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{{Short description|English businessman}} | |||
{{Use dmy dates|date=October 2020}} | |||
{{Infobox person | {{Infobox person | ||
|name |
| name = David Ross | ||
|image= | | image = | ||
| image_size = | |||
|caption= | |||
| alt = | |||
|birth_date= {{Birth year and age|df=yes|1965|07|10}} | |||
| caption = | |||
|birth_place= ] | |||
| birth_name = David Peter John Ross | |||
|dead= | |||
| birth_date = {{birth date and age|1965|7|10|df=yes}} | |||
|death_date= | |||
| birth_place = ], England | |||
|death_place= | |||
| education = ] | |||
|occupation= accountant<br>co-founder ] | |||
| alma_mater = ] | |||
|spouse=ex-partner Shelley Ross | |||
| occupation = Businessman | |||
|children= One son, Carl | |||
| known for = Co-founder of ] | |||
| years_active = 1988–present | |||
| spouse = | |||
| partner = | |||
| children = 1 son | |||
| relatives = ] (grandfather) | |||
| website = {{URL|http://www.davidpeterjohnross.com}} | |||
}} | }} | ||
'''David Peter John Ross''' (born 10 July 1965) is an English millionaire businessman, and one of the co-founders (with ] and ]) of ]. At the peak of his business interests in 2008, Ross was one of the 100 richest people in the United Kingdom.<ref name="independent2008">{{cite news|date=9 December 2008|work=]|title=David Ross: The tycoon who fell to earth|quote=This year's Sunday Times Rich List recorded Mr Ross as the 87th-richest man in the UK with an estimated personal wealth of £873m.|access-date=13 December 2008|url=https://www.independent.co.uk/news/people/profiles/david-ross-the-tycoon-who-fell-to-earth-1058023.html | location=London}}</ref> In 2008, '']'' ranked him #843 in the world's richest billionaires; his net worth was estimated at US$1.4 billion.<ref>{{cite web|url=https://www.forbes.com/lists/2008/10/billionaires08_David-Ross_B7ZH.html|archive-url=https://web.archive.org/web/20080309163654/http://www.forbes.com/lists/2008/10/billionaires08_David-Ross_B7ZH.html|url-status=dead|archive-date=9 March 2008|title=The World's Billionaires: #843 David Ross|work=]|date=5 March 2008|access-date=6 January 2014}}</ref> In April 2015, '']'' estimated his net worth at £1.0 billion.<ref>{{cite news|title=Sunday Times Rich List|work=The Sunday Times|date=26 April 2014}}</ref> In the 2020 edition of the ''Sunday Times Rich List,'' his net worth was estimated at £642 million, a £26 million decrease from the previous year.<ref>{{Cite news|work=The Sunday Times|title=Rich List 2020: profiles 201‑300=|url=https://www.thetimes.co.uk/article/rich-list-2020-profiles-201-300-kqng3sckj|access-date=24 July 2020|issn=0140-0460|url-access=subscription}}</ref> | |||
'''David Peter John Ross''' (born 10 July 1965 in ], ]),<ref name="Debrett's">{{cite web |url= http://www.debretts.com/people/biographies/browse/r/25479/David%20Peter%20John+ROSS.aspx |title=Authorised Biography – Debrett’s People of Today, David Ross, Esq |work=] |accessdate=10 June 2011}}</ref> is an English ] and one of the co-founders (with ]) of ]. A profile in the ] put his current net worth at £892 million in 2014.<ref>{{cite web |url= http://features.thesundaytimes.co.uk/richlist/2013/live/richlist/info/6889/6/11 |title=The Sunday Times Rich List 2013|work=features.thesundaytimes.co.uk |accessdate=4 June 2013}}</ref> However he is not listed as a British US$ billionaire by Forbes 2014 Billionaire list.<ref>http://www.forbes.com/billionaires/list/#tab:overall_country:United%20Kingdom</ref> At the peak valuation of his business interests in 2008, Ross was one of the 100 richest people in the United Kingdom.<ref>{{cite news|last=|first=|date=9 December 2008|work=]|title=David Ross: The tycoon who fell to earth|quote=This year's Sunday Times Rich List recorded Mr Ross as the 87th-richest man in the UK with an estimated personal wealth of £873m.|accessdate=13 December 2008|url=http://www.independent.co.uk/news/people/profiles/david-ross-the-tycoon-who-fell-to-earth-1058023.html | location=London}}</ref> | |||
==Early life== | |||
==Prior to Carphone Warehouse== | |||
Ross |
Ross was born on 10 July 1965.<ref name="Debrett's">{{cite web |url= http://www.debretts.com/people/biographies/browse/r/25479/David%20Peter%20John+ROSS.aspx |archive-url= https://web.archive.org/web/20120411152126/http://www.debretts.com/people/biographies/browse/r/25479/David%20Peter%20John+ROSS.aspx |url-status= dead |archive-date= 11 April 2012 |title=Authorised Biography – Debrett's People of Today, David Ross, Esq |work=] |access-date=10 June 2011}}</ref> He is a grandson of ], who created one of the UK's largest commercial fishing firms from the family business, which eventually became ], and took over the Great Grimsby Coal, Salt and Tanning Company (known as ]), which was founded in 1873 as a co-operative that supplied fishing fleets. Both businesses were listed on the London Stock Exchange.<ref name="guardianwray">{{cite news |title=The 'secret weapon' that blew up in Dunstone's face |first=Richard |last=Wray |work=The Guardian |date=9 December 2008 |url=https://www.theguardian.com/business/2008/dec/09/profile-david-ross |access-date=8 January 2015}}</ref> | ||
Ross was educated at ].<ref name="Debrett's" /> At the age of 16, his father sent him to work on a building site in Algeria, which he later described: "It was a defining moment because it was so bad I had to get away from it and be able to control my destiny".<ref name="independent2008" /> He graduated with a BA degree in law from the ] and worked at ] from 1988, qualifying as a ] in 1991.<ref name="independent2008" /><ref name="Debrett's" /> | |||
Born in ] and raised in ],<ref name="Grimsby">{{cite web|url=http://www.debretts.com/people/biographies/browse/r/25479/David%20Peter%20John+ROSS.aspx|title=David Ross, Esq|publisher=debretts|accessdate=25 June 2013}}</ref> Ross was educated at ], where he and ] became friends; and then studied law at ].<ref name="DMail1">{{cite news|url=http://www.forbes.com/2009/03/10/global-financial-loss-billionaires-2009-billionaires-dropoffs_slide_8.html?thisSpeed=30000=|title=FORBES.com: In Pictures: Notable Drop-Offs|publisher=Forbes|date=12 March 2009|accessdate=12 March 2009|first=Andrew|last=Farrell}}</ref> | |||
==Business activities== | |||
At the age of 16, Ross's father sent him to work on a building site in Algeria, which he later described as a defining moment "because it was so bad I knew I had to get away from it and be able to control my destiny."<ref>{{cite news|url=http://www.highbeam.com/doc/1P2-5096457.html|title=Twenty Questions: David Ross, chief operating officer of The Carphone|publisher=The Independent|date=12 July 2000|accessdate=9 June 2011}}</ref> On graduation from Nottingham University, Ross joined ] and became a ]. | |||
===Carphone Warehouse=== | |||
{{main|Carphone Warehouse}} | |||
Ross had become friends with Charles Dunstone while at Uppingham. Dunstone went on to found Carphone Warehouse from a flat in ], London, using £6000 of his savings. Two years later, he asked Ross to join the business as finance director.<ref name="guardianwray"/>{{efn|Some sources say that Ross and Dunstone jointly founded the Carphone Warehouse business in 1989,<ref name="guardian2008" /> and others that the pair co-founded it in 1991.<ref name="Debrett's" /> There are also sources that say the initial funding of £6000 came jointly, rather than just from Dunstone.<ref name="telegraph2008">{{cite news|url=https://www.telegraph.co.uk/finance/3686324/Loans-cast-shadow-over-empire.html |title=Loans cast shadow over empire |work=The Daily Telegraph|date=8 December 2008 |access-date=8 January 2015 |location=London |first=Helia |last=Ebrahimi|url-access=subscription}}</ref>}} Four years later, the business had twenty stores and thereafter continued to grow rapidly through a process of both acquisition and internal development.<ref name="guardian2008" /> | |||
