Wednesday 13 November 2019

Bert Allen and family

Place: 26 Change: - 2

Bert Allen and family

Bert Allen and family

Worth 2019 €605 m (1.68%)

Worth 2018 €595 m

  • Industry Food

Bert Allen (80) and his family owe their wealth to the meat industry and a large and valuable property portfolio. Some of the investments are made with brother Maurice (76). However they took a loss of an estimated €8m last year after renewable energy firm Gaelectric was liquidated. Bert also had a very small stake in tidal energy firm OpenHydro, which also went bust last year, so he might be forgiven for not backing any renewable energy businesses again any time soon.

But those minor losses were far outweighed by the various paydays the family has had from well-timed and shrewd investment plays. They earned about €250m when their 50pc stake in Slaney Foods was sold to fellow Rich Lister Larry Goodman's ABP Foods.

Their timing could not have been better selling the Bewleys Hotel Group in 2008, just before the crash. The €580m sale netted them about €200m. Then their vast property portfolio, which is owned through a complex web of UK and offshore companies, generates a rent roll of €40m and is worth about €450m, although the debt is around half of that. It includes nursing homes, land, apartments, office blocks and a car park. He is also linked with a venture to expand Cork's port.

Children Harry, Bertram and April, meanwhile, run a small bloodstock business split between stud farms in Dusseldorf in Germany and a larger one in Wexford. Bertram is a successful showjumper. Bert collects Eileen Gray furniture, and restored her family home near Enniscorthy.

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