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David Ross (businessman)

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collateral, which had included those he held in Cosalt itself. Despite selling its marine division to raise £27 million, the company was in dire financial circumstances by 2011, when Ross held 15 per cent of the shares and had loaned it money. Following a profits warning in October, Ross proposed to turn it into a privately owned business, offering £400,000 to have it delisted from the stock market, where it had had a presence since 1971. Despite doubling his offer and pumping more money into the company through his investment vehicle, disaffected shareholders rejected it. Some individual shareholders tried in December 2012 to have the
417:, then a minister, said that "there was insufficient evidence of relevant misconduct for it to be in the public interest to investigate further since the issues raised are unlikely to be viewed by the Court as serious enough". She also said a potential criminal prosecution of the directors for failure to file accounts had been rejected. 491:'s leadership campaign in 2019. Ross also paid for Johnson's holiday accommodation in Mustique in December 2019. Although Johnson was eventually cleared of any standards breach, both Johnson and Ross were criticised by the Commons Standards Committee in July 2021 for their lack of candour over these arrangements. 429:. He had become involved when Cosalt was investing in the area with proposals for wind-generated energy but the collapse of that company meant that he had little in the way of involvement in local business and was having to spend more of his time elsewhere. The Ballyclare workwear division was based in 401:
were joint administrators of the business. Amongst their actions was the subsequent sale of the Ballyclare workwear division to Ross for £5.8 million. They said, "This sale ensured continued trading for the business and continued employment of all the companies' staff ... The alternative offers
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There had been speculation that, apart from the issue of political donations, appointing Ross as Ofsted chairman would also create a conflict of interest because of his direct involvement with academies. However, David Hoare, who was eventually selected for the role, also had an involvement but was
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Ross founded the David Ross Foundation in 2006. It believes that "every child and young person has passions and talents" and that its intention is to "help them discover their strengths by offering them a wide range of world class educational opportunities". It has funded the David Ross Education
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later that year when it emerged that the Gallery had commissioned a photographic portrait of Ross, among other telecoms-related subjects, but the Gallery noted that he had not been involved with the organisation at the time of commissioning. A trustee since 2015, he gave over £1 million to the
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and Financial Services Authority investigate Ross amid claims that he had abused his position in an attempt to buy the business cheaply. Ross said that he had acted altruistically and that the company's pension fund liabilities were now twice its value. By that time, trading in shares had been
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Like his grandfather and father before him, Ross was chairman of Cosalt, which by his time had become primarily a group of companies involved in offshore safety. He took on the role in 2007 and had a 12-month break between 2008 and 2009 due to the problems relating to his pledging of shares as
1317: 236:, London, using £6000 of his savings. Two years later, he asked Ross to join the business as finance director. Four years later, the business had twenty stores and thereafter continued to grow rapidly through a process of both acquisition and internal development. 201:. At the age of 16, his father sent him to work on a building site in Algeria, which he later described: "It was a defining moment because it was so bad I had to get away from it and be able to control my destiny". He graduated with a BA degree in law from the 1381: 743:
Some sources say that Ross and Dunstone jointly founded the Carphone Warehouse business in 1989, and others that the pair co-founded it in 1991. There are also sources that say the initial funding of £6000 came jointly, rather than just from
299:. His 50 per cent investment in the venture, which was known as Kandahar Real Estate Ltd, came from injecting the one-million square foot high-street private property portfolio of Kandahar, while Morgan Stanley injected the newly completed 387:
Unable to obtain funding from existing or new lenders, or by a deal with pension fund trustees, the company was put into administration in February 2013. Ross and two banks were owed £17 million and Ross held 46 per cent of the shares.
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A private investment business called Kandahar had been formed by Ross, comprising a team that had gained much experience of the UK high street property market as the number of Carphone Warehouse stores had grown. In 2006, Ross set up a
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for a four-year term in February 2006. This was to satisfy the Gallery's desire to recruit "a person with senior level of financial, accounting, strategic planning and risk management skills". There were accusations of
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would have resulted in further insolvencies within the Group which would have resulted in lower realisations and increased costs." In the same year, Ross also acquired Simon Jersey, adding to his workwear portfolio.