While Dunstone became the public face of Carphone Warehouse, Ross (described by Dunstone as his "secret weapon"<ref name="guardianwray" />), developed and drove the high-street retail footprint of the company by buying ] in the UK, and developing markets in Europe and the United States. The business also expanded into other telecommunications areas, establishing the ] ] in 2003 and taking over other providers such as ].<ref name="guardian2008">{{cite news|url=https://www.theguardian.com/business/2008/dec/08/carphonewarehousegroup-telecoms|title=Profile: David Ross|work=The Guardian|date=8 December 2008|access-date=8 January 2015| location=London |first=Abhinav |last=Ramnarayan}}</ref> When Ross assisted the ] of Carphone Warehouse in 2000, the company had been so successful that the partners had not needed to borrow or involve outsiders: Dunstone owned half, Ross a third, and Guy Johnson most of the rest.<ref name="TimesProfile">{{cite news|url=http://www.timesonline.co.uk/tol/news/uk/article5310334.ece|title=David Ross: glitz and glamour of the upper-class 'barrow boy' with all the right connections|work=]|date=9 December 2008|access-date=8 January 2015 |location=London |first=Dan |last=Sabbagh |url-access=subscription }}{{dead link|date=September 2024|bot=medic}}{{cbignore|bot=medic}}</ref> | |||
==The Carphone Warehouse== | |||
{{main|The Carphone Warehouse}} | |||
In 1991, Ross agreed to join Johnson and Dunstone, who was ploughing £6,000 of his savings into a business selling mobile phones.<ref name="DMail1"/> They formed ], in a flat on ], London, which four years later had grown to 20 stores. Now also trading as ''The Phone House,''<ref></ref> | |||
Ross was finance director from 1991 until 1996 and then joint-] of the company<ref name="independent2014">{{cite news |work=The Independent |title='Conflict of interest': Outcry at plan to put multimillionaire Tory donor David Ross in charge of Ofsted |first=Richard |last=Garner |date=4 July 2014 |url=https://www.independent.co.uk/news/uk/politics/conflict-of-interest-outcry-at-plan-to-put-tory-donor-in-charge-of-ofsted-9585747.html |access-date=8 January 2015}}</ref> until 2003.<ref name="Debrett's" /> He started to reduce his role from 2003,<ref name="TimesProfile"/> was appointed deputy chairman in July 2005<ref>{{cite news|url=https://www.telegraph.co.uk/finance/3681461/Carphone-Warehouse-co-founder-David-Ross-quits-after-disclosure-failure.html|title=Carphone Warehouse co-founder David Ross quits after disclosure failure|work=The Daily Telegraph|date=8 December 2008|access-date=8 January 2015 |location=London |first=Amy |last=Wilson|url-access=subscription}}</ref> and by 2008 was a non-executive director.<ref name="independent2014" />{{efn|Unlike '']'', Debrett's says was non-executive deputy chairman from 2003 to 2008.<ref name="Debrett's" />}} | |||
While Dunstone became the public face of Carphone, Ross (described by Dunstone as his "secret weapon"),<ref name="Guard1"/> developed and drove the high street retail footprint of the company by buying ] in the UK, and developing ''The Phone House'' across Europe and the United States.<ref name="Guard2">{{cite news|url=http://www.guardian.co.uk/business/2008/dec/08/carphonewarehousegroup-telecoms|title=Profile: David Ross|publisher=The Guardian|date=8 December 2008|accessdate=8 December 2008 | location=London | first=Abhinav | last=Ramnarayan}}</ref> When Ross assisted the ] of Carphone Warehouse in 2000, it had been so successful that the partners had not needed to borrow or involve outsiders: Dunstone owned half, Ross a third, and ] most of the rest.<ref name="TimesProfile">{{cite news|url=http://www.timesonline.co.uk/tol/news/uk/article5310334.ece|title=David Ross: glitz and glamour of the upper-class 'barrow boy' with all the right connections|publisher=The Times|date=9 December 2008|accessdate=9 December 2008 | location=London | first=Dan | last=Sabbagh}}</ref> | |||
The successful involvement of Ross in Carphone Warehouse created a demand for his services at other businesses.<ref name="telegraph2008" /> He was the chairman of ] from 2001<ref name="Debrett's"/>{{efn|Some sources say Ross was chairman of National Express from 2004.<ref name="guardian2008" />}} and also had directorships of several other companies, including the publishing and newspaper group ], Big Yellow Storage<ref name="Debrett's" /> and Frontiers Capital.<ref name="guardian2008"/> | |||
Ross had been joint-] with Johnson from 1990 and 2003, whereas Dunstone, the Chief Executive Officer of the company, stayed with the business that he still runs today, Ross started to give up his executive position from 2003.<ref name="TimesProfile"/> Ross became deputy chairman in July 2005,<ref name="TelghResig">{{cite news|url=http://www.telegraph.co.uk/finance/3681461/Carphone-Warehouse-co-founder-David-Ross-quits-after-disclosure-failure.html|title=Carphone Warehouse co-founder David Ross quits after disclosure failure|publisher=The Daily Telegraph|date=8 December 2008|accessdate=8 December 2008 | location=London | first=Amy | last=Wilson}}</ref> and by 2008 was a non-executive director. He resigned from Carphone Warehouse, ] and Big Yellow in December of that year after using a large proportion of his shares in the businesses as ] for personal loans without informing the companies, which is a breach of ] rules.<ref>{{cite news |url= http://www.guardian.co.uk/business/2009/jun/11/david-ross-shares-carphone-big-yellow |title=Multi-millionaire entrepreneur David Ross sells shares in Carphone Warehouse and Big Yellow|first= Nick |last=Fletcher|work=] |date=11 June 2009 |publisher=] |location=] |issn=0261-3077 |oclc=60623878 |accessdate=9 June 2011}}</ref><ref name=BBC8>{{cite news |title=Shock exit of Carphone co-founder |url=http://news.bbc.co.uk/1/hi/business/7770668.stm |newspaper=BBC news |date=8 December 2008 |accessdate=9 June 2011}}</ref> However, shortly afterwards, the ] admitted that its rules on the issue were unclear<ref>{{cite web |url= http://www.ft.com/cms/s/5f7c866a-dede-11dd-9464-000077b07658,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F5f7c866a-dede-11dd-9464-000077b07658.html&_i_referer=#axzz1vmdhqrk6 |title=Ross set to escape action by FSA over disclosure - FT.com |work=ft.com |accessdate=19 June 2012}}</ref> and that a large number of other directors had used their shares in a similar fashion.<ref>{{cite web |url= http://www.ft.com/intl/cms/s/2dc5f42a-e8ee-11dd-a4d0-0000779fd2ac,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F2dc5f42a-e8ee-11dd-a4d0-0000779fd2ac.html&_i_referer=#axzz1vmdhqrk6 |title=Executive used Barclays stake as collateral for loan from Citi - FT.com |work=ft.com |accessdate=19 June 2012}}</ref> | |||
===Kandahar Real Estate=== | |||
==Cosalt== | |||
A private investment business called Kandahar had been formed by Ross, comprising a team that had gained much experience of the UK high street property market as the number of Carphone Warehouse stores had grown. In 2006, Ross set up a ] ] with the ] ]. His 50 per cent investment in the venture, which was known as Kandahar Real Estate Ltd, came from injecting the one-million square foot high-street private property portfolio of Kandahar, while Morgan Stanley injected the newly completed ] in ].<ref>{{cite news |url=http://www.shopping-centre.co.uk/news/archivestory.php/aid/1496/Carphone_tycoon_buys_into_Plymouth_centre.html |work=Shopping Centre |date=20 November 2006 |title=Carphone tycoon buys into Plymouth centre |publisher=JLD Media |access-date=8 January 2015 |archive-url=https://web.archive.org/web/20150108112436/http://www.shopping-centre.co.uk/news/archivestory.php/aid/1496/Carphone_tycoon_buys_into_Plymouth_centre.html |archive-date=8 January 2015 |url-status=dead }}</ref> The joint venture was worth £500 million but hit problems soon after due to the ]; in 2007 it had to arrange a £460 million refinancing deal through the ] bank.<ref name="telegraph2008"/> | |||
Ross was director of ship supply group ], which was founded by the Ross family. He was Chairman, taking over that position from his father.<ref name="Guard1"/> | |||
===2008 resignations and aftermath=== | |||
