business

Rich List 2017: No.14 - Roy Richardson and family

Owners of Merry Hill Shopping Centre have seen their fortune remain constant at £480 million despite dropping three places in the Rich List

Roy Richardson

Construction
2017: No.14 - £480m
2016: No.11 - £480m

The Richardson family is probably best known for the Merry Hill Shopping Centre in Brierley Hill, but the company's reach goes far wider than that with projects and joint ventures across Europe and North America.

One major Richardson’s project is the regeneration of part of Durham’s Riverside – Freemans Reach – which is the UK’s first city centre development to use hydro power generation following the installation of a huge water turbine.

The Durham transformation is one of the latest projects undertaken by Oldbury-based Richardson Capital.

The regeneration includes new offices for National Savings and Investments. Richardson’s is part of a development consortium which includes Carillion Developments and Arlington Real Estate.

Richardson Capital is also transforming the Lowesmoor area of Worcester - all part of a £75 million regeneration scheme, once again with Carillion as a partner.

Birmingham Post Power 250: Construction

The scheme, christened the St Martins Quarter, includes retail outlets, restaurants, leisure facilities and a multi-story car park as well as an ASDA which boasts 125,000 sq ft of floor space and a car park for 500 vehicles.

The project has also involved the restoration of one of Worcester’s most historic buildings. The former Majestic Wine Warehouse, which dates back to the Civil War, is being transformed into new offices.

Richardson’s has been developing real estate for six decades.

The company was founded more than 60 years ago by the Black Country’s most famous twins – Roy, aged 86, and the late Don Richardson, and is now run by sons Lee, Carl and Martyn Richardson.

The company is growing internationally and has developments across many European countries including Hungary, Austria and The Netherlands.

A significant investment is the luxurious Palazzo Dorrotaya, one of the most exclusive office addresses in Budapest. Richardson Capital is joint owner with RDM Gruppo Fingen of Italy.

The 1821 building has been renovated and is occupied by UBS and global legal services firm Baker & McKenzie. It also includes luxury apartments and shops.

Don Richardson died in September 2007, aged 77, bringing an end to the legendary partnership of Don and his younger twin Roy Richardson who founded the hugely successful Richardson Group of companies.

Despite expansion across the world, the Richardson twins will be best remembered for one of their earliest and biggest regeneration developments on their own doorstep – the transformation of the 300 acre former Round Oak Steelworks into the Merry Hill Shopping Centre.

This development is one of the biggest retail centres in Europe.

Birmingham Post Rich List 2016: No.11 - Roy Richardson & family

The company has a large property portfolio.

The main Richardson company – Dukehill - Ltd has net assets worth more than £100 million.

Property asset companies in its investment portfolio include Waypoint Asset Management, specialising in retail, Endurance Estates which has completed largely residential development projects worth around £2 billion, and East Street Homes, specialising in obtaining sites and buildings with residential potential.

The company has expanded into North America with a £50 million joint venture deal with locally-based Carillion Plc to develop prime sites in the fast expanding Greater Toronto area of Canada.

The company also has a 50 per cent stake in a £600 million new town project which is resurrecting the site of Scotland’s iconic Ravenscraig steelworks near Motherwell.

This is one of the biggest regeneration projects in Europe. Another Scottish development – in association with Carillion –is a retail park on the site of the former truck plant in Bathgate.

The Richardson Brothers Foundation was established by the family in 2006 to help less fortunate members of society, and has helped many organisations including The Children’s Trust, Cure Leukaemia, and Acorns Hospice.

The family has significant interests in other property and non-property related businesses.

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