2015: No.17 - £230m
2014: No.18 - £230m
Paul Newey loves playing poker . He’s ranked 905th in the world and 47th in the UK’s all-time money winners’ list. He is reported to have paid £600,000 for a seat at the 45th World Series of Poker event in Las Vegas. Most recently he played in the 2014 Poker Stars Caribbean Adventure.
The top prize in the World Series was more than £11.5 million, which Paul Newey didn’t win – finishing seventh. But he had already made his fortune. That happened in 2006, when he sold Ocean Finance – the Tamworth debt consolidation business he founded in 1991 – for £200 million.
In recent times Ocean Finance hasn’t been doing so well.
The company was hit with a £12 million provision for the mis-selling of payment protection insurance and the company has faced several years of losses. So Paul Newey probably feels he got out at the right time.
He sold Ocean Finance to American General , a subsidiary of US insurance giant AIG. He stayed on as chief executive but stood down in 2009.
Paul Newey, aged 46, enjoys a flutter and famously came close to breaking the bank at Star City Casino in Birmingham when he won £3 million and forced owner Stanley Leisure to issue a profit warning, wiping 12 per cent off its share value.
Luck has been something which has followed Paul Newey since he lost his job back in 1991 when his employer went bust. With a business partner and just £2,500 he set up Ocean Finance – based on the Centurion Business Park in Tamworth – and the rest is history.
Paul Newey lives in a seven-bedroom Regency style home in Sutton Coldfield.
London-based New Wave Ventures, which he set up in 2010 with ex-Lloyds managing director Tim Bullock, invests in businesses with growth potential. He is chairman of the company. Investments include Aeristech, a Kenilworth-based engine turbo-charger company, Nottingham synthetic bone graft company Orthogem and Cambridge Scientific Innovations, a food and pharmaceutical product testing company.