31 March 2003 – Financial News
Bankers are flocking to the Reuben brothers, two entrepreneurs with an estimated fortune of £2bn (£2.9bn), after they revealed they were looking to make acquisitions, writes Michael Huare.
David and Simon Reuben, who made a fortune trading property and metal, said on their personal website that “they hold substantial liquid reserves and are looking at a number of new business ventures”.
Patrick Lefevre, who gives banking advice to the Reuben Brothers, says: “We are talking to a variety of banks with whom we have had relationships with for many years.” UBS and BNP Paribas are listed among the Reuben brother’s advisers, but Lefevre, who worked at Paribas for 35 years, says they would consider propositions from other firms. “We like to go with the most efficient bank when the opportunities arise,” he says.
The brothers are looking to add to their property portfolio and acquire asset-heavy businesses. They are also considering venture capital investments, and are understood to have briefly considered bids for Safeway, the UK supermarket chain under offer from William Morrison Supermarkets, and Six Continents, the hotels and pubs group. David, who is characterised on the website as “The Trader”, and Simon, “The Investor”, earned the bulk of their fortune through the Trans-World Group, a metal trading company that made a lot of money in Russia after the Soviet Union collapsed.