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Latest rich list for Hertfordshire

By Bankerbob13/3 15:53Tue Mar 13 15:53:55 2018

Views: 757

From Hertfordshire Life magazine:


Phil Wallace 22/10/1949



Phil Wallace wants the club to be. Wallace took control of Stevenage FC in 1999 when the club was days away from bankruptcy. Since then he has increased the capacity of the stadium, built a new training facility. Broadhall Way – now known as the Lamex Stadium after the chairman’s food company – holds 6,700 fans, more than enough for the club’s 3,300 average attendance. Aside from his footballing duties Wallace is the CEO at Lamex, which he joined in 1972 when the company was a small food importer based in London. Continuing growth in the Group led to a $50m management buyout in 2006, with Wallace and his family retaining a near 24per cent family stake in the newly formed parent, Lamex Food Group. In 2016-17 it made a record £17.5m profit on £1bn sales and should be worth over £200m. Wallace’s Lamex holding and his other assets and past salaries take him to £80m easily despite the cost of supporting the football club.

Don't understand the first sentence - lazy journalism?

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