Difference between revisions of "David Garrard"

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Sir '''David Eardley Garrard''' is a retired British property developer.
 
Sir '''David Eardley Garrard''' is a retired British property developer.
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==Early life and education==
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David Eardley Garrard was born on 12 January 1939.  He grew up in Stamford Hill, North London, where his father had a small upholstery business, and attended Battersea Grammar in South London. Garrard’s sister married [[Philip Rose]], whose family owned the commercial property company [[Land Investors]] which had made a fortune in the 1960s property boom.<ref>Rupert Steiner, ‘Property tycoon with a multi-storey personality – Profile’, ''Sunday Times'', 1 October 2000.</ref>  Rose subsequently became a mentor to Garrard who after school began work as a commercial estate agent.
  
==Minerva==
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==Business==
In 1986 Garrard invited [[Andrew Rosenfeld]] to join him at [[Land Investors]] and the two of them left in 1989 to set up their own company [[Minerva]]. Minerva is valued at over £500 million.<ref> Marcus Williamson [http://www.independent.co.uk/news/obituaries/andrew-rosenfeld-businessman-who-made-a-fortune-from-property-then-became-a-noted-philanthropist-and-labour-party-donor-10045774.html Andrew Rosenfeld: Businessman who made a fortune from property then became a noted philanthropist and Labour Party donor] ''Independent'', 13 February 2015, accessed 25 March 2015 </ref>
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In 1986, the Rose family agreed to a £71.1 million takeover of [[Land Investors]] led by Garrard in partnership with [[Berish Berger]], grandson of the property tycoon [[Gerson Berger]].  The two men created a public vehicle for the deal, [[BCPH]], which was majority owned by their joint venture [[Reliable Properties]].<ref>Judith Huntley, ‘Agreed bid for Land Investors’, ''The Times'', 7 May 1986, p.17.</ref>   
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Berger subsequently bought out Garrard’s 25% stake in Land Investors, changing the name to [[Land & Property Trust]].  Garrard used the revenue from that sale to launch his own property company, [[Minerva]], with his protégée [[Andrew Rosenfeld]], whom he had recruited to [[Land Investors]].<ref>Minerva Property, ‘Retirement of Sir David Garrard and Appointment of Andrew Rosenfeld as Chairman and Ivan Ezekiel as Finance Director’, 3 March 2005. http://www.minervaproperty.com/investors/comnews/?id=1668</ref>    Garrard served as chairman and Rosenfeld as Chief Executive.  The pair floated the company in 1996. <ref>Matthew Lynn, ‘Property whiz-kid who was to his manor born – Profile’, Sunday Times, 25 January 1998</ref>  Three years later the ''Sunday Times'' wrote that: ‘In little more than a decade David Garrard and Andrew Rosenfeld, the duo who founded Minerva, have built up the value of the property company from £3m to £300m.’<ref>John Waples, ‘Minerva duo become hot property’, Sunday Times, 10 October 1999</ref>
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On 31 March 2005 Garrard stepped down as Chairman of Minerva plc and was replaced by Rosenfeld, then still Chief Executive, at the same time selling a large stake in the company held through family trusts for an estimated £35 million.  Along with his wife, Garrard then became a tax exile in Switzerland, living in a suite at the Mandarin Oriental in Geneva.  
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Minerva is valued at over £500 million.<ref> Marcus Williamson [http://www.independent.co.uk/news/obituaries/andrew-rosenfeld-businessman-who-made-a-fortune-from-property-then-became-a-noted-philanthropist-and-labour-party-donor-10045774.html Andrew Rosenfeld: Businessman who made a fortune from property then became a noted philanthropist and Labour Party donor] ''Independent'', 13 February 2015, accessed 25 March 2015 </ref>
  
 
==Loan to the Labour Party==
 
==Loan to the Labour Party==

Revision as of 10:24, 14 December 2022

Sir David Eardley Garrard is a retired British property developer.

Early life and education

David Eardley Garrard was born on 12 January 1939. He grew up in Stamford Hill, North London, where his father had a small upholstery business, and attended Battersea Grammar in South London. Garrard’s sister married Philip Rose, whose family owned the commercial property company Land Investors which had made a fortune in the 1960s property boom.[1] Rose subsequently became a mentor to Garrard who after school began work as a commercial estate agent.

Business

In 1986, the Rose family agreed to a £71.1 million takeover of Land Investors led by Garrard in partnership with Berish Berger, grandson of the property tycoon Gerson Berger. The two men created a public vehicle for the deal, BCPH, which was majority owned by their joint venture Reliable Properties.[2]

Berger subsequently bought out Garrard’s 25% stake in Land Investors, changing the name to Land & Property Trust. Garrard used the revenue from that sale to launch his own property company, Minerva, with his protégée Andrew Rosenfeld, whom he had recruited to Land Investors.[3] Garrard served as chairman and Rosenfeld as Chief Executive. The pair floated the company in 1996. [4] Three years later the Sunday Times wrote that: ‘In little more than a decade David Garrard and Andrew Rosenfeld, the duo who founded Minerva, have built up the value of the property company from £3m to £300m.’[5]

On 31 March 2005 Garrard stepped down as Chairman of Minerva plc and was replaced by Rosenfeld, then still Chief Executive, at the same time selling a large stake in the company held through family trusts for an estimated £35 million. Along with his wife, Garrard then became a tax exile in Switzerland, living in a suite at the Mandarin Oriental in Geneva.

Minerva is valued at over £500 million.[6]

Loan to the Labour Party

In 2006 it was revealed Garrard had loaned the Labour Party £2.3 million. He was part of a list which included Richard Caring, Lord Sainsbury, Rod Aldridge, Chai Patel, Andrew Rosenfeld and Barry Townsley who had 'loaned' nearly £14million to the party. The move towards transparency came from a combination of pressure from the other parties and plans to introduce a new law banning secret loans to parties. A number of those who provided the party with loans were also nominated for peerages.[7]

Donations

Date Name of donor Amount Donated to Subsidiary (parties only)
23/05/2003 Sir David Garrard £200,000.00 Labour Party Central Party
31/07/2008 Sir David Garrard £352,278.00 Labour Party Central Party
10/09/2012 The Maureen and David Garrard Foundation, 25 Harlley Street £1,570.00 The Rt Hon Jim Murphy MP
31/10/2013 Sir David Garrard £60,000.00 Labour Party Central Party
Sir David Garrard £25,000.00 Better Together 2012
16/06/2014 Sir David Garrard £629,570.31 Labour Party Central Party

[8]

Affiliations

Notes

  1. Rupert Steiner, ‘Property tycoon with a multi-storey personality – Profile’, Sunday Times, 1 October 2000.
  2. Judith Huntley, ‘Agreed bid for Land Investors’, The Times, 7 May 1986, p.17.
  3. Minerva Property, ‘Retirement of Sir David Garrard and Appointment of Andrew Rosenfeld as Chairman and Ivan Ezekiel as Finance Director’, 3 March 2005. http://www.minervaproperty.com/investors/comnews/?id=1668
  4. Matthew Lynn, ‘Property whiz-kid who was to his manor born – Profile’, Sunday Times, 25 January 1998
  5. John Waples, ‘Minerva duo become hot property’, Sunday Times, 10 October 1999
  6. Marcus Williamson Andrew Rosenfeld: Businessman who made a fortune from property then became a noted philanthropist and Labour Party donor Independent, 13 February 2015, accessed 25 March 2015
  7. BBC News Labour reveals secret loans list, 20 March 2006, accessed 25 March 2015
  8. Electoral Commission, Donation Search, accessed 25 March 2015