Owners of Selfridges & Primark paid near-double dividend

Primark owners
// The Weston family has doubled its dividend payout for 2018 to £151m.
// Wittington Investments, the family’s British operation, was in £84m in dividends in 2017
// Most of the dividends went to the Garfield Weston Foundation charity. Remainder was shared among the family
// The Westons own Selfridges, Fortnum & Mason, Heals and Primark parent company AB Foods

The billionaire family behind the likes of Selfridges and Primark has almost doubled its dividend payout to £151 million.

According to The Sunday Times, Wittington Investments, the British operation of the Weston family, paid itself £92 million last year and £59 million at year’s end.

This compares with the total dividend of £84 million in 2017.

Most of the dividends went to charitable trust the Garfield Weston Foundation, which owns 79.2 per cent of Wittington Investments.

The remainder was shared among members of the Weston family, who are thought to be worth £10.1 billion, according to The Sunday Times Rich List.

Wittington Investment reportedly had sales of £15.8 billion and made pre-tax profits of £1.3 billion in the year ending September 2018.

Iconic luxury retailers Fortnum & Mason and Selfridges are owned by Wittington Investments, as is furniture retailer Heal’s.

Wittington Investments also has a majority stake in Primark parent company AB Foods.

Fortnum & Mason chairwoman Kate Hobhouse is the sister of AB Foods chief executive George Weston.

Meanwhile, their cousin Alannah Weston was promoted from deputy chair to chair of the Selfridges Group with immediate effect just last week.

Alannah replaces her father Galen Weston, but he will remain on the board as chair emeritus.

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