Nisbets founder’s wealth shoots to £300m

Andrew Nisbet, the founder of catering equipment supplier Nisbets, has moved up 14 places on The Sunday Times Rich List after his wealth reportedly increased by £47m last year.

Nisbet is now estimated to be worth £299m, which places him 273rd on the list of the wealthiest individuals in the UK.

The Sunday Times said that Nisbets as a company increased its profit from £23.5m to £26.1m in 2011, with revenues reaching £160m.

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The newspaper claims the Bristol-based business, which also has operations in France, Spain, Holland, Australia and China, is worth £288m, with the Nisbet family owning a £274m stake.

It said that ‘other assets’ contributed £25m to 51-year-old Nisbet’s wealth.

Nisbets was set up in 1983 and now employs more than 600 people. It sells kitchen equipment and catering supplies directly to operators, as well as to dealers through its trade arms RB Distributors and Uropa Distribution.

Nisbet is not the only individual with links to the commercial catering equipment market to make it onto The Sunday Times’ much-anticipated annual list.

Willie Haughey, who set up Glasgow-based City Refrigeration in 1985, is ranked as number 495 with a reported wealth of £152m.

The business, which now turns over £230m a year, was initially established to provide fridges and technical services to pubs.

While it still offers back bar refrigeration and catering equipment packages to the retail and leisure industries today, the company has evolved into a much more rounded facilities management and construction business.

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