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Jim Ratcliffe

From Alfawiki
Sir James Arthur Ratcliffe
Born (1952-10-18) October 18, 1952 (age 74)
Failsworth, Lancashire, England
Occupation(s)Chemical engineer, entrepreneur, businessman
Known forFounder, chairman and CEO of INEOS; second richest person in the UK (2023)

Sir James Arthur Ratcliffe (born 18 October 1952) is a British chemical engineer, entrepreneur, and billionaire. He serves as chairman and CEO of the INEOS chemical conglomerate, which he established in 1998.

By May 2018, Ratcliffe held the title of the wealthiest individual in the UK, with an estimated fortune of £21.05 billion. The Sunday Times Rich List assessed his net worth at £29.688 billion in May 2023, positioning him as the second richest person in Britain. In September 2020, he altered his tax residency from Hampshire to Monaco, a decision projected to save him around £4 billion in taxes.

In February 2024, Ratcliffe acquired a minority stake in Manchester United, gaining influence over the club’s sporting management.

Early life and education

Born in Failsworth, Lancashire (now part of Greater Manchester), Ratcliffe’s father was initially a joiner before managing a factory that produced laboratory furniture. His mother worked within an accounts department. The family lived in a council house until Ratcliffe was ten years old, after which they relocated to East Yorkshire. He attended Beverley Grammar School prior to pursuing chemical engineering at the University of Birmingham, where he graduated in 1974 with a 2:1 degree classification.

Career

Following graduation, Ratcliffe briefly joined BP but was dismissed after three days due to a pre-existing health condition. He then trained as an accountant at a pharmaceutical firm before moving to Esso, which sponsored his MBA studies at London Business School—a university to which he later contributed £25 million. Ratcliffe worked at Courtaulds, a fabric and chemical manufacturer, until his mid-thirties before joining the US-based private equity firm Advent International in 1989.

INEOS

Ratcliffe co-founded Inspec by leasing a former BP Chemicals facility located in Antwerp. In 1998, he launched INEOS in Hampshire to acquire Inspec along with ownership of the Antwerp site. Employing high-yield debt financing strategies, he focused on acquiring underperforming divisions from companies such as ICI and BP, targeting businesses with potential to double earnings within five years. INEOS expanded significantly after purchasing BP's Innovene refining and petrochemical division in 2006, extending its footprint across Europe and Canada.

The acquisition of Norsk Hydro's polymers division in 2007 notably strengthened INEOS's position in the European polymers market, particularly within PVC production. In 2010, Ratcliffe moved INEOS’s headquarters to Rolle, Switzerland, cutting annual tax expenses by approximately £100 million. By 2015, the company re-established its UK headquarters in London while increasing full-year EBITDA from €253 million in 2014 to €577 million.

Ratcliffe was recognized as the UK's wealthiest person in 2018 with a net worth of £21.05 billion. In 2019, INEOS announced plans for a £1 billion investment into the UK’s oil and chemical industries, including modernization of the Forties pipeline system essential for North Sea oil and gas transportation. Ratcliffe publicly opposed government restrictions on fracking that effectively amounted to a ban.

Additionally, Ratcliffe founded Ineos Automotive to develop a contemporary successor to the Land Rover Defender. After unsuccessful attempts to purchase tooling from Jaguar Land Rover, he collaborated with BMW and Magna Steyr in 2019 to create Projekt Grenadier. Production of the five-door Grenadier Station Wagon commenced in October 2022, followed by the launch of the Quartermaster utility vehicle in 2023.

Energy transition

In October 2021, Ratcliffe revealed intentions to allocate more than €2 billion (£1.7 billion) towards electrolysis initiatives aimed at producing zero-emission green hydrogen throughout Europe. The initial facilities will produce clean hydrogen through water electrolysis in Norway, utilizing renewable energy sources to support the transportation industry. Additional projects are slated for Germany and Belgium, with plans to further expand investments into France and the UK, where the hydrogen operations will be centrally managed.

Environmental pollution

In March 2019, INEOS issued a warning about potentially shutting down its Middlesbrough facility unless granted permission to postpone adherence to forthcoming EU regulations on air and water pollution. From 2014 to 2017, this site reported 176 breaches of permit conditions, with emissions surpassing legal thresholds and posing environmental hazards. INEOS director Tom Crotty indicated that the company found it financially unjustifiable to invest in meeting these updated regulatory requirements.

