of properties in the UK. Their primary properties include Millbank Tower; the John Lewis Partnership headquarters and American Express offices in Victoria; Carlton House SW1; Academy House on Sackville Street; Connaught House on Berkeley Square; and Market Towers. Besides, they also own London Primark store on Oxford Street; Sloane Street shops; and Cambridge House, the former premises of the Naval and Military Club. 

The brothers' other investments and developments are in Merchant Squaren (a 1.8 million sq. ft. complex comprising offices and flats in Paddington), London; Park Plaza Hotels & Resorts (a 50-50 joint venture in a new apart-hotel under the 'art'otel' brand in Hoxton) in London; Hampton House; and airports at London Oxford and London Heliport. In 2006, they tied up with the FTSE-listed McCarthy & Stone, a retirement home construction company, though they reportedly exited from the deal subsequently.

In 2007, the brothers made investments in the luxury leisure group, Belmond Ltd. But they sold their stake in the group in 2019 for £233 million. Their other holdings are Travelodge Hotels; D2 Jeans and Blue Inc.,  Sir Stuart Rose; Luup and Metro Bank; The Wellington Pub Company (the largest free-of-tie pub estate in the UK, with about 850 tenanted pubs); Global Switch, the carrier data centre provider in Europe and the Asia-Pacific region; and a joint venture with British Marine.

In 2020, the ownership of Newcastle United Football Club was agreed between Mike Ashley and a consortium comprising Reuben Brothers, Amanda Staveley's PCP Capital Partners, and the Public Investment Fund of Saudi Arabia. Besides, the brothers also have a stake in Arena Racing Company (ARC Racing and Leisure Group) created in 2012 by the merger of Arena Leisure and Northern Racing. In 2024, the brothers acquired a strategic stake in EDGLRD, an entertainment company founded by film-maker Harmony Korine.

Awards And Achievements 

The Reuben brothers have received many awards and accolades for their successful business. Some of prominent awards include Commander of the Order of the British Empire (CBE) in 2003; Honorary Doctorate of Laws from the University of Westminster in 2005; Lifetime Achievement Award from the Jewish Leadership Council in 2007; and Philanthropist of the Year Award from The Sunday Times in 2012.

As per the Sunday Times Rich List 2023, David and Simon Reuben and their combined family had an estimated net worth of £24.4 billion, making them Britain's fourth wealthiest family.

(Photo: Courtesy Company Website)