Derwent Group to become a ‘charity machine’

DERWENT, the property firm owned by the late billionaire, Albert Gubay, has pledged to give £10m a year to charity and good causes.

The company, which is estimated to be worth in the region of £700m, said this amount could double in five years due to its ongoing success.

North Wales-born Mr Gubay died at his home in Cheshire, aged 87, in January. He made his fortune as founder of  the Kwik Save supermarket chain.albert gubay

In a statement, the Albert Gubay Charitable Foundation said:  “To ensure continued growth The Derwent Group will reinvest at least half of its annual profits. The rest of the profits will be distributed to charitable causes. We estimate that the initial donations will be up to £10m each year.

“This is an arrangement that will exist in perpetuity, continually growing and making ever greater distributions, for generation after generation and because of the way that Albert Gubay positioned The Derwent Group, growth will come very quickly.

“We estimate that the annual distributions of up to £10m will rise in the next five years to up to at least £20m each year.”

“When all of this is applied to the property group that feeds the Gubay Foundation, we find that Albert Gubay has turned The Derwent Group’s properties into charity machines.”

John Nugent, a director of the AGF Trustee Ltd, the trustee of the charitable foundation: said: “We are all proud to have known and worked with Albert Gubay. Whilst he had long ensured that the charity and The Derwent Group were organized to carry on without him, we will miss his invaluable insights and guidance.”

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