George Osborne is set to receive a portion of a £28 million payment in recognition of his role as a partner at the financial consulting company, Robey Warshaw.
The ex-leader, who led the austerity measures following the economic downturn, is among four co-owners of the Mayfair firm that revealed its plan to distribute £27.98m among four individuals on Friday.
Robey Warshaw did not reveal how much Osborne, who joined the company in 2021, would collect.
The majority of the funds, totaling £20.5m, will be awarded to Sir Simon Robey, one of the cofounders and renowned as the “trillion-dollar man” in the City for his involvement in major deals such as advising the Cadbury board on the acquisition by US company Kraft in 2010.
Robey, a supporter of Margaret Thatcher and her policies to reduce government control over banking and financial markets during the 1980s, has amassed approximately £175m since establishing Robey Warshaw alongside his colleagues Simon Warshaw, who comes from the Molton Brown family business, and Philip Apostolides, in 2013.
In 2016, Osborne departed from his position in the government following the Brexit referendum. From May 2017, he served as editor of the Evening Standard for three years. He is the sole individual to become a partner at Robey Warshaw since its establishment almost ten years ago.
The four partners received a payout that was 6% higher than the previous year’s amount of £26.5m. Robey’s pay also increased by 19%, rising from £17.2m last year.
Earnings totaled £31.8 million, an increase from £30.1 million in the previous year. Revenue also saw growth, rising by £6.2 million to reach £46.1 million, compared to £39.8 million.
The company provided guidance to the National Grid regarding the sale of its gas transmission business to a group led by Macquarie Asset Management. The transaction was valued at $10.5 billion (£8.25 billion).
The financial reports submitted to Companies House on the final business day before Christmas reveal that the company, located in a townhouse on Grosvenor Square in Mayfair, generated a total revenue of £341m over the past eight years. However, no taxes were paid.
Robey Warshaw stated that it is not responsible for taxes due to its status as a limited liability partnership. They also indicated that it is the responsibility of each individual member to handle any taxes related to their portion of partnership profits.
Robey, who has been a devoted supporter of Arsenal for his entire life, resides in Bramfield Hall, a historic country estate in Suffolk that dates back to the 16th century and is listed as a Grade II property. The estate was previously owned by the Rabett family for 450 years before Robey used a portion of his bonus to acquire it.
Source: theguardian.com
