Yorkshire Rich List 2025: Malcolm Healey remains Yorkshire's richest man despite Wren Kitchens profits' falling by 50 per cent
Leaner years for our region’s wealthiest construction tycoons and car dealers speak volumes about the state of the UK economy.
Our annual look at the fortunes of Yorkshire and the Humber’s most affluent individuals and families this year shows those owing their fortunes to housebuilding or selling vehicles to cash-strapped consumers have seen significant falls in their personal fortunes.
Pre-tax profits nearly halved between 2022 and 2024 at Richard Teatum’s car-dealing chain Stoneacre, who is joint 36th on our list. At Bradford’s JCT 600, owned by the Tordoff family, they fell from £36m in 2023 to £20m in 2024. The family are now 24th on our Rich List.
And the person to lose the most? That’s top of the pile Malcolm Healey whose Wren Kitchens saw profits fall by half.
He still has £1.5bn for a rainy day though and there are inspiring people still thriving in the toughest of trading conditions.
Lower profits means those companies are less valuable than in previous years.
Bradford-based JCT highlighted the uncertainty created by last year’s General Election and chancellor Rachel Reeves’ first Budget in their latest accounts, referencing the impact of rises to National Insurance and the minimum wage on the labour market and the wider economic environment.
Consumer confidence correlates strongly with the housing market. Profits at Harron Homes, the housebuilder set up and run by the Harrison brothers, dropped by more than 70 percent to £7.5m - leading us to cut the value of the firm by £50m to £200m. Housebuilding has fallen to its lowest level in nearly a decade.
Difficult trading conditions for construction firms have knock-on effects to countless other companies in their supply chains. Howarth Timber reported a drop of a fifth in its earnings, with weaker demand depressing timber prices.
It’s not all doom and gloom though. As ever, our research finds some inspiring debutants.
Eight of this year’s 50 entries did not appear in last year’s rankings. A major fire at one of David Wood’s plants didn’t stop his baking group having a record year either, it more than doubled revenues.
Whether a large fire at a John Cotton vehicle yard in Bradford washes out with financial losses remains to be seen but our calculations suggest owner Mark Cotton and family are doing well otherwise having seen their wealth shoot up by £102m in a year.
And serving an ageing population looks to be a route to profits as John Jakes, founder of stairlift maker Acorn saw his fortune rise by £60m as did Lawrence Tomlinson who made his half-billion fortune largely from developing care homes.
Erika Wilson makes her debut after sharply increasing profits at Wilson Power Solutions, partly due to supplying its transformers to solar farms and electric vehicles. Hudson recently became the first woman to serve as president of the trade association for electrotechnical manufacturers.
Demand for faster broadband speeds has been good news for Heneghan, a family-owned firm installing fibre for Virgin Media and other clients. William Heneghan founded the business more than 20 years ago. His sons Patrick and Michael now run the Leeds-based operation.
Our research also shatters the myth that financial services or sophisticated tech are the only
way to make a fortune. On the following pages you’ll find entrepreneurs and business leaders doing well from selling mundane, everyday items such as tea, pillows, tyres and flapjacks.
The greatest gainer in the last year? Well, where there’s muck there’s brass because Wayne Earnshaw of Lanes Group drainage services increased his wealth by half to £300m when investment giant BlackRock took a controlling stake in his business.