Eastern Eye publishes British Asian Rich List 2006
Howard Lake | 23 April 2006 | News
The Jatania family remain at the top of Eastern Eye’s British Asian Rich List in 2006.
Headed by Mike Jatania and supported by his three brothers, George, Vin and Danny, their beauty products company Lornamead marked a £50 million increase in the family’s fortune, now estimated at £650 million.
One of the company’s highlights of the past 12 months was buying the famous British brand Yardley.
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Chief Executive Mike Jatania, 40, was delighted to top the list again and praised his company. He told Eastern Eye: “Lornamead remains committed to building a significant personal care business through key strategic acquisitions of new brands and investing in existing brands. A major acquisition is about to be announced next week.”
The list of Britain’s 20 wealthiest Asians featured in Eastern Eye’s annual Success magazine highlights some of the year’s biggest success stories. While pharmaceutical giants Vijay and Bhikhu Patel retain their second place in the list with assets worth £455 million, steel magnate Lord Swraj Paul has jumped three places to third position with his family fortune estimated at £450 million.
The chief of telecom group Binatone, Gulu Lalvani, and hotelier Jasminder Singh both slipped one spot each to come in fourth with £400 million and fifth with £350 million respectively.
Steel tycoon Lakshmi Mittal heads the list of India’s richest businessmen with a whopping £13.5 billion.
Dr Spinder Dhaliwal, associate editor of Success, said: “At the end of another exciting year for Asian businesses in the UK, Mike Jatania has maintained his position at the top of the league despite ever more intense competition from other seasoned players like Lord Paul and Ramesh Sachdev.
The strategy of the Jatania’s Lornamead Group has been the acquisition of the quintessential British company, Yardley. Perhaps this represents further movement towards the integration of British and Asian businesses.”
The magazine was launched at a glittering Asian Business Awards ceremony in central London on Wednesday (19).
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.