In Partnership with Rybrook Rolls Royce
Secretary of State for Culture, Media and Sport and Equalities Minister Rt Hon Sajid Javid MP came to Birmingham Friday night to celebrate the entrepreneurial spirit of the Asian business community as he spoke at the second annual Asian Business Awards, Midlands and reveal of the Midlands Asian Rich List,
The gala awards ceremony, held at Edgbaston Cricket Ground, in association with Rybrook Rolls Royce, paid tribute to nine individuals that in 2013 made a huge impact within their sector and to the economy of the Midlands.
Speaking at the gala event attended by a host of the millionaires, including Sukhjinder Khera, Managing Director of KTC Edibles, who was honoured with the Midlands Asian Business of the Year award, Pravin Majithia, Director, MPK Garages in Leicester who received the Asian Business Fast Growth Company of the Year and Helen Dhaliwal Founder and Director of Red Hot World Buffet in Nottingham who walked away with the Asian Businesswoman of the Year award, Mr Javid praised the invaluable contribution to the economy and amazing resilience of the UK’s Asian community, despite challenging times, “It’s great to be in Birmingham at this inspiring event. Our economy depends on a thriving private sector which is why this Government is working tirelessly to support businesses and cut red tape. Not only that, we are creating a fairer society where hard work and ambition can reap rewards and secure a better future for generations to come. ”
The glittering evening also marked the release of the Asian Rich List – Midlands, the official annual listing of the 51 of the wealthiest Asians across the Midlands. This year’s list sees Ranjit Boparan of Northern Foods and 2 Sisters Food Group, now acknowledged as the country’s second largest food production company, maintain his position at the top of the list of the Midlands millionaires for the second year, with a valuation of £1.3 billion.
In what has been another tough year for the economy, this year’s Asian Rich List – Midlands, published by Asian Media & Marketing Group (AMG) on 9 May, shows the combined overall net worth of the 51 millionaires reach an impressive £4.3 billion, (an increase of £300 million since 2013), with the Top 10 representing nearly 75% of the total figure.
36 of the 51 millionaires have seen an overall increase in their net worth, with at least three of them more than doubling their wealth and showing phenomenal growth. Surjit Rai’s Loughborough based Rushcliffe Care Homes has shown a dramatic increase in wealth – with a net increase of 150% taking the valuation from £16 million in 2013 to £40 million on this year’s list and taking him up a staggering 16 places from number 32 to number 16 on the list.
With the entry point for this year’s list being set at £10 million, the list shows that the ‘young guns’ are making their mark in the Midlands, with three of the millionaires being under 40 and 14 being under 50. The youngest entrepreneur on the list this year is Kavi Jundu, with his West Bromwich based cardboard box manufacturing company Diamond Box. At just 34 and with a net worth of £12 million, he has successfully tapped into the growing demand for premium packaging both on the high street and online.
This year’s list also sees six new entries with a combined value of nearly £150 million, with the highest new entry, being Nikesh Kotecha chairman of Loughborough based Morningside Pharmaceuticals, storming in at number 14 with a valuation of £40 million.
Shailesh Solanki, executive editor of AMG and one of a panel of four experts who has examined British Asian wealth over the last year for the Asian Rich List, said: “This is the second year that we have published a dedicated list for the Midlands, as we feel there is so much talent that needs to be recognised in the region. It’s very interesting to see that some of the core industries like food, fashion and manufacturing still maintain a stronghold in the region, but we are starting to see the community spreading their wings and entering new sectors such as pharmaceuticals, petrol forecourts and nursing homes, to build hugely successful businesses.
“The overall increase in combined net worth shows that despite the challenges of the general economy, many business leaders in the community have seen opportunity and potential and moved quickly to capitalise. It is an inspiring picture and one that should energise entrepreneurs everywhere.”
This year’s Top 10 wealthiest Asians across the Midlands region are:
1. Ranjit & Baljinder Boparan (£1.3bn)
2. Lord Swraj & Angad Paul (£750m)
3. Anil Aggarwal (£370m)
4. Abdul Rashid and Aziz Tayub (£275m)
5. Shiraz Tejani (£150m)
6. Tony Deep Wouhra (£85m)
7. Paul Bassi (£80m)
8. Abdul Ali Mahomed (£75m)
9. Palminder & Enrez Singh (£71m)
10. Anup, Nitin & Pankaj Sodha (£67m)
· The winners of this year’s Asian Business Awardsm Midlands are:
o Asian Business Food and Drink Business of the Year Winner: Sam Sanhga, Managing Director, Asiana Limited
o Asian Business Healthcare Business of the Year sponsored by Bank of Baroda Winner: Anup Sodha, Managing
Director, Lexon (UK) Limited
o Asian Business Restaurant of the Year sponsored by Stassens Tea Winner: Rai Singh, Creative Director, Pushkar
o Asian Business Community Champion of the Year Winner: Paul Sabapathy CBE, HM Lord- Lieutenant, West
o Asian Business International Company of the Year sponsored by Mazar Winner: Caparo Group.
o Asian Business Fast Growth Company of the Year sponsored by St Philips Chambers Winner: Pravin Majithia,
Director, MPK Garages
o Asian Business Young Entrepreneur of the Year Winner: Dan Amin, Managing Director, Exclusive Cakes 4 U
o Asian Businesswoman of the Year Winner: Helen Dhaliwal, Founder Member & Director, Red Hot World Buffet
o Asian Business of the Year sponsored by Rybrook Rolls Royce Winner: Sukhjinder Khera, Managing Director, KTC