David and Simon Reuben
| Company type | Private |
|---|---|
| Industry | Real estate, metals, private equity, venture capital |
| Founded | 1970s |
| Founder | David Reuben, Simon Reuben |
| Headquarters | London , United Kingdom |
Area served | United Kingdom, international |
Key people | David Reuben, Simon Reuben |
| Products | Property investment, metals trading, private equity, venture capital |
Number of employees | Not specified |
| Parent | None |
David Reuben (born 1941) and Simon Reuben (born 1944) are prominent British entrepreneurs. As of 2024, they were ranked as the third wealthiest family in the United Kingdom according to the Sunday Times Rich List, boasting a combined net worth of £24.9 billion.
Early life and background
The brothers were born in Bombay, British India, to parents David Sassoon Reuben and Nancy Reuben, originating from a Baghdadi Jewish heritage. Their father had relocated from Iraq to Bombay to pursue opportunities in the textile sector. Following their parents’ separation, the family moved to London during the 1950s with their mother, encountering reduced financial means. Both attended public schools located in Islington, North London, with Simon departing from formal education at an early stage.
Careers
David initially entered the scrap metal industry, while Simon began his career working with carpets. Simon subsequently purchased England’s oldest carpet firm from receivership, which provided the capital necessary for property investments, including early purchases on Walton Street and King's Road in Chelsea. Throughout the 1970s and 1980s, the brothers expanded their wealth by trading in metals and real estate.
Metals business
In the early 1990s, the Reuben brothers made significant investments in Russia’s metals sector. When Russian aluminum smelters encountered financial difficulties due to debt, their company Trans-World implemented tolling agreements—providing raw materials to factories in return for finished aluminum products sold for profit. Their investment in Russia reached approximately 1.5 billion (870 million), with global sales surpassing $8 billion by 1995. TransWorld was subject to accusations involving illegal conduct, including links to several murders. The brothers formed alliances with influential Russian oligarchs such as Roman Abramovich and successfully settled a multimillion-pound legal conflict with Oleg Deripaska in favor of Reuben Brothers.
In 1997, Russia’s Interior Minister publicly associated the Cherney and Reuben siblings with the Izmaylovskaya mafia based in Israel; this minister was replaced in 1998. By 2008, the Reubens re-entered the commodities market through expanding mining ventures across Morocco, Indonesia, and South Africa.
Present activities
By the year 2000, they divested all Russian holdings to refocus efforts on property investment within the UK. Their portfolio also includes funding acquisitions and backing technology enterprises. , their principal operations concentrate on real estate domestically and internationally, venture capital initiatives, and private equity investments. Simon Reuben is notably an investor in OneDome, a UK fintech company.
Real estate
The Reuben Brothers’ UK property holdings encompass Millbank Tower; headquarters of the John Lewis Partnership located in Victoria; American Express offices also in Victoria; Carlton House (SW1); Academy House on Sackville Street; Connaught House on Berkeley Square; Market Towers; Primark’s London flagship store on Oxford Street; retail units on Sloane Street; and Cambridge House—a six-building freehold site with planning permission for a six-star hotel and a private members’ club.
Additional projects include Merchant Square, a mixed-use development comprising 1.8 million square feet of office and residential space in Paddington; Park Plaza Hotels & Resorts—a fifty-fifty joint venture that launched an 'art'otel' apart-hotel in Hoxton; Hampton House—a redevelopment opposite Tate Britain featuring apartments and an apart-hotel designed by Foster & Partners adjacent to Park Plaza London Riverbank hotel; as well as ownership of London Oxford Airport and London Heliport.
In 2006, they collaborated to provide private equity funding for McCarthy & Stone, a FTSE-listed retirement home developer, exiting this investment in 2013.
