Albert Gubay

About Albert Gubay

Birth Day: April 09, 1928
Birth Place: United Kingdom
Died On: 5 January 2016(2016-01-05) (aged 87)\nWilmslow, Cheshire, England
Birth Sign: Taurus
Occupation: Businessman
Years active: 1959–2016
Title: Founder/Owner of Kwik Save (1959–73) Founder/Owner of Total Fitness (1993–2004) Founder/Owner of Mount Murray Hotel & Country Club (1994–2013) Chairman of The Albert Gubay Charitable Foundation (2010–16) Owner of The Nunnery
Spouse(s): ex-wife (divorced) Carmel Gubay (?–2016, his death)
Children: 2

Albert Gubay Net Worth

Albert Gubay was bornon April 09, 1928 in United Kingdom. Retailer turned real estate guru. Made his first fortune in 1973 when he sold his U.K. discount retail chain Kwik Save for $28 million. Repeated his Kwik Save model in New Zealand, Ireland and the U.S., investing the profits in real estate in places such as Liverpool, Manchester, Sheffield, Hull and tax haven Isle of Man. While recuperating from a bad back, decided to open fitness centers; sold his health club chain Total Fitness (but not the real estate it sits on) for $154 million in 2004. Devout Catholic has pledged his wealth to both religious and secular causes, like the building of new churches and university scholarships for Isle of Man residents.

💰 Net worth: $1.1 Billion

Some Albert Gubay images

Biography/Timeline

1928

Born on 9 April 1928 in Rhyl, to an Iraqi Jewish Father, and an Irish Roman Catholic mother, Gubay began his Business career in North Wales selling non-sugar sweets during post-World War II confectionery rationing. When rationing came to an end in the mid-1950s, the confectionery Business ran into difficulties and Gubay moved into Retailing via market stalls.

1959

Gubay founded Value Foods on 11 May 1959 in Prestatyn, and rented its first Retail shop in Rhyl in July 1959. His aggressive price cutting resulted in some manufacturers refusing to supply him.

1964

In 1964 Gubay visited the United States with fellow Director Ken Nicholson, and learnt about the "baby shark" method of Retailing. Combined with ideas gained from West German retailer Aldi, the Business model was based on buying goods on favourable (net 60 or 90) payment terms, distributing and selling them at or below cost before the payment fell due, and using the interest on the resulting cash flow to fund the Business. The first Kwik Save Discount branded store opened in Prestatyn in 1965, and produced more sales than the existing Value Foods supermarkets. The second opened in Colwyn Bay, and by 1970 Kwik Save Discount had 24 stores.

1970

Just before it was floated on to the London Stock Exchange in November 1970, the company changed its name formally to Kwik Save Discount Group Ltd. In 1973, Gubay sold Kwik Save for £14M/$28 million.

1971

Gubay and his second wife lived in Santon, Isle of Man since 1971. He had two children with his first wife, and was petitioned to stay on the island by locals after threatening to leave for Switzerland as a result of a dispute over taxes.

1980

In the 1980s, Gubay paid for a replacement church at the site of St Anthony's in Onchan, Isle of Man. The church was designed by Clayton/Massey, with local Architect John Cryer responsible for the interior, and Gubay's suggestion of a window illustrating Christ walking on Douglas Bay by Chris Spittall as a focal point. In 1990, Gubay paid for an extension to Our Lady of the Nativity church in Leixlip, County Kildare, in memory of his mother, Mary Clarke, a native of the area.

1997

In summer 1997, Gubay told an RTÉ television documentary that he had made a "50-50" deal with God, promising when he was younger and penniless to give half his estate to the Roman Catholic Church, if he succeeded in becoming a millionaire.

2005

Gubay had since moved his focus to property development, via Portville. He has mass Investments, mainly in the United Kingdom, Ireland, and Russia. He was named the top property developer in Wales in 2005.

2007

While recovering from a back injury, Gubay founded fitness chain Total Fitness. In July 2007, Gubay sold the chain, based mainly in North West England and Ireland, with 21 locations and 150,000 members, to the private equity arm of Legal & General, for £70 million.

2010

In March 2010 Gubay announced that he was to transfer £470 million of his £480 million personal fortune to a charitable trust. Half the income must be spent on projects connected with the Catholic Church with the rest distributed at the discretion of the trustees.

2011

On 23 February 2011, Gubay was invested as Knight Commander with Star of the Order of St. Gregory the Great (KC*SG) by the Archbishop of Westminster, Vincent Nichols. Gubay was honoured with this Papal knighthood for his conspicuous Service to the Church and society.

2016

Gubay died aged 87, following a short illness, at his home in Wilmslow, Cheshire, on 5 January 2016.