2249: 1354: 710:. His stepsister, Fiona, was murdered there in 2006 and, in 2008, he decided to sell it. He has a reputation for partying and a love of shooting, pursuing the latter interest with people such as Lineker and 258:
of Carphone Warehouse in 2000, the company had been so successful that the partners had not needed to borrow or involve outsiders: Dunstone owned half, Ross a third, and Guy Johnson most of the rest.
2168: 347:, the FSA said that other directors had used their shares in a similar fashion and offered a short amnesty for declarations to be made by any directors who might have engaged in such practices. 664:
Ross has a son with Michelle "Shelley" Ross, a former partner whom he did not marry but who happened to have the same surname. He has also been in relationships with high-profile women such as
626:. He resigned from this position December 2008 in the wake of the same event that led to his departure from the board of Carphone Warehouse. Johnson has also appointed Ross to the board of the 239:
While Dunstone became the public face of Carphone Warehouse, Ross (described by Dunstone as his "secret weapon"), developed and drove the high-street retail footprint of the company by buying
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Regulatory issues arose because the inability to resolve refinancing issues meant that the company did not file accounts for the 2011 financial year. The accounts could not be filed on a
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in England. Its first academy was sponsored in 2007 and, by July 2014, it was running 25 educational establishments in the country. Ross is the chairman of the
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Ross resigned from Carphone Warehouse, National Express and Big Yellow in December 2008 after using a large proportion of his shares in the businesses as
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of the company until 2003. He started to reduce his role from 2003, was appointed deputy chairman in July 2005 and by 2008 was a non-executive director.
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in exchange for donating more than £50,000 a year". In total, he had donated more than £700,000 to the party by February 2020, including £10,000 for
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in the UK, and developing markets in Europe and the United States. The business also expanded into other telecommunications areas, establishing the
1456: 397:, after its collapse Ross bought the company's assets at "knockdown prices" and recovered "far more of his money than anyone else." Partners from 2341: 1701: 1200: 630:
which has responsibility for redevelopment of Olympic Park in Legacy mode and to London United, the body that supported the capital's bid to be
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The successful involvement of Ross in Carphone Warehouse created a demand for his services at other businesses. He was the chairman of
194:), which was founded in 1873 as a co-operative that supplied fishing fleets. Both businesses were listed on the London Stock Exchange. 2229: 1991: 2356: 1573: 2371: 844:
This year's Sunday Times Rich List recorded Mr Ross as the 87th-richest man in the UK with an estimated personal wealth of £873m.
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Ross had become friends with Charles Dunstone while at Uppingham. Dunstone went on to found Carphone Warehouse from a flat in
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in January 2011 for £240m. Other sales followed as the portfolio was divested during the year, including shopping centres in
1858: 963: 2065: 1223: 158:. At the peak of his business interests in 2008, Ross was one of the 100 richest people in the United Kingdom. In 2008, 504: 1806: 594:
In 2015, he was made a member of Nottingham University's Council. He had been shortlisted for the role of chairman of
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ranked him #843 in the world's richest billionaires; his net worth was estimated at US$ 1.4 billion. In April 2015,
1034: 567: 2293: 1067: 308: 186:, who created one of the UK's largest commercial fishing firms from the family business, which eventually became 904: 652:, the University of Nottingham, to build a £40 million sports centre in the University Park Campus, named the 272:
from 2001 and also had directorships of several other companies, including the publishing and newspaper group
2351: 2346: 866: 449: 426: 332: 300: 1139:"'Conflict of interest': Outcry at plan to put multimillionaire Tory donor David Ross in charge of Ofsted" 642: 631: 638: 997: 653: 350:
The Drake Circus shopping centre, which was the largest asset in the Kandahar portfolio, was sold to
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In May 2012, Ross participated in "The Dallaglio Flintoff Cycle Slam 2012" charity cycle ride from
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by an independent panel in 2014 but his involvement went no further due to objections from the
398: 1102:"David Ross: glitz and glamour of the upper-class 'barrow boy' with all the right connections" 1101: 391:
The business had a £50 million pension deficit when it fell into administration. According to
2142: 1224:"Multi-millionaire entrepreneur David Ross sells shares in Carphone Warehouse and Big Yellow" 584: 556: 174:
his net worth was estimated at £642 million, a £26 million decrease from the previous year.
