Select a region
One of the UK’s richest families - who own a company behind some of the world's biggest sports brands - has moved £518m to Jersey-registered entities, it has been reported.
The Sunday Times says UK-based Pentland Group – owned by the billionaire Rubins family – was demerged last October into two Jersey entities.
Pentland is behind some of the world’s best-known sports and outdoor brands, including Speedo, Berghaus, Canterbury of New Zealand, Endura, Ellesse and KangaROOS.
The newspaper reported that one of the new entities was Pentland Capital Holdings, which is resident in the UK for tax purposes.
Pictured: Pentland is behind some of the world’s best-known sports and outdoor designers, including swimwear maker Speedo.
This, it said, houses Pentland’s investments: the largest is its 51.9% stake in JD Sports, worth £4.86 billion.
The paper reported that the Rubins’ declared a £518m distribution to Pentland Capital Holdings before the demerger.
The other new Jersey entity was Pentland Group Holdings, which houses Pentland’s trading activities and is resident in Ireland for tax purposes.
Pentland told the Sunday Times that the decision to re-register in Jersey was linked to the establishment of an Irish subsidiary, Pentland Industries International DAC, in 2019.
Pictured: How the story was reported in The Sunday Times.
The company said it was set up so it could continue to benefit from the EU’s freedoms and regulatory environment.
The new entities are registered in Jersey at 26 New Street.
The privately owned Pentland Group is chaired by Stephen Rubin OBE, whose father founded the firm in Liverpool in 1932.
Comments
Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.