Tycoon gives up fortune in ‘pact with God’

A TYCOON is to fulfil a “pact with God” he made as a struggling young man and donate most of his vast wealth to charity, it was disclosed yesterday.

Albert Gubay, 82, a life-long Roman Catholic, has placed his business empire, which is worth at least £600 million (€667m), into a trust to be passed into a charitable foundation on his death.

A spokesman said the entrepreneur hopes the charity will be worth £1 billion and will generate £20m a year for good causes.

Half of this money will go to causes identified by the Roman Catholic Church, with the other half to go to good causes selected at the discretion of the trustees.

The Isle of Man-based tycoon, who was born in North Wales to a Jewish Iraqi refugee father and Irish Catholic mother, made his fortune through the Kwik Save discount stores and Total Fitness gym chain.

He spoke in a 1997 TV documentary about emerging from the Royal Navy after the Second World War in his demob suit and with £80.

He said he had borrowed £100 and had made a pact with God at the time – “make me a millionaire and you can have half of my money”.

The companies he built up include Derwent Holdings Limited, which has property interests and is involved in major developments in Liverpool and Manchester.

He has a record in donations in areas including health, education and sport.