Resurrecting the Defender
Another brand Ratcliffe wants to help out is Jaguar LandRover. Digging far down into his deep pockets, he wants to resurrect the company’s Defender car calling it The Grenadier, named after a Belgravia pub in London. The Ineos Grenadier will be manufactured a new factory in Wales, initially providing employment for 200 workers.
The Grenadier will be a basic 4×4 vehicle with a BMW engine, quite different from the electric car that Sir James Dyson planned to build, spending £500 million on the project before putting on the scrap heap.
Ratcliffe in the time of COVID-19
Ratcliffe’s most recent venture was set up 4 new factories in only 10 days to produce 4 million standard and ‘pocket-sized’ bottles of hand sanitizer every month. A job advertisement from Ineos for the position of Global Head of Brand & Retail stated:
“Today we are supplying the NHS free of charge. And in a world beyond COVID-19 we see a new opportunity.”
The advert went on to say:
“We want to build a brand-new consumer healthcare business that carries our global initiative forward.”
A brand-new business at this time of economic uncertainty? Isn’t it amazing what money can buy…
Belstaff in Dire Straits
Belstaff, the British clothing brand owned by UK chemicals company Ineos, is not having a good time of it. On a turnover of £30.5 million, the brand lost a phenomenal £48 million in the year ending 31 December 2018. The 2017 numbers were even worse, coming in at a loss of £61.8 million.
Ratcliffe to the Rescue
But no need to despair. Belstaff remains operational after borrowing £147 million from its owner, Ineos. Ineos is run by billionaire Brexiter Sir Jim Ratcliffe. Ratcliffe is not to be underestimated in his determination to build Belstaff into a successful British brand.
According to the Sunday Times 2020 Rich List, Ratcliffe has an estimated net worth of £12 billion, down from £18 billion in the 2019 ranking due to the impact of the COVID-19 pandemic. Nevertheless, at the age of 67, Sir Jim is the richest individual in the United Kingdom.