Cosalt was put into administration in February 2013, passing a £51,820,225 pension deficit to the taxpayer backed ] while allowing Ross to buy up the company's assets at "knockdown prices" and recover "far more of his money than anyone else."<ref name="eye1377">{{cite news |date=17 October 2014 |title=Go for gold! |newspaper=Private Eye |page=29 |issue=1377 }}</ref> The scale of the deficit was hidden from shareholders, as Ross had failed to produce accounts in the years prior to administration.<ref name="eye1377"/> The administrators are ],<ref>{{cite web |url=http://www.pwc.co.uk/business-recovery/administrations/cosalt.jhtml |publisher=PwC |title=Cosalt Plc - in Administration |accessdate=26 October 2014 }}</ref> who sold the Ballyclare division of Cosalt to Ross<ref>{{cite web |url=http://www.pwc.co.uk/assets/pdf/press_release_cosalt2.pdf |publisher=PwC |title=Press Release |accessdate=26 October 2014 }}</ref> for £5.8m. | |||
Ross resigned from Carphone Warehouse, National Express and Big Yellow in December 2008 after using a large proportion of his shares in the businesses as ] for personal loans without informing the companies, which is a breach of ] rules.<ref>{{cite news |url= https://www.theguardian.com/business/2009/jun/11/david-ross-shares-carphone-big-yellow |title=Multi-millionaire entrepreneur David Ross sells shares in Carphone Warehouse and Big Yellow|first= Nick |last=Fletcher|work=] |date=11 June 2009 |publisher=] |location=] |issn=0261-3077 |oclc=60623878 |access-date=9 June 2011}}<br>- {{cite news |title=Shock exit of Carphone co-founder |url=http://news.bbc.co.uk/1/hi/business/7770668.stm |newspaper=BBC News |date=8 December 2008 |access-date=9 June 2011}}<br>- {{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/telecoms/3685872/Carphone-Warehouse-founder-under-fire-over-debts.html|title=Carphone Warehouse founder under fire over debts|work=The Daily Telegraph|date=8 December 2008|access-date=8 January 2015 |location=London |first1=Helia |last1=Ebrahimi |first2=Amy |last2=Wilson|url-access=subscription}}</ref> Shortly afterwards, the ] (FSA) said that the rules on the issue, governed by the ], were unclear and inconsistently applied across the ].<ref>{{cite web |url= http://www.ft.com/cms/s/5f7c866a-dede-11dd-9464-000077b07658,Authorised=false.html?_i_location=http://www.ft.com/cms/s/0/5f7c866a-dede-11dd-9464-000077b07658.html&_i_referer=#axzz1vmdhqrk6 |archive-url= https://web.archive.org/web/20140407074902/http://www.ft.com/cms/s/5f7c866a-dede-11dd-9464-000077b07658,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F5f7c866a-dede-11dd-9464-000077b07658.html&_i_referer=#axzz1vmdhqrk6 |url-status= dead |archive-date= 7 April 2014 |title=Ross set to escape action by FSA over disclosure |work=Financial Times |access-date=19 June 2012|url-access=subscription}}</ref><ref name="telegraph20090109">{{cite news |work=The Daily Telegraph |first=Katherine |last=Griffiths |date=9 January 2009 |title=FSA gives directors amnesty as it clarifies rules after David Ross share controversy |url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/privateequity/4208492/FSA-gives-directors-amnesty-as-it-clarifies-rules-after-David-Ross-share-controversy.html |access-date=2 April 2015|url-access=subscription}}</ref> Although noting that the practice was also restricted by disclosure rules of the stock market's ], the FSA said that other directors had used their shares in a similar fashion<ref>{{cite web |url= http://www.ft.com/intl/cms/s/2dc5f42a-e8ee-11dd-a4d0-0000779fd2ac,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F2dc5f42a-e8ee-11dd-a4d0-0000779fd2ac.html&_i_referer=#axzz1vmdhqrk6 |title=Executive used Barclays stake as collateral for loan from Citi |work=Financial Times |access-date=19 June 2012 |url-access=subscription }}</ref> and offered a short amnesty for declarations to be made by any directors who might have engaged in such practices.<ref name="telegraph20090109" /> | |||
The Drake Circus shopping centre, which was the largest asset in the Kandahar portfolio, was sold to ] in January 2011 for £240m.<ref>{{cite news |title=British Land buys Drake Circus |work=The Independent |date=7 January 2011 |url=https://www.independent.co.uk/news/business/news/british-land-buys-drake-circus-2178025.html |access-date=8 January 2015}}</ref> Other sales followed as the portfolio was divested during the year, including shopping centres in ], ], ] and ].<ref>{{cite web |title=Kandahar portfolio draws to a close |url=http://www.costar.co.uk/en/assets/news/2011/November/LIM-poised-for-Ipswich-as-Kandahar-portfolio-draws-to-a-close/ |first=Helen |last=Roxburgh |date=22 November 2011 |publisher=Costar |access-date=8 January 2015}}</ref> | |||
PwC were also auditors of Kandahar until 23 July 2013<ref>http://wck2.companieshouse.gov.uk//companysearch?disp=1&frfsh=1413735894&#result Companies House filing A2DSI6NL A21 31/07/2013 #367 Notice of Resignation as Auditors Section 516 Companies Act 2006</ref> | |||
===Cosalt=== | |||
==Other business activities== | |||
Like his grandfather and father before him, Ross was chairman of Cosalt, which by his time had become primarily a group of companies involved in offshore safety. He took on the role in 2007 and had a 12-month break between 2008 and 2009 due to the problems relating to his pledging of shares as collateral, which had included those he held in Cosalt itself. Despite selling its marine division to raise £27 million, the company was in dire financial circumstances by 2011, when Ross held 15 per cent of the shares and had loaned it money. Following a profits warning in October, Ross proposed to turn it into a privately owned business, offering £400,000 to have it delisted from the stock market, where it had had a presence since 1971. Despite doubling his offer and pumping more money into the company through his investment vehicle, disaffected shareholders rejected it. Some individual shareholders tried in December 2012 to have the ] and Financial Services Authority investigate Ross amid claims that he had abused his position in an attempt to buy the business cheaply. Ross said that he had acted altruistically and that the company's pension fund liabilities were now twice its value. By that time, trading in shares had been suspended due to a failure to comply with regulatory requirements by April that year.<ref>{{cite news |title=Ailing Cosalt may go private |date=18 November 2011 |url=https://www.independent.co.uk/news/business/news/ailing-cosalt-may-go-private-6263971.html?origin=internalSearch |work=The Independent |access-date=8 January 2015}}<br>- {{cite news |url=https://www.independent.co.uk/news/business/news/ross-set-to-take-cosalt-private-with-knockdown-offer-6268174.html?origin=internalSearch |work=The Independent |title=Ross set to take Cosalt private with knockdown offer |first=James |last=Moore |date=26 November 2011 |access-date=8 January 2015}}<br>- {{cite news |title=Marine firm investors attack David Ross |date=2 December 2012 |work=The Independent |url=https://www.independent.co.uk/news/business/news/marine-firm-investors-attack-david-ross-8373573.html?origin=internalSearch |access-date=8 January 2015}}</ref>{{efn|Regulatory issues arose because the inability to resolve refinancing issues meant that the company did not file accounts for the 2011 financial year. The accounts could not be filed on a ] basis.<ref>{{cite web |url=http://www.pwc.co.uk/assets/pdf/cosalt_proposals.pdf |publisher=PwC |title=Joint Administrators' Proposals for Achieving the Purpose of Administration |date=27 March 2013 |page=5 |access-date=26 October 2014}}</ref>}} | |||
From 2001 until the events of late 2008, Ross was the chairman of ].<ref name="Debrett's" /> He also had directorships of several other companies, including publishing and newspaper group ],<ref name="DMail1"/> Big Yellow Storage,<ref name="Debrett's" /> ITIS and Intrinsic Value.<ref name="Grimsby"/> Ross was formerly a director of Frontiers Capital.<ref name="Guard2"/> In 2006, Ross set up a ] ] with ] ], into which he injected his private property portfolio, Kandahar Real Estate Ltd, worth £243 million.<ref>{{cite news|url=http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/telecoms/3685872/Carphone-Warehouse-founder-under-fire-over-debts.html|title=Carphone Warehouse founder under fire over debts|publisher=Daily Telegraph|date=8 December 2008|accessdate=8 December 2008 | location=London | first1=Helia | last1=Ebrahimi | first2=Amy | last2=Wilson}}</ref> Following the property market crash in 2008 Lloyds Bank took control of Kandahar's property assets and sold them all to clear Ross's debt.<ref>Kandahar portfolio draws to a close http://www.costar.co.uk/en/assets/news/2011/November/LIM-poised-for-Ipswich-as-Kandahar-portfolio-draws-to-a-close/</ref> | |||
