Post by kflan on Mar 28, 2010 9:24:09 GMT
Irish Independent.
Catholic tycoon donates half of wealth to church
By Michael McHale
Monday March 22 2010
HE once went head-to-head with Ben Dunne in opening his Total Fitness gyms across Ireland and before that he owned a chain of Irish shops.
Twelve years ago Albert Gubay told RTE he was doing a "50-50 deal with God" to give away his €300m fortune to the Catholic Church.
Now, at the age of 82, he has done even more, giving almost his entire (€530m) estate to a new charitable foundation, keeping less than €10m to see out his old age.
In 1998 he told an RTE documentary that he had told God in his prayers: "Make me a millionaire and you can have half of my money."
The Welsh businessman made his fortune from supermarkets in Ireland, Britain, New Zealand and the US.
In Dublin he set up the 'Three Guys' discount retail chain in the 1970s, which was eventually bought out by H Williams in 1986. The same year H Williams collapsed, being replaced by Quinnsworth, which has since been taken over by Tesco Ireland.
Ten years later Mr Gubay came into competition with Mr Dunne as each entrepreneur planned to open a string of gyms across the country, both starting out with centres in Blanchardstown, Dublin.
Mr Gubay's Total Fitness chain went on to have four sites in Dublin and one each in the cities of Galway, Limerick and Cork. He sold the fitness chain in 2004 for €75m.
www.independent.ie/national-news/catholic-tycoon-donates-half-of-wealth-to-church-2106666.html
Catholic tycoon donates half of wealth to church
By Michael McHale
Monday March 22 2010
HE once went head-to-head with Ben Dunne in opening his Total Fitness gyms across Ireland and before that he owned a chain of Irish shops.
Twelve years ago Albert Gubay told RTE he was doing a "50-50 deal with God" to give away his €300m fortune to the Catholic Church.
Now, at the age of 82, he has done even more, giving almost his entire (€530m) estate to a new charitable foundation, keeping less than €10m to see out his old age.
In 1998 he told an RTE documentary that he had told God in his prayers: "Make me a millionaire and you can have half of my money."
The Welsh businessman made his fortune from supermarkets in Ireland, Britain, New Zealand and the US.
In Dublin he set up the 'Three Guys' discount retail chain in the 1970s, which was eventually bought out by H Williams in 1986. The same year H Williams collapsed, being replaced by Quinnsworth, which has since been taken over by Tesco Ireland.
Ten years later Mr Gubay came into competition with Mr Dunne as each entrepreneur planned to open a string of gyms across the country, both starting out with centres in Blanchardstown, Dublin.
Mr Gubay's Total Fitness chain went on to have four sites in Dublin and one each in the cities of Galway, Limerick and Cork. He sold the fitness chain in 2004 for €75m.
www.independent.ie/national-news/catholic-tycoon-donates-half-of-wealth-to-church-2106666.html