David and Simon Reuben are British businessmen and philanthropists. In the Forbes magazine
List of billionaires 2013, ranking of the wealthiest people in the UK, the brothers
were placed second.
Early life and career The brothers were born to a prosperous Iraqi
Jewish family in Bombay, India, in the forties. The family, which had lived in British India
since the mid-1800s, emigrated to the UK in the early 1950s. Their extended family had
run various businesses across the Indian Subcontinent from their base in Bombay. The family arrived
in London when the boys were teenagers, allowing them to be educated in British secondary schools.
The brothers increased their fortune during the 1970s and 1980s in both metals trading
and property. Nearly half their fortune is in liquid assets such as cash and bonds. They
avoid publicity, but provide some details about their interests on their personal website.
Metals business In the early 1990s, the brothers invested
in the Russian metals market, financing significantly the production and distribution of metals.
The Reubens became the world's third-biggest producer of aluminum.
At its peak, their company, Trans-World Metals, and its associates controlled five percent
of the world's aluminum output. When Russian aluminum smelters were incapacitated by debt,
Trans World entered into tolling arrangements with factories in which they paid for and
delivered raw materials in return for finished aluminum, which it then sold for profit. The
company's investment in Russia was $1.5 billion, with global sales in 1995 topping $8 billion.
Due to their former status as Russia's biggest foreign investors, they are subjected to significant
press scrutiny. During their ten years in the country the Reuben Brothers did business
with some unconventional characters. They also came across several members of the country's
new oligarchy, including Roman Abramovich, now owner of Chelsea F.C.
Subsequently they settled a multi-million pound legal dispute with Oleg Deripaska which
resulted in a substantial settlement being awarded to Reuben Brothers.
In 2008 Reuben Brothers returned to the metals business acquiring the metal trading company,
RB Metalloyd, and formed a new dedicated natural resources platform, RB Resources. Reuben Brothers
have expanded their mining interests and have a portfolio of mines in Morocco, Indonesia
and South Africa. Present activities
By 2000, the Russian business environment was turning sour for them and they sold all
their Russian assets and focused their business activities mainly in the UK property market,
where they have a substantial portfolio of debt-free assets. With others, they have been
involved in financing a number of major acquisitions and also have investments in technology companies.
As of 2013 their business activities mainly involved real estate both in the UK and abroad,
venture capital, and private equity. Real estate
UK properties owned by Reuben Brothers include: Millbank Tower; the John Lewis Partnership
headquarters in Victoria; the American Express offices also in Victoria; Carlton House SW1;
Academy House on Sackville Street; Connaught House on Berkeley Square; Market Towers; prime
Sloane Street shops; and Cambridge House, the former premises of the Naval and Military
Club, which comprises six freehold buildings which have a planning consent for a six-star
hotel and private members' club. Unconfirmed rumours state that the mansion complex will
be re-converted into a private residence, as it was when Prime Minister 3rd Viscount
Palmerston lived there. Other investments and developments include:
Merchant Square: a 1,800,000 sq ft development scheme of offices and flats, key to the regeneration
of the Paddington area of London Park Plaza Hotels & Resorts: 50/50 joint venture
in a new apart-hotel under the 'art'otel' brand in Hoxton, City of London
Hampton House: demolition and redevelopment of the 1960s office block opposite Tate Britain.
Designed by Foster & Partners, the project features a mix of apartments and an apart-hotel
on the River Thames next to the Riverbank Park Plaza hotel
Airports: London Oxford Airport, London Heliport Aldergate Investments
Via both companies, the Reuben Brothers continue to be one of the largest investors in luxury
leisure group Orient-Express Hotels. Other holdings include:
Hotels: the company own significant interest or co-interests in the hotels sector, covering
Orient-Express Hotels and Travelodge Hotels Retail: Co-investors of D2 Jeans and Blue
Inc clothing retailers, with retail guru Sir Stuart Rose
Banking: investors in both Luup and Metro Bank
The Wellington Pub Company: the largest free-of-tie pub estate in the UK with approximately 850
tenanted pubs Global Switch: the largest wholesale carrier
neutral data centre provider in Europe and the Asia-Pacific region
Horse Racing: Arena Leisure and Northern Racing merged forming ARC which represents 40% of
UK fixtures and a 45% stake in At The Races, the broadcaster taking UK and Irish racing
to domestic & international audience Personal
The Reuben brothers guard their privacy. Simon, three years younger than his brother David,
has given only one interview to a British publication in his entire career and that
was more a case of finding himself in a room with a journalist and having to make polite
conversation. In 2005, they won the Variety Club 'entrepreneurs of the year' award. Both
are married with children, and both follow Chelsea FC.
Footnotes
External links David and Simon Reuben
Profile in The Guardian http:business.timesonline.co.uk0,,9064-2220021,00.html
http:www.thisismoney.co.ukarticle.html?in_article_id=409816&in_page_id=2 http:money.cnn.comfortune200412index.htm
http:www.reubenbrothers.com/Article74.html http:www.reubenbrothers.com/article70.html
http:www.reubenbrothers.com/article46.html http:www.reubenbrothers.com/Article102.html