12. Bernard Lewis & Family
Lewis Trust Group sees profits slip
£920m
Lewis Trust Group
2008: £920m (No change)
The Lewis Trust group saw its profits fall in 2008 from £150m to £107m, though sales rose from £888m to £966m. The Lewis family, which owns the retailing to property and hotels group, is headed by chairman Bernard Lewis, 83.
By the mid-1960s, with the Kings Road in Chelsea seen as the centre of fashion, a chain of stores acquired by Lewis was renamed Chelsea Girl.
In 1987, the first River Island store was opened and within four years all the Chelsea Girls had been rebranded as River Island. River Island performed strongly in 2008 with profits up 5.4% to £161m, offsetting falls elsewhere in the group. Overall, the Lewis Trust's net assets rose from £849m to £908m.
The Lewis family and trusts own all of the business, which we value at £800m in the current climate.
Dividends and other property assets should add perhaps £120m after tax.