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Plans for charitable foundation

Monday, 22 March 2010 21:00

Isle of Man-based businessman Albert Gubay is hoping to leave a huge charity, worth as much as a billion pounds, as his legacy.

Eighty-two-year-old Mr Gubay is placing his £600 million business empire into a trust, which would be passed into a charitable foundation on his death.

The structure would generate up to £20 million a year, which would be donated to good causes.

Mr Gubay made his fortune through Kwik Save supermarkets and the Total Fitness gym chain, and currently runs Derwent Holdings Limited, which has major developments in Liverpool and Manchester.

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