146:(born 10 July 1965) is an English millionaire businessman, and one of the co-founders (with 2326: 1237: 324: 210: 2010:"David Ross: Royal Opera House role for tycoon who arranged Boris Johnson's Mustique trip" 8: 1911: 755: 588: 566:
announced that Ross had been appointed as chair of its Board of Trustees. Ross succeeded
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not to disqualify directors of Cosalt from holding future office has been questioned in
1620: 1582: 1522: 623: 529: 406: 227: 155: 100: 1355:"FSA gives directors amnesty as it clarifies rules after David Ross share controversy" 790:
Ross had bought more shares in Cosalt as his attempt to privatise the company went on.
686:, on which he has spent millions of pounds. In addition, he has, or has had, homes in 384:
suspended due to a failure to comply with regulatory requirements by April that year.
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regarding a potential conflict of interest relating to his past political donations.
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Ross, who has a strong personal interest in sport, was for some time on the board of
367: 355: 457: 1938: 707: 665: 540: 269: 198: 166: 147: 63: 1268: 307:. The joint venture was worth £500 million but hit problems soon after due to the 1233: 830: 711: 672: 615: 525: 517: 479: 441: 296: 233: 206: 2120: 699: 683: 544: 380: 340: 293: 273: 244: 2069: 2320: 2022: 1834:"Cronyism row hits National Portrait Gallery over pictures of future trustee" 1725:"Millions of taxpayers' cash spent on venture capital fund run by Tory donor" 1621:"Joint Administrators' Proposals for Achieving the Purpose of Administration" 1523:"Joint Administrators' Proposals for Achieving the Purpose of Administration" 1245: 917: 778: 611: 488: 484: 344: 289: 1782:"Boris Johnson cleared over Mustique holiday but criticised for explanation" 1253: 1810: 1228: 958: 703: 453: 445: 351: 328: 240: 190:, and took over the Great Grimsby Coal, Salt and Tanning Company (known as 1992:"Royal Opera House appoints David Ross as Chair of the Board of Trustees" 1166:"Carphone Warehouse co-founder David Ross quits after disclosure failure" 715: 675: 552: 393: 327:
for personal loans without informing the companies, which is a breach of
311:; in 2007 it had to arrange a £460 million refinancing deal through the 1916: 1882:"The woman who's given £500 million to the arts — what has she learnt?" 687: 649: 500: 414: 187: 2220:"Baroness Grey-Thompson DBE appointed to strengthen 2012 legacy team" 759:, Debrett's says was non-executive deputy chairman from 2003 to 2008. 719: 695: 434: 183: 118: 170:
estimated his net worth at £1.0 billion. In the 2020 edition of the
130: 2195:"David Ross resigns from Olympics panel and National Express board" 954:"Authorised Biography – Debrett's People of Today, David Ross, Esq" 691: 509: 430: 359: 304: 2169:"New Ofsted boss embarrassed by problems at his own academy chain" 768:
Some sources say Ross was chairman of National Express from 2004.
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as "an elite diners' club whose members get frequent access to
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Ross was finance director from 1991 until 1996 and then joint-
2308:"Olympic seal of approval for new David Ross Sports Village" 1907:"Halfords back Flintoff and Dallaglio to boost pedal power" 312: 2230:"Phone boss who quit LOCOG appointed to 2012 legacy board" 2096:"Wealthy Tory donor David Ross in line for top Ofsted job" 2294:"Carphone Warehouse Co-Founder Answers Call of BOA Board" 1694:"David Ross: 'I will do all I can to support Humber LEP'" 251: 247: 425:
In 2013, Ross resigned as deputy chairman of the Humber
335:(FSA) said that the rules on the issue, governed by the 2250:"Boris Johnson on London's role in 2018 World Cup bid" 1478:"Ross set to take Cosalt private with knockdown offer" 714:. In 2007, he bought 4,500 hectares (11,000 acres) of 618:
in May 2008, Ross was his nominee to the board of the
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Wray, Richard; Mulholland, Hélène (9 December 2008).
