Albert Gubay

Albert Gubay
Born	(1928-04-09) 9 April 1928 Rhyl, Wales
Died	5 January 2016(2016-01-05) (aged 87) Wilmslow, Cheshire, England
Occupation(s)	Entrepreneur, philanthropist
Years active	1950s–2016
Known for	Founder of Kwik Save supermarket chain

Albert Gubay, KC*SG (9 April 1928 – 5 January 2016), was a prominent Welsh entrepreneur and philanthropist who amassed his wealth through the creation of the Kwik Save supermarket chain and later diversified into property development. In 2006, Forbes valued his net worth at approximately £500 million ($1.1 billion), placing him as the 698th wealthiest individual worldwide.

Early life

Gubay was born in Rhyl to an Iraqi Jewish father and an Irish Roman Catholic mother. His entrepreneurial journey began by selling non-sugar confectionery during the rationing period following World War II. Once rationing ended in the mid-1950s, he transitioned into retail by operating market stalls.

Kwik Save

On 11 May 1959, Gubay established Value Foods in Prestatyn, launching its initial store in Rhyl that July. His strategy of aggressive price reductions led some suppliers to refuse to stock his stores.

In 1964, Gubay researched the "baby shark" retail approach in the United States and integrated concepts from German retailer Aldi. This business model involved procuring products with advantageous payment terms, selling items at or below cost before payment deadlines, and utilizing cash flow interest to support operations. The first Kwik Save Discount outlet opened in Prestatyn in 1965, quickly surpassing Value Foods supermarkets in performance. By 1970, Kwik Save Discount had grown to 24 locations.

Prior to its November 1970 listing on the London Stock Exchange, the company was rebranded as Kwik Save Discount Group Ltd. Gubay divested his stake in Kwik Save in 1973 for £14 million ($28 million).

3 Guys

Following the sale of Kwik Save, Gubay introduced a similar low-cost retail concept with the 3 Guys chain in Auckland, New Zealand between 1973 and 1974. He expanded the chain to at least six stores before selling it in 1984. The entry of 3 Guys caused a significant decline in shares of competitor supermarket Foodtown. Gubay petitioned the New Zealand Minister of Trade to require suppliers such as Unilever to supply his stores; however, investigations revealed no violations, and Unilever maintained comparable terms with all buyers.

During the 1970s, 3 Guys outlets were launched in Ireland and were sold to the H Williams chain in 1986, which subsequently collapsed that same year. Many former 3 Guys sites were acquired by Tesco and rebranded as Crazy Prices or retained under the 3 Guys name to facilitate Tesco's expansion into Ireland.

The United States expansion commenced in 1980 but ended with bankruptcy by 1985; stores were sold to chains including Food Lion.

Total Fitness

During recovery from a back injury, Gubay founded the fitness franchise Total Fitness. By July 2007, this enterprise operated 21 clubs across North West England and Ireland, serving a membership base of approximately 150,000. He later sold Total Fitness to Legal & General's private equity arm for £70 million.

Portville

Gubay redirected his attention toward property development through his company Portville, making substantial investments mainly within the United Kingdom and Ireland. In 2005, he was acknowledged as Wales' leading property developer.

Church contributions and philanthropy

During the 1980s, Gubay financed the construction of a new Roman Catholic church at St Anthony's in Onchan, Isle of Man, incorporating architectural features he personally influenced. In 1990, he provided funds for an expansion of Our Lady of the Nativity church in Leixlip, County Kildare, as a tribute to his mother.

Additionally, he created a bursary scheme through the Isle of Man Government that allows local students to pursue education at prestigious universities worldwide.

"Agreement with God"

In 1997, Gubay disclosed a "50–50" pact with God, pledging to donate half of his wealth to the Roman Catholic Church if he attained millionaire status.

By 2010, at the age of 82, he dedicated £470 million out of his £480 million net worth to establish the Albert Gubay Charitable Foundation. This foundation distributes funds via three distinct channels—the British Church Fund, the General Fund, and the Irish Church Fund—supporting registered charities throughout England, Wales, the Isle of Man, and the Republic of Ireland.

Personal background

Following a divorce from his first spouse, Gubay and his second wife, Carmel Gubay, resided in Santon, Isle of Man starting in 1971. He fathered two children from his initial marriage and was persuaded by local residents to stay on the island after contemplating relocation to Switzerland due to a tax dispute.

Distinctions and recognitions

On 23 February 2011, Gubay was honored with the title Knight Commander with Star of the Order of St. Gregory the Great (KC*SG) by Archbishop Vincent Nichols of Westminster. This Papal knighthood acknowledged his outstanding service to both the Church and society at large.

Passing

Gubay passed away at age 87 on 5 January 2016 at his residence in Wilmslow, Cheshire, following a brief illness. His funeral was held at the Roman Catholic Church in Onchan, which he had generously supported during its redevelopment in the 1980s.

External links

• Obituary published by The Independent and written by Marcus Williamson
• Profile on Forbes.com