Andrew Nisbet, the man behind the Nisbets catering equipment empire, has been named the UK’s 251st richest person in the Sunday Times Rich List.
Mr Nisbet, who is listed as ‘Andrew Nisbet and Family’ in the annual ranking of the UK’s 1,000 wealthiest people is estimated to have a fortune of £500m.
He has risen 13 places in the list compared to 2017, when his fortune was calculated at £470m.
Hs profile reads: “Nisbet, 57, started his ‘Amazon of the cookery business’ from his car boot 35 years ago after spotting catering students lacked a one-stop shop. Profits at the £460m parent company of Bristol-based Nisbets rose to £39.6m last year.”
Mr Nisbets appears to be among more like-minded individuals than ever before in this year’s list. Some 94% of those ranked are self-made entrepreneurs behind some of Britain’s “game-changing” businesses. When the list was first published, back in 1989, just 43% of the entries had made their money themselves and the surest way to a fortune was to be a landowner – preferably with a title.
Nisbets is by far and away the largest supplier of commercial foodservice equipment in the UK, more than twice as large as any other standalone business in the sector by annual turnover.
The firm rose to the top on the back of its successful mail order and telesales business, but was also one of the first to adapt its business to the advent of the internet by creating a powerful ecommerce engine. In an exclusive interview with FEJ earlier this year, group CEO Klaus Goeldenbot revealed that online was now Nisbets’ largest sales channel and growing the fastest.
Mr Nisbet has also overseen the expansion of a successful own-label catering equipment business, with brands such as Buffalo and Polar sold internationally as well as through a huge network of retail stores that have shot up across the UK in the last four years. It now has 32 stores following the opening of its latest store, in Bayswater, London, with more in the pipeline.
Last year Mr Nisbet was present for the launch the National Catering Equipment Centre, a 20,000 square foot space in Bristol that features a Nisbets retail kiosk, a permanent exhibition area featuring 50 heavy duty catering equipment brands and a state-of-the-art development kitchen.
During the launch he gave a speech in which he said the facility was the biggest building project that the Nisbets Group has ever been involved in.
The Sunday Times bases its Rich List on ‘identifiable wealth’, which includes land, property, publicly-quoted shares and other assets, but not bank accounts that they don’t have access to.
Number one on this year’s Rich List was Jim Ratcliffe, the tycoon behind the chemicals giant Ineos. He tops the list for the first ever time, with wealth calculated at £21.05 billion.