1809:. 10 Downing Street. 17 February 2006. Archived from 998:"The 'secret weapon' that blew up in Dunstone's face" 494: 339:, were unclear and inconsistently applied across the 1347: 1345: 694:, and in Switzerland, where he spent some time as a 2162: 2160: 591:, a charity which formerly supported free schools. 182:Ross was born on 10 July 1965. He is a grandson of 2228: 2008: 1964: 1581: 1380: 1353: 1325: 1318:"Ross set to escape action by FSA over disclosure" 1291:"Carphone Warehouse founder under fire over debts" 1289: 1164: 1132: 1130: 1128: 1126: 1124: 1100: 1066: 903: 641:board. He is also a non-executive director of the 318: 1342: 820: 818: 816: 2318: 2157: 1288:Ebrahimi, Helia; Wilson, Amy (8 December 2008). 473:Ross is a member of "The Leader's Group" of the 250:in 2003 and taking over other providers such as 2089: 2087: 1779: 1121: 1094: 1092: 1090: 1060: 1058: 1056: 948: 946: 944: 942: 940: 938: 936: 934: 2192: 1287: 1028: 1026: 1024: 1022: 1020: 1018: 991: 989: 987: 985: 983: 981: 813: 1609:. No. 1377. 17 October 2014. p. 29. 1549:"Carphone founder's family firm Cosalt folds" 1199:. JLD Media. 20 November 2006. Archived from 532:'s respective charities. He hosts the annual 2310:. The University of Nottingham. 18 May 2017. 2084: 1087: 1053: 931: 420: 276:, Big Yellow Storage and Frontiers Capital. 1193:"Carphone tycoon buys into Plymouth centre" 1015: 978: 857:"The World's Billionaires: #843 David Ross" 671:Ross's main residence is the 13th-century, 448:, was part of the consortium which rescued 437:, neither of which are in the Humber area. 1032: 826:"David Ross: The tycoon who fell to earth" 2006: 1936: 1497:"Marine firm investors attack David Ross" 1351: 1879: 1432: 1221: 1064: 543:, sponsored the David P J Ross Vault at 2068:. David Ross Foundation. Archived from 1722: 1598: 1546: 1352:Griffiths, Katherine (9 January 2009). 1098: 1033:Ramnarayan, Abhinav (8 December 2008). 279: 2342:Alumni of the University of Nottingham 2319: 1644: 1162: 1136: 216: 2247: 2166: 2093: 1962: 1831: 1475: 1435:"Kandahar portfolio draws to a close" 628:London Legacy Development Corporation 221: 2282:. We Are England. 17 September 2009. 2226: 2044:"Remembering Ian Taylor (1956–2020)" 1433:Roxburgh, Helen (22 November 2011). 995: 2367:People educated at Uppingham School 2337:21st-century English businesspeople 2332:20th-century English businesspeople 2222:. Mayor of London. 3 December 2012. 2007:Sanderson, David (16 August 2020). 1672:"Cosalt: Written question - 219223" 1269:"Shock exit of Carphone co-founder" 1065:Ebrahimi, Helia (8 December 2008). 905:"Rich List 2020: profiles 201‑300=" 463: 13: 1937:Vorasarun, Chaniga (3 July 2008). 1880:Morrison, Richard (13 June 2024). 1647:"David Ross acquires Simon Jersey" 1580:. 16 December 2011. Archived from 1547:Goodway, Nick (15 February 2013). 637:In 2013, Ross was a member of the 495:Charitable activities and the arts 477:. The group has been described by 14: 2383: 2066:"About The David Ross Foundation" 1994:. Royal Opera House. 16 July 2020 1645:Graham, James (13 January 2014). 1476:Moore, James (26 November 2011). 996:Wray, Richard (9 December 2008). 2357:British chief operating officers 2145:. University of Nottingham. 2015 2046:. Royal Opera House. 8 June 2020 1963:Foyle, Jonathan (6 March 2015). 1408:"British Land buys Drake Circus" 1099:Sabbagh, Dan (9 December 2008). 659: 656:, which opened in October 2016. 632:host city for the 2018 World Cup 2300: 2286: 2272: 2248:Beard, Matthew (30 June 2009). 2241: 2212: 2186: 2135: 2113: 2058: 2036: 1984: 1956: 1930: 1899: 1873: 1851: 1825: 1799: 1780:Heather Stewart (8 July 2021). 1773: 1758: 1716: 1700:. 10 April 2013. Archived from 1686: 1674:. UK Parliament. 