Unable to obtain funding from existing or new lenders, or by a deal with pension fund trustees, the company was put into administration in February 2013. Ross and two banks were owed £17 million and Ross held 46 per cent of the shares.<ref>{{cite news |work=The Independent |title=Carphone founder's family firm Cosalt folds |date=15 February 2013 |first=Nick |last=Goodway |url=https://www.independent.co.uk/news/business/news/carphone-founders-family-firm-cosalt-folds-8497632.html?origin=internalSearch |access-date=8 January 2015}}</ref>{{efn|Ross had bought more shares in Cosalt as his attempt to privatise the company went on.<ref>{{cite web |title=Ross buys 74m Cosalt shares |date=16 December 2011 |website=Share Prices |url=http://www.shareprice.com/share-news/p88bqqvhp1.html |archive-url=https://web.archive.org/web/20150108224415/http://www.shareprice.com/share-news/p88bqqvhp1.html |url-status=dead |archive-date=8 January 2015 |access-date=8 January 2015|url-access=subscription}}</ref>}} | |||
Ross has recently resigned as Deputy Chairman of the Humberside LEP citing a lack of local business interests.<ref>Ross resigns from HLEP http://www.thisisgrimsby.co.uk/support-Humber-LEP/story-18663396-detail/story.html#axzz2Q2mfcL85</ref> | |||
The business had a £50 million pension deficit when it fell into administration. According to '']'', after its collapse Ross bought the company's assets at "knockdown prices" and recovered "far more of his money than anyone else."<ref name="eye1377">{{cite news |date=17 October 2014 |title=Go for gold! |newspaper=Private Eye |page=29 |issue=1377 }}</ref> Partners from ] were joint administrators of the business. Amongst their actions was the subsequent sale of the Ballyclare workwear division to Ross for £5.8 million. They said, "This sale ensured continued trading for the business and continued employment of all the companies' staff ... The alternative offers would have resulted in further insolvencies within the Group which would have resulted in lower realisations and increased costs."<ref>{{cite web |url=http://www.pwc.co.uk/assets/pdf/cosalt_proposals.pdf |publisher=PwC |title=Joint Administrators' Proposals for Achieving the Purpose of Administration |date=27 March 2013 |page=7 |access-date=26 October 2014}}</ref> In the same year, Ross also acquired Simon Jersey, adding to his workwear portfolio.<ref>{{cite news |url=http://www.thebusinessdesk.com/northwest/news/564569-david-ross-acquires-simon-jersey.html |work=The Business Desk |title=David Ross acquires Simon Jersey |date=13 January 2014 |first=James |last=Graham |access-date=3 February 2015}}</ref> | |||
Ross, who has a strong personal interest in sport, was also on the board of the reconstruction of ]; and was part of the consortium which rescued ] from ], before it was later sold to ].<ref name="DMail1"/> | |||
The decision of the ] not to disqualify directors of Cosalt from holding future office has been questioned in ]. ], then a minister, said that "there was insufficient evidence of relevant misconduct for it to be in the public interest to investigate further since the issues raised are unlikely to be viewed by the Court as serious enough". She also said a potential criminal prosecution of the directors for failure to file accounts had been rejected.<ref>{{cite web |url=https://www.theyworkforyou.com/wrans/?id=2014-12-17.219223.h |title=Cosalt: Written question - 219223 |date=7 January 2015 |publisher= UK Parliament |access-date=8 January 2015}}</ref> | |||
==Outside business== | |||
===Other business activities=== | |||
<ref></ref>===Politics=== | |||
In 2013, Ross resigned as deputy chairman of the Humber ]. He had become involved when Cosalt was investing in the area with proposals for wind-generated energy but the collapse of that company meant that he had little in the way of involvement in local business and was having to spend more of his time elsewhere. The Ballyclare workwear division was based in ] and ], neither of which are in the Humber area.<ref>{{cite news |title=David Ross: 'I will do all I can to support Humber LEP' |work=The Grimsby Telegraph |date=10 April 2013 |url=http://www.grimsbytelegraph.co.uk/David-Ross-support-Humber-LEP/story-18663396-detail/story.html#ixzz3OFjYbvly |archive-url=https://archive.today/20150115062930/http://www.grimsbytelegraph.co.uk/David-Ross-support-Humber-LEP/story-18663396-detail/story.html%23ixzz3OFjYbvly |url-status=dead |archive-date=15 January 2015 |access-date=8 January 2015}}</ref> | |||
He is a member of the Conservative Party Leaders Group, having donated over £50,000 to the Conservative Party during 2013.<ref>http://anotherangryvoice.blogspot.com.au/2013/07/tory-donations-peerages-contracts.html</ref><ref>http://www.dailymail.co.uk/news/article-2544318/Revealed-The-43m-paid-elite-group-donors-access-Tories-including-David-Cameron.html</ref> | |||
Ross, who has a strong personal interest in sport, was for some time on the board of ]<ref name="TimesProfile" />{{clarify|reason=I think this means WSNL but the source does not say that|date=January 2015}} and, with his friend ], was part of the consortium which rescued ] from ], before it was later sold to ].<ref name="guardian2008" /> | |||
===Personal life=== | |||
Ross is unmarried, and has a son, Carl, with Shelley Ross.<ref name="mail">{{cite news |url= http://www.dailymail.co.uk/debate/columnists/article-386277/Mrs-Lineker-flies-mobile-tycoons-aid.html |title=Mrs Lineker flies to mobile tycoon's aid|work=dailymail.co.uk |accessdate=9 June 2011 |location=London |first=Richard |last=Kay |date=15 May 2006}}</ref><ref name="shelley times">{{cite news |url= http://www.timesonline.co.uk/tol/life_and_style/education/article6897181.ece |title=Phone tycoon David Ross has a strong signal: it's upwardly mobile |last=Alice Thomson and ] |work=] |date=31 October 2009|publisher=]|issn=0140-0460|accessdate=10 June 2011}}</ref><ref>http://www.dailymail.co.uk/news/article-1093043/David-Ross-The-public-school-high-roller-lost-multi-million-pound-gamble.html</ref> Ross's main residence is the 700-year-old ] estate in Leicestershire, which he bought in 2000.<ref name="TimesNH">{{cite news|url=http://property.timesonline.co.uk/tol/life_and_style/property/article623043.ece|title=Set the right tone|publisher=Times Online|date=3 September 2006|accessdate=8 December 2008 | location=London}}</ref> | |||
==Other activities== | |||
In January 2010 a Lithuanian escort girl claimed she was invited to Ross's home and then attacked during an argument about cash. Two months later the ] decided not to pursue the incident. <ref>{{Cite web | url = http://www.telegraph.co.uk/news/7351805/David-Ross-no-charges-over-escort-girl-claims.html | work = Daily Telegraph | title = David Ross: no charges over escort girl claims | date = 2 March 2010 | first = Richard |last = Edwards}}</ref> | |||
===Politics=== | |||
Ross is a member of "The Leader's Group" of the ].<ref>{{cite news |work=The Independent |title=Millions of taxpayers' cash spent on venture capital fund run by Tory donor |first=Jane |last=Merrick |date=6 July 2014 |url=https://www.independent.co.uk/news/uk/politics/millions-of-taxpayers-cash-spent-on-venture-capital-fund-run-by-tory-donor-9587243.html |access-date=9 January 2015}}<br>- {{cite web |url=https://www.conservatives.com/Donate/Donor_Clubs.aspx |title=Donor Clubs |publisher=Conservative Party |access-date=8 January 2015}}</ref> The group has been described by '']'' as "an elite diners' club whose members get frequent access to ] in exchange for donating more than £50,000 a year".<ref name="independent2014" /> In total, he had donated more than £700,000 to the party by February 2020, including £10,000 for ]'s leadership campaign in 2019.<ref>{{cite journal|journal=Private Eye|title=Freeport Freebie|date=21 February 2020|issue=1516|page=11}}</ref> Ross also paid for Johnson's holiday accommodation in Mustique in December 2019. Although Johnson was eventually cleared of any standards breach, both Johnson and Ross were criticised by the Commons Standards Committee in July 2021 for their lack of candour over these arrangements.<ref>{{cite news|url=https://www.theguardian.com/politics/2021/jul/08/boris-johnson-criticised-handling-mustique-holiday-investigation|title=Boris Johnson cleared over Mustique holiday but criticised for explanation|author=Heather Stewart |work=The Guardian|date=8 July 2021|access-date=9 July 2021}}</ref> | |||
