Gymshark CEO named West Midlands' richest under 40

The CEO and founder of Gymshark, a global sportswear company, has been named as the richest under 40-year-old in the West Midlands.

Ben Francis, from Bromsgrove, Worcestershire, has an estimated personal wealth of £800m, according to The Sunday Times Rich List.

The 33-year-old started his Solihull-based business from his parents' garage in 2012 when he was aged 19, at the time studying by day and working for Pizza Hut at night.

In 2020, after Gymshark was valued at more than £1bn, Francis told the BBC he was worth a "frightening" amount.

He is the only under 40-year-old to rank in the top 10 richest people within the West Midlands, ranked in 10th.

Construction magnate Lord Bamford - chairman of JCB - and his family, who have a combined wealth of more than £10bn, have topped the list in the region.

Those also on there include Denise, John and Peter Coates, who are behind gambling giant Bet365 and have a combined wealth of just shy of £10bn.

Robert Watts, compiler of the Sunday Times Rich List, said: "This year's Rich List is a tale of two exoduses. One in six of the individuals and families who appeared on the list two years ago don't feature this time.

"Many foreign billionaires, who have been living in the UK, have also dropped out because they have moved away. We have also seen a sharp rise in the number of British nationals now resident in Dubai, Switzerland and Monaco."

The exoduses, he said, pose challenges for the UK economy and its public finances.

"Will more of the wealthy now set up or grow their ventures overseas and in doing so create fewer jobs here?," Watts asked,

"How much tax - if any - will Rachel Reeves' treasury be able to extract from those affluent Brits who have now left the country?"

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