7 January 2015 1664: 1638: 1626:. PwC. 27 March 2013. p. 7 1613: 1566: 1540: 1528:. PwC. 27 March 2013. p. 5 1515: 1449: 1426: 1400: 1373: 1310: 1222:Fletcher, Nick (11 June 2009). 1215: 1185: 1163:Wilson, Amy (8 December 2008). 1156: 1137:Garner, Richard (4 July 2014). 1068:"Loans cast shadow over empire" 793: 784: 771: 762: 747: 331:rules. Shortly afterwards, the 319:2008 resignations and aftermath 2372:Conservative Party (UK) people 2167:Grice, Andrew (31 July 2014). 2094:Adams, Richard (4 July 2014). 1832:Adams, Guy (13 October 2006). 1457:"Ailing Cosalt may go private" 896: 881: 865:. 5 March 2008. Archived from 849: 737: 579:Trust, which operates various 456:, before it was later sold to 1: 2227:Cook, Ben (4 December 2012). 1966:"Lincoln: a Magna Carta city" 1769:(1516): 11. 21 February 2020. 1723:Merrick, Jane (6 July 2014). 1574:"Ross buys 74m Cosalt shares" 725: 177: 573: 450:Leicester City Football Club 427:Local Enterprise Partnership 333:Financial Services Authority 301:Drake Circus Shopping Centre 7: 1861:. National Portrait Gallery 643:British Olympic Association 620:London Organising Committee 468: 309:financial crisis of 2007–08 209:from 1988, qualifying as a 10: 2388: 888:"Sunday Times Rich List". 639:Commonwealth Games England 225: 834:. London. 9 December 2008 654:David Ross Sports Village 505:National Portrait Gallery 421:Other business activities 373: 337:EU Market Abuse Directive 254:. When Ross assisted the 125: 114: 106: 95: 87: 79: 69: 59: 30: 23: 605: 203:University of Nottingham 74:University of Nottingham 2296:. Team GB. 2 June 2011. 800:free of political ties. 648:Ross has supported his 263:chief operating officer 172:Sunday Times Rich List, 499:Ross was appointed by 399:PricewaterhouseCoopers 2235:Place Making Resource 2123:. New Schools Network 1698:The Grimsby Telegraph 1035:"Profile: David Ross" 564:The Royal Opera House 557:Charter of the Forest 444:and, with his friend 197:Ross was educated at 144:David Peter John Ross 35:David Peter John Ross 2352:British billionaires 2254:The Evening Standard 1765:"Freeport Freebie". 1746:. Conservative Party 698:. He owned a second 551:'s copy of the 1215 539:Ross, brought up in 503:to the board of the 405:The decision of the 280:Kandahar Real Estate 211:chartered accountant 2347:English accountants 1912:The Daily Telegraph 1360:The Daily Telegraph 1296:The Daily Telegraph 1171:The Daily Telegraph 1073:The Daily Telegraph 756:The Daily Telegraph 589:New Schools Network 287:commercial property 217:Business activities 133:.davidpeterjohnross 16:English businessman 2072:on 28 January 2012 1859:"List of trustees" 1704:on 15 January 2015 1463:. 18 November 2011 668:and Ali Cockayne. 624:2012 Olympic Games 530:Lawrence Dallaglio 475:Conservative Party 407:Insolvency Service 228:Carphone Warehouse 222:Carphone Warehouse 156:Carphone Warehouse 101:Carphone Warehouse 91:1988–present 1651:The Business Desk 1586:on 8 January 2015 1503:. 2 December 2012 1275:. 8 December 2008 1203:on 8 January 2015 680:Market Harborough 600:Liberal Democrats 583:and at least one 549:Lincoln Cathedral 534:Nevill Holt Opera 522:Stratford, London 513:Gallery in 2023. 368:Market Harborough 356:Bishops Stortford 141: 140: 88:Years active 2379: 2312: 2311: 2304: 2298: 2297: 2290: 2284: 2283: 2276: 2270: 2269: 2267: 2265: 2256:. 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Index

Grimsby
Uppingham School
University of Nottingham
Carphone Warehouse
Carl Ross
www.davidpeterjohnross.com
Charles Dunstone
Guy Johnson
Carphone Warehouse
Forbes
The Sunday Times
Carl Ross
Ross Group
Cosalt
Uppingham School
University of Nottingham
Arthur Andersen
chartered accountant
Carphone Warehouse
Marylebone Road
Tandy
TalkTalk
ISP
AOL
IPO
chief operating officer
National Express
Trinity Mirror
commercial property
joint venture

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