=== |
===Charitable activities and the arts=== | ||
Ross was appointed by ] to the board of the ] for a four-year term in February 2006. This was to satisfy the Gallery's desire to recruit "a person with senior level of financial, accounting, strategic planning and risk management skills".<ref>{{cite web |title=David Ross appointed to board of the National Portrait Gallery |publisher=10 Downing Street |date=17 February 2006 |url=http://www.pm.gov.uk/output/page9080.asp |archive-url=https://web.archive.org/web/20070403011057/http://www.pm.gov.uk/output/page9080.asp |archive-date=3 April 2007 |access-date=8 January 2015}}</ref> There were accusations of ] later that year when it emerged that the Gallery had commissioned a photographic portrait of Ross, among other telecoms-related subjects, but the Gallery noted that he had not been involved with the organisation at the time of commissioning.<ref>{{cite news |title=Cronyism row hits National Portrait Gallery over pictures of future trustee |first=Guy |last=Adams |date=13 October 2006 |url=https://www.independent.co.uk/news/uk/this-britain/cronyism-row-hits-national-portrait-gallery-over-pictures-of-future-trustee-419875.html |work=The Independent |access-date=8 January 2015}}</ref> A trustee since 2015, he gave over £1 million to the Gallery in 2023.<ref>{{cite web |url=http://www.npg.org.uk/about/corporate/trustees-and-trustees-meetings/list-of-trustees.php |title=List of trustees |publisher=National Portrait Gallery |access-date=8 January 2015}}</ref><ref>{{cite news |last1=Morrison |first1=Richard |title=The woman who’s given £500 million to the arts — what has she learnt? |url=https://www.thetimes.com/culture/art/article/dame-vivien-duffield-ive-given-away-500-million-3pdlmhq96 |access-date=6 July 2024 |work=]|date=13 June 2024}}</ref> | |||
Ross was appointed to the board of the ] by ] in 2006;<ref name="Guard1"/><ref> | |||
{{cite web | |||
| title = David Ross appointed to board of the National Portrait Gallery | |||
| publisher = 10 Downing Street | |||
| date = 17 February 2006 | |||
| url = http://www.pm.gov.uk/output/page9080.asp | |||
| accessdate = 2 November 2006 }} | |||
</ref> and in the summer hosts the Nevill Holt Opera.<ref>{{cite web |url=http://www.forbes.com/forbes/2008/0324/162.html |title=Opera Man|work=Forbes |accessdate=25 June 2013}}</ref> He is also a member of ]'s Council.<ref>{{cite web |url= http://www.nottingham.ac.uk/universitycouncil/members.aspx |title=Members – The University of Nottingham|work=nottingham.ac.uk |year=2012|accessdate=9 February 2012}}</ref> In May 2012, Ross participated in 'The Dallaglio Flintoff Cycle Slam 2012' charity cycle ride from ] to ] in aid of ] and ]'s respective charities.<ref>{{cite news |url= http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9250772/Halfords-back-Flintoff-and-Dallaglio-to-boost-pedal-power.html |title=Halfords back Flintoff and Dallaglio to boost pedal power – Telegraph|work=]|publisher=] |location=] |issn=0307-1235 |oclc=49632006 |accessdate=17 July 2012}}</ref> | |||
In May 2012, Ross participated in "The Dallaglio Flintoff Cycle Slam 2012" charity cycle ride from ], to ], in aid of ] and ]'s respective charities.<ref>{{cite news |url= https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9250772/Halfords-back-Flintoff-and-Dallaglio-to-boost-pedal-power.html |title=Halfords back Flintoff and Dallaglio to boost pedal power|work=]|location=]|access-date=8 January 2015}}</ref> He hosts the annual ] festival.<ref>{{cite web |url=https://www.forbes.com/forbes/2008/0324/162.html |title=Opera Man|work=Forbes |first=Chaniga |last=Vorasarun |date=3 July 2008 |access-date=8 January 2015}}</ref> | |||
=== Education === | |||
Ross founded the '''David Ross Foundation''', an independent grant-making foundation. The vision of which stems from its belief that “every child can do something well” and its “intention to help them discover their strengths by offering them a wide range of world class educational opportunities.”<ref>{{cite web |url= http://www.davidrossfoundation.co.uk/about/ |title=About The David Ross Foundation|work=davidrossfoundation.co.uk|accessdate=26 June 2012}}</ref> | |||
Ross, brought up in ], sponsored the David P J Ross Vault at ], which houses ]'s copy of the 1215 ] and the 1217 ].<ref>{{cite news|last1=Foyle|first1=Jonathan|title=Lincoln: a Magna Carta city|url=https://www.ft.com/content/eedf66b8-bd0a-11e4-9902-00144feab7de|work=Financial Times|access-date=11 April 2018|date=6 March 2015|url-access=subscription}}</ref> | |||
The David Ross Education Trust currently has over 20 academies, incorporating primary, secondary and grammar and special schools.<ref>http://www.dret.co.uk/academies</ref> | |||
In July 2020, ] announced that Ross had been appointed as chair of its Board of Trustees.<ref>{{cite web|url=https://www.roh.org.uk/news/royal-opera-house-appoints-david-ross-as-chair-of-the-board-of-trustees|title=Royal Opera House appoints David Ross as Chair of the Board of Trustees|publisher=Royal Opera House|date=16 July 2020|access-date=19 August 2020}}<br>- {{Cite news|last=Sanderson|first=David|title=David Ross: Royal Opera House role for tycoon who arranged Boris Johnson's Mustique trip|url=https://www.thetimes.co.uk/article/david-ross-royal-opera-house-role-for-tycoon-who-arranged-boris-johnsons-mustique-trip-lg00p35lc|work=]|date=16 August 2020|access-date=17 July 2020|issn=0140-0460|url-access=subscription}}</ref> Ross succeeded ].<ref>{{cite web|url=https://www.roh.org.uk/news/remembering-ian-taylor|title=Remembering Ian Taylor (1956–2020)|publisher=Royal Opera House|date=8 June 2020|access-date=19 August 2020}}</ref> | |||
== Sport == | |||
===Education=== | |||
He was appointed to London United, by Boris Johnson, the body supporting the capital's bid to be a host city for the 2018 World Cup bid.<ref>{{cite web|url=http://www.thisislondon.co.uk/standard-olympics/article-23713608-details/Boris+Johnson+on+London%27s+role+in+World+Cup+bid/article.do|title=Boris Johnson on London's role in 2018 World Cup bid|publisher=The Evening Standard|date=30 June 2009}}</ref> | |||
Ross founded the David Ross Foundation in 2006. It believes that "every child and young person has passions and talents" and that its intention is to "help them discover their strengths by offering them a wide range of world class educational opportunities".<ref>{{cite web|url=http://www.davidrossfoundation.co.uk/about/|title=About The David Ross Foundation|publisher=David Ross Foundation|access-date=5 January 2015|archive-url=https://web.archive.org/web/20120128084440/http://www.davidrossfoundation.co.uk/about/|archive-date=28 January 2012|url-status=dead}}</ref> It has funded the David Ross Education Trust, which operates various ] and at least one ] in England.<ref name="guardian2014">{{cite news |title=Wealthy Tory donor David Ross in line for top Ofsted job |work=The Guardian |url=https://www.theguardian.com/education/2014/jul/04/wealthy-tory-donor-david-ross-ofsted-chair |first=Richard |last=Adams |date=4 July 2014 |access-date=8 January 2015}}</ref> Its first academy was sponsored in 2007 and, by July 2014, it was running 25 educational establishments in the country.<ref name="independent2014"/> Ross is the chairman of the ], a charity which formerly supported free schools.<ref>{{Cite web |title=Our People|url=https://www.newschoolsnetwork.org/our-people/ |access-date=13 August 2022 |publisher=New Schools Network}}</ref> | |||
