A Monaco-based Yorkshireman has paid himself close to £100million in dividends over the past decade from his stairlift firm.
John Jakes, who founded Acorn Mobility Services 27 years ago, has benefited from a steady rise in sales of stairlifts, which has helped him pay out £97.5million in dividends since 2010 – only just less than total profits made by the company in that time.
Jakes, 63, paid out a £20.8million dividend in the year ended September 2018 – the largest to date – and then a £12.6million dividend after the period ended.
Being the firm’s 100 per cent shareholder, all dividend payments go to Jakes, who is also the chairman.
Accounts published on Companies House show revenues last year rose 6 per cent to £224.4million, generating pre-tax profits of £22.3million, up 8 per cent from 2017.
The Bradford-based firm employs 1,500 staff and counts TV personality Dr Hilary Jones as its medical adviser.
Jakes, whose wealth was estimated at £210million by this year’s Sunday Times Rich List, also has a 7.3 per cent stake in Dignity, the under-pressure funerals operator which issued a profit warning in May.
Originally published at Daily Mail