Mar 19, 2019
The UK's richest man bailing out Team Sky
The UK's richest man Jim Ratcliffe is the proud new owner of a high-profile professional cycling team, after his firm Ineos took over the former Team Sky. From operations once owned by the likes of oil giant BP, Mr Ratcliffe has created a company whose chemicals and raw materials go into nearly everything we touch every day. Armed with an MBA from the London Business School, Mr Ratcliffe moved to fabric and chemicals producer Courtaulds before a career-changing step into the world of private equity when he joined Advent International in 1989.Art of the deal. Mr Ratcliffe left Inspec to form his own firm, Ineos, in 1998 which bought the Belgian business for £89m. Ineos is now worth £35bn, according to The Sunday Times Rich List - based on Mr Ratcliffe's strategy of buying "Unfashionable or unsexy facilities owned by large corporations where you'd know they would be sloppy with the fixed costs". The dispute - which earned Mr Ratcliffe the Bond villain moniker of Dr No - led to Ineos announcing that it would close the petrochemical plant and cut 800 jobs.
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