In 2015, he was made a member of Nottingham University's Council.<ref>{{cite web |url= http://www.nottingham.ac.uk/universitycouncil/members.aspx |title=Members |publisher=University of Nottingham |year=2015|access-date=8 January 2015}}</ref> He had been shortlisted for the role of chairman of ] by an independent panel in 2014 but his involvement went no further due to objections from the ] regarding a potential conflict of interest relating to his past political donations.<ref name="independent2014a">{{cite news |work=The Independent |title=New Ofsted boss embarrassed by problems at his own academy chain |first=Andrew |last=Grice |date=31 July 2014 |url=https://www.independent.co.uk/news/education/education-news/new-ofsted-boss-embarrassed-by-problems-at-his-own-academy-chain-9641045.html?origin=internalSearch |access-date=8 January 2015}}</ref>{{efn|There had been speculation that, apart from the issue of political donations, appointing Ross as Ofsted chairman would also create a conflict of interest because of his direct involvement with academies.<ref name="independent2014" /> However, David Hoare, who was eventually selected for the role, also had an involvement but was free of political ties.<ref name="independent2014a" />}} | |||
After ] was elected ], in May 2008 Ross was Johnson's nominee to the board of the ] of the ].<ref>{{cite news|url= http://www.timesonline.co.uk/tol/sport/olympics/london_2012/article3972322.ece|title=Carphone Warehouse tycoon David Ross put in charge of Olympics purse|publisher=The Times|date=21 May 2008|accessdate=8 December 2008 | location=London | first=Ashling | last=Oconnor}}</ref> He resigned from this position December 2008 in the wake of the same event that led to his departure from the board of Carphone Warehouse.<ref name=BBC8 /><ref name=BBC9>{{cite news |title=Carphone's Ross quits 2012 role |url=http://news.bbc.co.uk/1/hi/uk_politics/7773376.stm |newspaper=BBC news |date=9 December 2008 |accessdate=9 June 2011}}</ref> | |||
===Sport=== | |||
Ross utilises his connections with Lord Coe to provide opportunities for young children in academies supported by The David Ross Education Trust. Students at the sponsored academies have previously met sporting personalities such as Olympians Mark Lewis Francis, Andy Turner, Jazmin Sawyers amongst others.<ref>http://www.daventryexpress.co.uk/news/local/seb-coe-at-school-sports-day-1-5267416</ref> | |||
After ] was elected ] in May 2008, Ross was his nominee to the board of the ] of the ]. He resigned from this position December 2008 in the wake of the same event that led to his departure from the board of Carphone Warehouse.<ref>{{cite news |work=The Guardian |url=https://www.theguardian.com/politics/2008/dec/09/boris-carphone-warehouse?guni=Article:in%20body%20link |title=David Ross resigns from Olympics panel and National Express board |first1=Richard |last1=Wray |first2=Hélène |last2=Mulholland |date=9 December 2008 |access-date=9 January 2015}}</ref> Johnson has also appointed Ross to the board of the ] which has responsibility for redevelopment of Olympic Park in Legacy mode<ref>{{cite web|url=http://www.london.gov.uk/media/mayor-press-releases/2012/12/baroness-grey-thompson-dbe-appointed-to-strengthen-2012-legacy|title=Baroness Grey-Thompson DBE appointed to strengthen 2012 legacy team|date=3 December 2012|publisher=Mayor of London}}<br>- {{cite web|url=http://www.planningresource.co.uk/article/1162714/phone-boss-quit-locog-appointed-2012-legacy-board|title=Phone boss who quit LOCOG appointed to 2012 legacy board|last=Cook|first=Ben|date=4 December 2012|website=Place Making Resource|url-access=subscription}}</ref> and to London United, the body that supported the capital's bid to be ].<ref>{{cite web|url=http://www.thisislondon.co.uk/standard-olympics/article-23713608-details/Boris+Johnson+on+London%27s+role+in+World+Cup+bid/article.do|title=Boris Johnson on London's role in 2018 World Cup bid|work=The Evening Standard|date=30 June 2009|first=Matthew|last=Beard|access-date=8 January 2015|archive-url=https://web.archive.org/web/20090706075319/http://www.thisislondon.co.uk/standard-olympics/article-23713608-details/Boris+Johnson+on+London's+role+in+World+Cup+bid/article.do|archive-date=6 July 2009|url-status=dead}}</ref> | |||
In 2013, Ross was a member of the ] board.<ref>{{cite web|url=http://www.weareengland.org/home/news/captains-of-industry-and-sport-join-commonwealth-games-england?search=|title=Captains of industry and sport join Commonwealth Games England|date=17 September 2009|publisher=We Are England}}</ref> He is also a non-executive director of the ].<ref>{{cite web|url=http://www.teamgb.com/news/carphone-warehouse-co-founder-answers-call-boa-board|title=Carphone Warehouse Co-Founder Answers Call of BOA Board|date=2 June 2011|publisher=Team GB}}</ref> | |||
Ross has supported his ], the University of Nottingham, to build a £40 million sports centre in the University Park Campus, named the ], which opened in October 2016.<ref>{{cite news|url=https://www.nottingham.ac.uk/currentstudents/news/2017/olympic-seal-of-approval-for-new-david-ross-sports-village.aspx|title=Olympic seal of approval for new David Ross Sports Village|date=18 May 2017|publisher=The University of Nottingham}}</ref> | |||
Ross sits on the Board of London Legacy Development Corporation which has responsibility for redevelopment of Olympic Park in Legacy mode.<ref>http://www.london.gov.uk/media/mayor-press-releases/2012/12/baroness-grey-thompson-dbe-appointed-to-strengthen-2012-legacy</ref> This appointment was made by Ross's friend <ref>http://www.standard.co.uk/business/cityspy/city-spy-better-leave-right-now-with-two-goody-bags-8347151.html</ref> and Mayor of London, Boris Johnson<ref>http://www.planningresource.co.uk/article/1162714/phone-boss-quit-locog-appointed-2012-legacy-board</ref> | |||
== |
==Personal life== | ||
Ross has a son with Michelle "Shelley" Ross, a former partner whom he did not marry but who happened to have the same surname. He has also been in relationships with high-profile women such as ] and Ali Cockayne.<ref name="guardianwray" /> | |||
{{reflist|2}} | |||
Ross's main residence is the 13th-century, ] ] estate, near ], ], on which he has spent millions of pounds. In addition, he has, or has had, homes in ] and ], and in Switzerland,<ref name="guardianwray" /> where he spent some time as a ].<ref name="guardian2014"/> He owned a second ], at ] in ]. His stepsister, Fiona, was murdered there in 2006 and, in 2008, he decided to sell it. He has a reputation for partying and a love of shooting, pursuing the latter interest with people such as ] and ]. In 2007, he bought {{convert|4500|ha|acres}} of ] in ].<ref name="guardianwray" /> | |||
==External links== | |||
* | |||
* (see ]) | |||
==References== | |||
{{Use dmy dates|date=November 2012}} | |||
'''Notes''' | |||
{{notelist}} | |||
'''Citations''' | |||
{{reflist|30em}} | |||
{{Authority control |
{{Authority control}} | ||
{{Persondata | |||
| NAME = David Ross | |||
| ALTERNATIVE NAMES = Rosso or Rossy | |||
| SHORT DESCRIPTION = Carphone Warehouse CEO, listed in 64th place with an estimated fortune of £830 million | |||
| DATE OF BIRTH = 10 July 1965 | |||
| PLACE OF BIRTH = ] | |||
| DATE OF DEATH = | |||
| PLACE OF DEATH = | |||
}} | |||
{{DEFAULTSORT:Ross, David}} | {{DEFAULTSORT:Ross, David}} | ||
] | ] | ||
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Latest revision as of 09:10, 12 December 2024
English businessman
David Ross | |
---|---|
Born | David Peter John Ross (1965-07-10) 10 July 1965 (age 59) Grimsby, England |
Education | Uppingham School |
Alma mater | University of Nottingham |
Occupation | Businessman |
Years active | 1988–present |
Known for | Co-founder of Carphone Warehouse |
Children | 1 son |
Relatives | Carl Ross (grandfather) |
Website | www |
David Peter John Ross (born 10 July 1965) is an English millionaire businessman, and one of the co-founders (with Charles Dunstone and Guy Johnson) of Carphone Warehouse. At the peak of his business interests in 2008, Ross was one of the 100 richest people in the United Kingdom. In 2008, Forbes ranked him #843 in the world's richest billionaires; his net worth was estimated at US$1.4 billion. In April 2015, The Sunday Times estimated his net worth at £1.0 billion. In the 2020 edition of the Sunday Times Rich List, his net worth was estimated at £642 million, a £26 million decrease from the previous year.
