28 September 2012 – Financial Times
Simon and David Reuben, the billionaire brothers who made their money in Russian aluminium and now have a significant London property portfolio, have rescued one of London’s most popular hang-outs for entrepreneurs by buying the building.
Adam Street, a private members club named after the West End road in which it sits, has for the past 12 years been owned by a property company controlled by the father of the club’s founder, James Minter. However, this business was recently taken into receivership and HBOS took possession of the Adam Street site.
Although Minter had managed to put together £10m to buy the building himself, HBOS looked for a higher offer from property developers. The Reuben brothers bought the site, but have pledged to retain the club and possibly add a lift to improve the experience for its members.