Weston Family Secures 32 Million Pound Dividend as Portfolio Shows Resilience in Challenging Market

The Weston family, the billionaire force behind retail giants Primark and Fortnum & Mason, has distributed approximately £32 million in dividend payments, demonstrating remarkable resilience in their diverse portfolio despite challenging market conditions.

Wittington Investments, the family’s investment vehicle, disbursed £154 million for the year ending 14 September, surpassing the previous year’s £128 million payout. The Garfield Weston Foundation, holding 79.2% of Wittington’s shares, received £122 million, while the remaining £32 million was allocated among Weston family members and non-family shareholders.

The group’s profit attributable to equity shareholders reached £922 million, marking a significant increase from £618 million in the previous year. Associated British Foods (ABF), in which Wittington holds a 56.2% stake, contributed substantially to these profits, posting a statutory operating profit of £1.9 billion.

Fortnum & Mason, the prestigious grocer, reported a 9% revenue increase to £228.3 million, while pre-tax profit grew from £7.5 million to £9.2 million. The Richmond Hill Hotel achieved record revenue of £10.3 million, though Heal’s experienced challenges with revenue declining to £34.8 million.

The Weston family, ranked ninth on The Sunday Times Rich List with a net worth of £14.49 billion, maintains a strong position in the UK retail landscape. Despite recent challenges, including the dismissal of Primark’s chief executive Paul Marchant, the group’s diversified portfolio continues to demonstrate resilience in turbulent market conditions.