Early life
Ross was born on 10 July 1965. He is a grandson of Carl Ross, who created one of the UK's largest commercial fishing firms from the family business, which eventually became Ross Group, and took over the Great Grimsby Coal, Salt and Tanning Company (known as Cosalt), which was founded in 1873 as a co-operative that supplied fishing fleets. Both businesses were listed on the London Stock Exchange.
Ross was educated at Uppingham School. At the age of 16, his father sent him to work on a building site in Algeria, which he later described: "It was a defining moment because it was so bad I had to get away from it and be able to control my destiny". He graduated with a BA degree in law from the University of Nottingham and worked at Arthur Andersen from 1988, qualifying as a chartered accountant in 1991.
Business activities
Carphone Warehouse
Main article: Carphone WarehouseRoss had become friends with Charles Dunstone while at Uppingham. Dunstone went on to found Carphone Warehouse from a flat in Marylebone Road, London, using £6000 of his savings. Two years later, he asked Ross to join the business as finance director. Four years later, the business had twenty stores and thereafter continued to grow rapidly through a process of both acquisition and internal development.
While Dunstone became the public face of Carphone Warehouse, Ross (described by Dunstone as his "secret weapon"), developed and drove the high-street retail footprint of the company by buying Tandy in the UK, and developing markets in Europe and the United States. The business also expanded into other telecommunications areas, establishing the TalkTalk ISP in 2003 and taking over other providers such as AOL. When Ross assisted the IPO of Carphone Warehouse in 2000, the company had been so successful that the partners had not needed to borrow or involve outsiders: Dunstone owned half, Ross a third, and Guy Johnson most of the rest.
Ross was finance director from 1991 until 1996 and then joint-chief operating officer of the company until 2003. He started to reduce his role from 2003, was appointed deputy chairman in July 2005 and by 2008 was a non-executive director.
The successful involvement of Ross in Carphone Warehouse created a demand for his services at other businesses. He was the chairman of National Express from 2001 and also had directorships of several other companies, including the publishing and newspaper group Trinity Mirror, Big Yellow Storage and Frontiers Capital.
Kandahar Real Estate
A private investment business called Kandahar had been formed by Ross, comprising a team that had gained much experience of the UK high street property market as the number of Carphone Warehouse stores had grown. In 2006, Ross set up a commercial property joint venture with the Morgan Stanley investment bank. His 50 per cent investment in the venture, which was known as Kandahar Real Estate Ltd, came from injecting the one-million square foot high-street private property portfolio of Kandahar, while Morgan Stanley injected the newly completed Drake Circus Shopping Centre in Plymouth. The joint venture was worth £500 million but hit problems soon after due to the financial crisis of 2007–08; in 2007 it had to arrange a £460 million refinancing deal through the HBOS bank.
2008 resignations and aftermath
Ross resigned from Carphone Warehouse, National Express and Big Yellow in December 2008 after using a large proportion of his shares in the businesses as collateral for personal loans without informing the companies, which is a breach of stock market rules. Shortly afterwards, the Financial Services Authority (FSA) said that the rules on the issue, governed by the EU Market Abuse Directive, were unclear and inconsistently applied across the European Union. Although noting that the practice was also restricted by disclosure rules of the stock market's Listing Rules, the FSA said that other directors had used their shares in a similar fashion and offered a short amnesty for declarations to be made by any directors who might have engaged in such practices.
The Drake Circus shopping centre, which was the largest asset in the Kandahar portfolio, was sold to British Land in January 2011 for £240m. Other sales followed as the portfolio was divested during the year, including shopping centres in Bishops Stortford, Caterham, Ipswich and Market Harborough.
Cosalt
Like his grandfather and father before him, Ross was chairman of Cosalt, which by his time had become primarily a group of companies involved in offshore safety. He took on the role in 2007 and had a 12-month break between 2008 and 2009 due to the problems relating to his pledging of shares as collateral, which had included those he held in Cosalt itself. Despite selling its marine division to raise £27 million, the company was in dire financial circumstances by 2011, when Ross held 15 per cent of the shares and had loaned it money. Following a profits warning in October, Ross proposed to turn it into a privately owned business, offering £400,000 to have it delisted from the stock market, where it had had a presence since 1971. Despite doubling his offer and pumping more money into the company through his investment vehicle, disaffected shareholders rejected it. Some individual shareholders tried in December 2012 to have the Takeover Panel and Financial Services Authority investigate Ross amid claims that he had abused his position in an attempt to buy the business cheaply. Ross said that he had acted altruistically and that the company's pension fund liabilities were now twice its value. By that time, trading in shares had been suspended due to a failure to comply with regulatory requirements by April that year.
Unable to obtain funding from existing or new lenders, or by a deal with pension fund trustees, the company was put into administration in February 2013. Ross and two banks were owed £17 million and Ross held 46 per cent of the shares.
The business had a £50 million pension deficit when it fell into administration. According to Private Eye, after its collapse Ross bought the company's assets at "knockdown prices" and recovered "far more of his money than anyone else." Partners from PricewaterhouseCoopers were joint administrators of the business. Amongst their actions was the subsequent sale of the Ballyclare workwear division to Ross for £5.8 million. They said, "This sale ensured continued trading for the business and continued employment of all the companies' staff ... The alternative offers would have resulted in further insolvencies within the Group which would have resulted in lower realisations and increased costs." In the same year, Ross also acquired Simon Jersey, adding to his workwear portfolio.
The decision of the Insolvency Service not to disqualify directors of Cosalt from holding future office has been questioned in Parliament. Jo Swinson, then a minister, said that "there was insufficient evidence of relevant misconduct for it to be in the public interest to investigate further since the issues raised are unlikely to be viewed by the Court as serious enough". She also said a potential criminal prosecution of the directors for failure to file accounts had been rejected.
Other business activities
In 2013, Ross resigned as deputy chairman of the Humber Local Enterprise Partnership. He had become involved when Cosalt was investing in the area with proposals for wind-generated energy but the collapse of that company meant that he had little in the way of involvement in local business and was having to spend more of his time elsewhere. The Ballyclare workwear division was based in Barnsley and Stockport, neither of which are in the Humber area.
Ross, who has a strong personal interest in sport, was for some time on the board of Wembley Stadium and, with his friend Gary Lineker, was part of the consortium which rescued Leicester City Football Club from receivership, before it was later sold to Milan Mandarić.
Other activities
Politics
Ross is a member of "The Leader's Group" of the Conservative Party. The group has been described by The Independent as "an elite diners' club whose members get frequent access to David Cameron in exchange for donating more than £50,000 a year". In total, he had donated more than £700,000 to the party by February 2020, including £10,000 for Boris Johnson's leadership campaign in 2019. Ross also paid for Johnson's holiday accommodation in Mustique in December 2019. Although Johnson was eventually cleared of any standards breach, both Johnson and Ross were criticised by the Commons Standards Committee in July 2021 for their lack of candour over these arrangements.