INEOS investigated bioethanol production employing Clostridium bacteria; however, elevated hydrogen cyanide concentrations in syngas hindered bacterial viability. Consequently, the company divested its US bioethanol plant to Alliance Bio-Products in 2017.

Sport

A passionate sports aficionado, Ratcliffe completed the Marathon Des Sables across the Sahara Desert in 2013. He established the charity "Go Run for Fun," which encourages children's physical activity through events featuring celebrities. He also played a key role in supporting the 2019 INEOS 1:59 Challenge, which saw Eliud Kipchoge successfully break the two-hour marathon barrier.

In football, Ratcliffe purchased Swiss Super League club Lausanne-Sport in 2017 and later acquired Ligue 1 club Nice in 2019 through INEOS. Following sanctions on Roman Abramovich that led to Chelsea FC’s sale in 2022, Ratcliffe submitted a £4.25 billion offer that was ultimately declined; the club was sold to American businessman Todd Boehly. In August 2022, Ratcliffe expressed interest in acquiring Premier League club Manchester United, a team he has supported since childhood. INEOS officially joined the bidding process in January 2023. On 24 December 2023, Manchester United announced Ratcliffe had secured a 25% ownership stake, with INEOS Sport assuming control over football operations; the transaction was finalized in February 2024.

In sailing, Ratcliffe collaborated with Ben Ainslie to establish INEOS Team UK for the 36th America's Cup held in 2021, investing upwards of £110 million. INEOS Britannia serves as the British Challenger of Record for the upcoming 37th America's Cup scheduled for October 2024 in Barcelona.

Ratcliffe acquired the Team Sky cycling team in 2019 and rebranded it as Team INEOS. Under this sponsorship, the team achieved victories at the 2019 Tour de France and the 2021 Giro d’Italia with cyclist Egan Bernal. In 2020, INEOS entered into a five-year principal partnership with Mercedes AMG F1.

In 2021, Greenpeace criticized New Zealand Rugby’s six-year sponsorship agreement with INEOS, citing a conflict with the nation’s “clean green” image.

Honours and awards

Ratcliffe was honored with an honorary fellowship from the Institution of Chemical Engineers in May 2009 for his enduring leadership in developing the INEOS Group. He received the Petrochemical Heritage Award in 2013 and was appointed Knight Bachelor in the 2018 Birthday Honours for his contributions to business and investment.

Personal life

Ratcliffe is the father of two sons with his former spouse Amanda Townson and has a daughter from an earlier relationship with Italian tax attorney Maria Alessia Maresca. He is presently wed to Catherine Polli.

He leads an active life, regularly engaging in gym sessions and running. An enthusiast of adventure sports, Ratcliffe has completed journeys to both the North and South Poles, embarked on a three-month motorcycle expedition across South Africa, and participated in the 2013 Marathon Des Sables through the Sahara Desert. He established the charity Go Run for Fun, aimed at promoting physical exercise among children. Additionally, the Jim Ratcliffe Foundation financed a ski clubhouse in Courchevel intended for disadvantaged youth; however, this foundation is currently under review by the Charity Commission due to regulatory issues connected to a donation made to a private ski resort.

Ratcliffe splits his residence between Hampshire and Monaco. In 2017, he filed his fifth application to construct a luxury residence near Beaulieu, Hampshire. By September 2020, he relocated his tax domicile from Hampshire to Monaco, reportedly achieving tax savings estimated at £4 billion. His property portfolio includes an estate on Lake Geneva, Switzerland, along with ownership of the Le Portetta hotel in Courchevel and Lime Wood hotel in Hampshire.

He possesses two Feadship superyachts named Hampshire and Hampshire II. His initial yacht, formerly called Barbara Jean, was sold. In 2012, he acquired the 78-meter Hampshire II, constructed by Royal Van Lent, which remains under his ownership.

Brexit support

Ratcliffe advocated for the United Kingdom's exit from the European Union. As a dedicated Eurosceptic, he expressed in 2019 that while INEOS supported the common market framework, it opposed the formation of a "United States of Europe." He criticized the extensive scope of European regulations, considering them cumbersome and detrimental to business efficiency. Ratcliffe has also voiced dissatisfaction with politicians' management of the Brexit withdrawal deal, noting their tendency to prioritize consultations with bankers over industrialists and entrepreneurs.

See also

External links

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