Aldergate Investments
In 2007, the Reuben Brothers made an investment in the upscale leisure company Belmond Ltd, eventually divesting their interest for £233 million in 2019. Their portfolio also encompasses Travelodge Hotels; apparel retailers D2 Jeans and Blue Inc, in partnership with Sir Stuart Rose; fintech enterprise Luup alongside Metro Bank; The Wellington Pub Company, which is the UK's largest free-of-tie pub network with approximately 850 leased establishments; Global Switch, a provider of carrier data centres across Europe and the Asia-Pacific region; and a joint venture with British Marine that operated eight vessels as of 2014, with intentions to expand the fleet twofold.
Acquisition of Newcastle United
On 14 April 2020, an agreement was reached to transfer ownership of Newcastle United Football Club from Mike Ashley to a consortium comprising the Reuben Brothers, Amanda Staveley's PCP Capital Partners, and the Saudi Public Investment Fund. Initially, the Premier League declined to endorse the transaction, prompting Ashley to initiate legal proceedings against the league. The acquisition was ultimately approved by the Premier League on 7 October 2021 after assurances were provided that Saudi Arabia would not exert control over the club. Ownership was structured with the Saudi Public Investment Fund holding an 80% share, while the Reuben Brothers and PCP Capital Partners each retained 10%.
Arena Racing Company
Arena Racing Company (ARC Racing and Leisure Group) is a privately held UK firm established in 2012 through the merger of Arena Leisure and Northern Racing. It operates 16 racecourses throughout Great Britain, accounting for 39% of all British racing events. Additionally, ARC oversees hotels at Doncaster, Wolverhampton, and Lingfield Park racecourses, as well as golf courses located at Lingfield, Southwell, and Newcastle.
Entertainment
On 19 August 2024, the Reuben Brothers secured a strategic investment in EDGLRD, an entertainment enterprise founded by filmmaker Harmony Korine.
Controversial statement by London mayor
In 2006, then-London Mayor Ken Livingstone accused Simon and David Reuben of jeopardizing the £4 billion Olympic City project, in which they owned a 50% stake. Livingstone controversially suggested they might "go back to Iran" if dissatisfied with local planning decisions, despite their origins being British India-born to Iraqi-Jewish parents. Following an inquiry, Livingstone was exonerated of anti-Semitism charges; his remarks were characterized as "robust" yet "reasonable" given the context.
The Reuben Foundation
The family's charitable organization, the Reuben Foundation, concentrates on healthcare and education initiatives. They founded the Nancy Reuben Primary School, an independent Jewish day school located in Hendon, named in tribute to their mother.
The foundation contributed £80 million towards establishing Reuben College, Oxford, a postgraduate college dedicated to research in climate change, artificial intelligence, and cellular biology.
Personal life
The Sunday Times Rich List for 2023 estimated the combined net worth of David and Simon Reuben along with their families at approximately £24.4 billion, positioning them as the fourth wealthiest family in the United Kingdom.
Reports from The Times highlight that the brothers' enterprises make significant use of offshore tax havens, with a company representative affirming adherence to all UK taxation regulations.
Both siblings have made financial contributions to the Conservative Party.
Wealth rankings
Legend Icon Description Unchanged from previous year Increased from previous year Decreased from previous year
External links
- Reuben Brothers Ltd submissions to the U.S. Securities and Exchange Commission
- Articles with short description
- Pages with broken file links
- David and Simon Reuben
- Living people
- Year of birth missing (living people)
- British billionaires
- British expatriates in Monaco
- British real estate entrepreneurs
- British individuals of Iraqi-Jewish heritage
- Entrepreneurs from the London Borough of Islington
- Metals industry businesspeople
- Jewish British philanthropists
- Business figures from Mumbai
- Investors in private equity and venture capital
- Directors and chairmen of Newcastle United F.C.
- Indian immigrants to the United Kingdom
- Baghdadi Jewish community
- British persons of Indian-Jewish ancestry
- British entrepreneurs of Indian origin
- Individuals linked to Reuben College, Oxford