Charitable activities and the arts
Ross was appointed by Tony Blair to the board of the National Portrait Gallery for a four-year term in February 2006. This was to satisfy the Gallery's desire to recruit "a person with senior level of financial, accounting, strategic planning and risk management skills". There were accusations of cronyism later that year when it emerged that the Gallery had commissioned a photographic portrait of Ross, among other telecoms-related subjects, but the Gallery noted that he had not been involved with the organisation at the time of commissioning. A trustee since 2015, he gave over £1 million to the Gallery in 2023.
In May 2012, Ross participated in "The Dallaglio Flintoff Cycle Slam 2012" charity cycle ride from Olympia, Greece, to Stratford, London, in aid of Andrew Flintoff and Lawrence Dallaglio's respective charities. He hosts the annual Nevill Holt Opera festival.
Ross, brought up in Lincoln, sponsored the David P J Ross Vault at Lincoln Castle, which houses Lincoln Cathedral's copy of the 1215 Magna Carta and the 1217 Charter of the Forest.
In July 2020, The Royal Opera House announced that Ross had been appointed as chair of its Board of Trustees. Ross succeeded Ian Taylor.
Education
Ross founded the David Ross Foundation in 2006. It believes that "every child and young person has passions and talents" and that its intention is to "help them discover their strengths by offering them a wide range of world class educational opportunities". It has funded the David Ross Education Trust, which operates various academies and at least one free school in England. Its first academy was sponsored in 2007 and, by July 2014, it was running 25 educational establishments in the country. Ross is the chairman of the New Schools Network, a charity which formerly supported free schools.
In 2015, he was made a member of Nottingham University's Council. He had been shortlisted for the role of chairman of Ofsted by an independent panel in 2014 but his involvement went no further due to objections from the Liberal Democrats regarding a potential conflict of interest relating to his past political donations.
Sport
After Boris Johnson was elected Mayor of London in May 2008, Ross was his nominee to the board of the London Organising Committee of the 2012 Olympic Games. He resigned from this position December 2008 in the wake of the same event that led to his departure from the board of Carphone Warehouse. Johnson has also appointed Ross to the board of the London Legacy Development Corporation which has responsibility for redevelopment of Olympic Park in Legacy mode and to London United, the body that supported the capital's bid to be host city for the 2018 World Cup.
In 2013, Ross was a member of the Commonwealth Games England board. He is also a non-executive director of the British Olympic Association.
Ross has supported his alma mater, the University of Nottingham, to build a £40 million sports centre in the University Park Campus, named the David Ross Sports Village, which opened in October 2016.
Personal life
Ross has a son with Michelle "Shelley" Ross, a former partner whom he did not marry but who happened to have the same surname. He has also been in relationships with high-profile women such as Saffron Aldridge and Ali Cockayne.
Ross's main residence is the 13th-century, Grade I-listed Nevill Holt estate, near Market Harborough, Leicestershire, on which he has spent millions of pounds. In addition, he has, or has had, homes in Kensington and Mustique, and in Switzerland, where he spent some time as a tax exile. He owned a second country estate, at Brampton Ash in Northamptonshire. His stepsister, Fiona, was murdered there in 2006 and, in 2008, he decided to sell it. He has a reputation for partying and a love of shooting, pursuing the latter interest with people such as Gary Lineker and Richard Branson. In 2007, he bought 4,500 hectares (11,000 acres) of grouse moor in Yorkshire.
References
Notes
- Some sources say that Ross and Dunstone jointly founded the Carphone Warehouse business in 1989, and others that the pair co-founded it in 1991. There are also sources that say the initial funding of £6000 came jointly, rather than just from Dunstone.
- Unlike The Daily Telegraph, Debrett's says was non-executive deputy chairman from 2003 to 2008.
- Some sources say Ross was chairman of National Express from 2004.
- Regulatory issues arose because the inability to resolve refinancing issues meant that the company did not file accounts for the 2011 financial year. The accounts could not be filed on a going concern basis.
- Ross had bought more shares in Cosalt as his attempt to privatise the company went on.
- There had been speculation that, apart from the issue of political donations, appointing Ross as Ofsted chairman would also create a conflict of interest because of his direct involvement with academies. However, David Hoare, who was eventually selected for the role, also had an involvement but was free of political ties.
Citations
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This year's Sunday Times Rich List recorded Mr Ross as the 87th-richest man in the UK with an estimated personal wealth of £873m.
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- ^ "Authorised Biography – Debrett's People of Today, David Ross, Esq". Debrett's. Archived from the original on 11 April 2012. Retrieved 10 June 2011.
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- ^ Sabbagh, Dan (9 December 2008). "David Ross: glitz and glamour of the upper-class 'barrow boy' with all the right connections". The Times. London. Retrieved 8 January 2015.
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- "Go for gold!". Private Eye. No. 1377. 17 October 2014. p. 29.
- "Joint Administrators' Proposals for Achieving the Purpose of Administration" (PDF). PwC. 27 March 2013. p. 7. Retrieved 26 October 2014.
- Graham, James (13 January 2014). "David Ross acquires Simon Jersey". The Business Desk. Retrieved 3 February 2015.
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- "David Ross: 'I will do all I can to support Humber LEP'". The Grimsby Telegraph. 10 April 2013. Archived from the original on 15 January 2015. Retrieved 8 January 2015.
- Merrick, Jane (6 July 2014). "Millions of taxpayers' cash spent on venture capital fund run by Tory donor". The Independent. Retrieved 9 January 2015.
- "Donor Clubs". Conservative Party. Retrieved 8 January 2015. - "Freeport Freebie". Private Eye (1516): 11. 21 February 2020.
- Heather Stewart (8 July 2021). "Boris Johnson cleared over Mustique holiday but criticised for explanation". The Guardian. Retrieved 9 July 2021.
- "David Ross appointed to board of the National Portrait Gallery". 10 Downing Street. 17 February 2006. Archived from the original on 3 April 2007. Retrieved 8 January 2015.
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- "Halfords back Flintoff and Dallaglio to boost pedal power". The Daily Telegraph. London. Retrieved 8 January 2015.
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- Sanderson, David (16 August 2020). "David Ross: Royal Opera House role for tycoon who arranged Boris Johnson's Mustique trip". The Times. ISSN 0140-0460. Retrieved 17 July 2020. - "Remembering Ian Taylor (1956–2020)". Royal Opera House. 8 June 2020. Retrieved 19 August 2020.
- "About The David Ross Foundation". David Ross Foundation. Archived from the original on 28 January 2012. Retrieved 5 January 2015.
- ^ Adams, Richard (4 July 2014). "Wealthy Tory donor David Ross in line for top Ofsted job". The Guardian. Retrieved 8 January 2015.
- "Our People". New Schools Network. Retrieved 13 August 2022.
- "Members". University of Nottingham. 2015. Retrieved 8 January 2015.
- ^ Grice, Andrew (31 July 2014). "New Ofsted boss embarrassed by problems at his own academy chain". The Independent. Retrieved 8 January 2015.
- Wray, Richard; Mulholland, Hélène (9 December 2008). "David Ross resigns from Olympics panel and National Express board". The Guardian. Retrieved 9 January 2015.
- "Baroness Grey-Thompson DBE appointed to strengthen 2012 legacy team". Mayor of London. 3 December 2012.
- Cook, Ben (4 December 2012). "Phone boss who quit LOCOG appointed to 2012 legacy board". Place Making Resource. - Beard, Matthew (30 June 2009). "Boris Johnson on London's role in 2018 World Cup bid". The Evening Standard. Archived from the original on 6 July 2009. Retrieved 8 January 2015.
- "Captains of industry and sport join Commonwealth Games England". We Are England. 17 September 2009.
- "Carphone Warehouse Co-Founder Answers Call of BOA Board". Team GB. 2 June 2011.
- "Olympic seal of approval for new David Ross Sports Village". The University of Nottingham. 18 May 2017.