From The Telegraph’s Business Editor, Ben Marlow:
Big business swamped Liverpool’s Arena and Convention Centre, turning the Labour party conference into a mini-Davos. Google, Mastercard, Ikea and Barclays paid for exhibition stands next to the main conference hall. Deliveroo and Goldman Sachs held fringe events. The parliamentary lounge sponsor was Lloyds bank.
A special business forum with Keir Starmer, shadow chancellor Rachel Reeves and shadow business secretary Jonathan Reynolds was sold out a month beforehand – 200 bigwigs snapped up tickets at a cost of £2,520 a piece. Hundreds more put their names on a waiting list in the hope that someone would drop out.
Amid the jostling, one exhibitor in particular stood out, and not just because of the green and yellow hydrogen-powered 4x4 that was parked in front of its stand. Billionaire industrialist Sir Jim Ratcliffe had dispatched a top team from his chemicals empire Ineos to the jamboree.
As the second-richest man in Britain, one of the country’s most prominent Brexiteers, biggest carbon emitters and a two-time tax exile, it is hard to think of a more unlikely Labour backer. But Ratcliffe’s delegation had serious work to do.
“It was a big team of people and they were coming and going all the time,” one delegate said.
After 10 years of cheap money and mostly friendly government, Britain’s foremost industrialist is facing spiralling interest rates and the prospect of Ed Miliband in charge of energy policy.
Having spent months battling Qatar to invest in his beloved Manchester United, rocketing costs have left Ineos facing its most serious financial squeeze since the credit crunch. Then, debts from a decade of dizzying deal-making came within a whisker of overwhelming it.
As Ratcliffe turns 71 years-old, questions over how Ineos navigates this next chapter are unavoidable for a billionaire increasingly stepping into the limelight. Will the swashbuckling dealmaker again lead it into calmer waters and a new era of growth? Or is his swelling collection of trophy assets the sign of a man preparing to hand over day-to-day running of Britain’s biggest private company?Either way, the tycoon and the sprawling petrochemicals conglomerate that he has spent 25 years assembling are at a crossroads.
Boy’s toys
Ratcliffe has assembled an impressive collection of boy’s toys even for someone with a fortune estimated at nearly £30bn by the Sunday Times Rich List.
He has a private jet and a £130m mega-yacht complete with an underwater viewing window in its wine cellar. Ratcliffe splits his time between homes in Monaco – where he has controversially chosen to become a tax exile for the second time – Majorca, Chelsea, and Lake Geneva in Switzerland. He is radically redeveloping his beachside property in Hampshire, too, to the irritation of some neighbours.
Ratcliffe also owns the struggling fashion label Belstaff, and has started a car company from scratch. It was the Ineos Grenadier – a 4X4 that aims to replace the discontinued Land Rover Defender – on show at the Labour Party conference.
His attention has increasingly been divided by sport, too. In 2017, he bought Swiss side FC Lausanne-Sport and despite admitting to some “silly errors” – they were relegated into the second tier last year – he went on to pay £88m for French top-flight side OGC Nice in 2019.
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https://www.telegraph.co.uk/business/2023/10/21/manchester-united-sale-jim-ratcliffe-ineos-bid/