Chris Dawson, the founder of The Range, has seen a significant rise on the Sunday Times Rich List.
The Plymouth retail magnate disclosed that his wealth surged by £475 million in just a year, catapulting his net worth to £2.5 billion and securing him and his wife, Sarah, the 70th spot on the prestigious list.
Dawson, known for his relentless work ethic, attributes this remarkable growth to astute investments and the burgeoning value of his retail empire. Speaking to PlymouthLive, he highlighted how the acquisition of the Wilko budget chain played a crucial role.
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Dawson purchased Wilko’s brand and intellectual property for a mere £7 million, and after reopening around 50 stores, its value skyrocketed to £100 million.
Emphasizing the collective effort behind his success, Dawson praised his team at The Range’s Plymouth headquarters. He identified three main factors driving the increase in value: strategic investments, the worth of distribution centers, and the combined value of The Range and Wilko chains.
He noted that a seven-year investment had recently matured, contributing significantly to the financial boost. “We have done extremely well in international investments. I’m a big investor in hedge funds, and this year they have matured. A tremendous result,” Dawson explained.
Last year, Dawson inaugurated a £200 million distribution center in Stowmarket, Suffolk, following the opening of a £100 million distribution center in Avonmouth, near Bristol, six years ago. These state-of-the-art facilities have appreciated significantly, largely due to the rise of internet shopping.
“The distribution depot in Stowmarket is 14 times the size of Wembley Stadium and has nearly doubled in value since we broke ground,” he said. “The same goes for the one in Bristol.”
Dawson also highlighted the soaring value of discount retail chains globally, including The Range and Wilko, which now benefit from dropshipping and online trading alongside their physical stores. “I have made Wilko work better, and it now has a significant value,” he stated.
The Dawsons’ leap up the Rich List saw them rise 15 places, making them the second wealthiest individuals in the South West, behind technology mogul Sir James Dyson and his family.
Despite his vast fortune and advancing age, Dawson, who began his career as a market trader in Plymouth, has no intention of retiring.
“I’m at it nine days a week, 25 hours a day. I’m a very lucky person; I love what I’m doing. What more do you want? I’m not out to retire,” he said.
Dawson also acknowledged the indispensable support of his team, saying, “The achievements were not done by me alone. I have a great team, and we do our best.”