George Osborne to earn share of £26.5m payout in first year at City advisory firm | Executive pay and bonuses
George Osborne will collect a share of a £26.5m payout for his first year working as partner at the City advisory firm Robey Warshaw.
The former chancellor, who orchestrated the austerity drive after the financial crisis, is one of four partners at the Mayfair-based company, which announced on Friday it would pay out a total of £26,482,914 to four men.
Robey Warshaw did not reveal how much Osborne, who joined the firm in April last year, would collect.
Most of the money – £17.2m – will go to its co-founder, Sir Simon Robey, who is known as the City’s “trillion-dollar man” for the cumulative size of the mega-deals he has worked on, including advising the Cadbury board on the sale of the 197-year-old chocolate company to US rival Kraft in 2010.
The fan of Margaret Thatcher and her deregulation of banking and financial markets in the 1980s has earned at least £154m since he set up Robey Warshaw with his fellow investment banking superstars, Simon Warshaw, an heir of the Molton Brown beauty empire, and Philip Apostolides in 2013.
Osborne, who was editor of the Evening Standard for three years after leaving government in 2016, is the only person to join the firm as partner since its foundation almost a decade ago.
Profits were down from £30.1m in 2021. Turnover was roughly flat at £39.8m compared with £40.1m a year earlier.
The accounts show the firm, which operates out of a townhouse on Grosvenor Square in Mayfair, turned over £295m in the last seven years, but has not paid any tax.
Robey Warshaw said it was not liable for tax because of its structure as a limited liability partnership, and that it is “the responsibility of the individual members to settle any liability arising from their share of partnership profits”.
Its work this year has included advising US billionaire Todd Boehly on his £4.25bn purchase of Chelsea FC after Roman Abramovich was forced to sell following sanctions imposed on rich Russians during the invasion of Ukraine. Osborne, who is a Chelsea supporter, is believed to have worked on the deal.
Robey, a lifelong Arsenal fan, lives at Bramfield Hall, a Grade II-listed, 16th-century country estate in Suffolk, which was owned by the Rabett family for 450 years until Robey spent a chunk of his bonus on it.