George Osborne set to receive portion of £28m compensation package for services rendered at City consulting firm

George Osborne, the former chancellor, will receive a portion of a £28m payout for his role as a partner at Robey Warshaw, a City advisory firm. The company, based in Mayfair, announced that it would distribute a total of £27.98m among four individuals. However, the exact amount that Osborne, who joined the firm in 2021, will receive was not disclosed. The cofounder of Robey Warshaw, Sir Simon Robey, will receive the majority of the funds, amounting to £20.5m. Robey, known as the “trillion-dollar man” in the City, has earned around £175m since establishing the firm in 2013 alongside Simon Warshaw and Philip Apostolides. Osborne, who left the government after the Brexit referendum in 2016, served as the editor of the Evening Standard for three years starting in May 2017. He is the only person to have joined Robey Warshaw as a partner since its inception nearly ten years ago. The payout to the four partners increased by 6% compared to the previous year, while Robey’s pay rose by 19%. The firm’s profits climbed to £31.8m from £30.1m the previous year, with turnover increasing to £46.1m from £39.8m. Notably, Robey Warshaw assisted the National Grid with the sale of its gas transmission business for $10.5bn (£8.25bn) to a consortium led by Macquarie Asset Management. According to the accounts filed at Companies House, the firm has generated £341m in turnover over the last eight years but has not paid any taxes. Robey Warshaw argues that its status as a limited liability partnership exempts it from taxation, and that individual members are responsible for addressing any tax liability arising from their share of partnership profits. In his personal life, Robey, an avid Arsenal fan, resides at Bramfield Hall, a 16th-century country estate in Suffolk that was owned by the Rabett family for 450 years before Robey purchased it using a portion of his bonus.

Leave a Reply

Your email address will not be published. Required fields are marked *