Albert Gubay
| Albert Gubay | |
|---|---|
| Born |
9 April 1928 Rhyl, Denbighshire, Wales |
| Died | 5 January 2016 (aged 87) Wilmslow, Cheshire, England |
| Nationality | Welsh |
| Occupation | Businessman |
| Years active | 1959–2016 |
| Title | Founder/Owner of Kwik Save (1959–73) Founder/Owner of Total Fitness (1993–2004) Founder/Owner of Mount Murray Hotel & Country Club (1994–2013) Chairman of The Albert Gubay Charitable Foundation (2010–16) Owner of The Nunnery |
| Spouse(s) | ex-wife (divorced) Carmel Gubay (?–2016, his death) |
| Children | 2 |
Albert Gubay, KC*SG (9 April 1928 – 5 January 2016) was a Welsh businessman and philanthropist, who made his fortune with the Kwik Save retail chain, building it further on investments, mainly in property development. According to Forbes, in 2006 Gubay had an estimated fortune of approximately GBP500 million (US$1.1 billion), making him the 698th richest person in the world.
Born on 9 April 1928 in Rhyl, to an Iraqi Jewish father, and an Irish Roman Catholic mother, Gubay began his business career in North Wales selling non-sugar sweets during post-World War II confectionery rationing. When rationing came to an end in the mid-1950s, the confectionery business ran into difficulties and Gubay moved into retailing via market stalls.
Gubay founded Value Foods on 11 May 1959 in Prestatyn, and rented its first retail shop in Rhyl in July 1959. His aggressive price cutting resulted in some manufacturers refusing to supply him.
In 1964 Gubay visited the United States with fellow director Ken Nicholson, and learnt about the "baby shark" method of retailing. Combined with ideas gained from West German retailer Aldi, the business model was based on buying goods on favourable (net 60 or 90) payment terms, distributing and selling them at or below cost before the payment fell due, and using the interest on the resulting cash flow to fund the business. The first Kwik Save Discount branded store opened in Prestatyn in 1965, and produced more sales than the existing Value Foods supermarkets. The second opened in Colwyn Bay, and by 1970 Kwik Save Discount had 24 stores.
Just before it was floated on to the in November 1970, the company changed its name formally to Kwik Save Discount Group Ltd. In 1973, Gubay sold Kwik Save for £14M/$28 million.
After selling Kwik Save, Gubay repeated the low-price retail model in New Zealand, Ireland and the United States:
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