Brit tycoon won’t leave a penny of his fortune to his children

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British billionaire philanthropist will donate his entire fortune to charity so his children can fend for themselves after he leaves

  • Dentist’s son Hamish Ogston leaves UK at 18 with £50 from his father and joins the Norwegian Merchant Marine
  • After traveling the world, he returned to the UK and graduated from Manchester University in 1970 with a degree in management science
  • What followed was an incredible journey, where he made his fortune after founding Europe’s first retail loyalty card company operating in 16 countries
  • His business genius won him marketing rights at the 1980 World Cup and founded the Guinness World Records Museum in London’s Trocadero
  • Now 74, he is enjoying the fruits of success, living in £14m townhouse near Kensington Palace, paintings by Picasso, Chagall and £3.5m Magritte
  • He insists that his adult children are successful and content with his plans

We can reveal that a businessman with a fortune of £130m told his children he would not leave them a penny when he died.

Hospitality magnate Hamish Ogston, 74, insists he will donate his entire fortune to charity and leave his three children to fend for themselves when he leaves .

His three children have built their careers in business and law, and Digby is working on a Ph.D. – apparently, all satisfied with his father’s plans.

Self-made Augston, he started his business at the age of 18 with a start-up fund of £50 and grew it to a fortune of over £100m thanks to his business expertise, which won marketing rights at the 1980 World Cup. and the Guinness World Records Museum, a tourist attraction co-founded in Trocadero, London.

He also founded a professional hospitality, tourism and event services company involved in sports and cultural events such as the Olympic Games.

The return of his success means he now owns a fine townhouse near Kensington Palace that houses his art collection, including paintings by Picasso, Chagall and a £3.5million Magritte.

Hamish Ogston (pictured), 74, was named to the Sunday Times Rich List.He insisted that his entire fortune be donated to charity so his children could fend for themselves after his death

Mr Augston was awarded his CBE by the Princess Royal at Buckingham Palace in 2011

Mr Augston, who owned nine cars and a majestic country mansion in Oxfordshire, lived in London next to the house where Sir Winston Churchill lived and died.

But he insists the wealth will not be passed on to the next generation and has spent the past few years renovating his £14million Kensington home only to donate his wealth to charitable projects after his death.

Speaking to the Daily Mail specifically, Mr Augston revealed the inheritance decision he told his children 16 years ago, and gave details of how he built his fortune.

“The day of reckoning is coming, and I’d rather help those less fortunate than my children into careers or skills, or do something for them in terms of health, legacy and music.”

“My children recognize the intrinsic value of every project and program the Foundation supports and funds.

“They know they are privileged in the education they receive. They understand that money and resources donated to the foundation can truly change and benefit the lives of many others in a way that will never change theirs in the same way.

Mr Augston, who has three grown children, said his “lightbulb moment” came after his first trip to the north of England in the sixties.

“I studied business and commerce in Manchester and when I crossed the Stockport Viaduct it gave me a ‘second world look’.

“All those row houses, smoking, no gardens. I thought ‘Christ! “

“I was 250 feet above Stockport and it looked terrible. It seemed too much in the past, too horrible, too poor.

Born in the middle-class suburbs around London to a father who was a dentist, he had travelled the world by the time he arrived in the North West of England in 1965.

The tycoon made his fortune after graduating from Manchester University in 1970

Mr Augston joined the Norwegian Merchant Marine after his father took him to Euston and gave him £50 to help him.

“I’ve been working around the world for 18 months in the US, Canada and Australia, New Zealand, Tahiti and Mexico, so I see the rest of the world.

“But I grew up on the Surrey, Sussex and Hampshire border without any industrial cities and Stockport was my first experience.

“Since then, I’ve drawn a line between Severn and The Wash and said we should focus in England on helping the people of the North rather than the people of the South, because they don’t have the world opportunity we have.

“I met some very poor people there who didn’t eat well. These were British and it didn’t make me feel good.

“I’ve always been concerned about inequality, injustice and lack of opportunity. I don’t know why.

“I’m trying to get out of business and focus on being the most valuable philanthropist, not wasting it,” he added.

The philanthropist has not been without scandal or controversy in his business life.

He set up the Business Card Protection Scheme (CPP) in 1980 and made £120m when he went public in 2010.

But it was fined £10.5m in 2012 for misleading customers to insure debit, credit or shop cards when the bank had already covered it. After the scandal, he resigned as a director.

He told the Daily Mail: “I, and I’m sure the leading bank responsible for identifying customers for this service, had no negative intentions.

‘Instead, the service was developed to provide significant benefits to many people. ‘The product is designed as a ‘one-stop shop’ offering 18 benefits. One of the features didn’t work for some people, and those affected were reimbursed.

However, he is determined to support thousands of young people through his Hamish Ogston Foundation.

“My interest is helping people in underprivileged communities because they didn’t have these opportunities in the first place. It was a wonderful accident.

One of his biggest projects is Wentworth Woodhouse in Rotherham, the largest private residence in Europe and run by a conservation trust.

It is twice as wide as Buckingham Palace. Our apprentices are redeveloping the stable area and there is a summer school. They are redoing the roof. They make money while learning.

“There are trainings for start-ups and skills centres and by the end of the training a lot of people will have skills in masonry, carpentry and joinery.

‘They have a secure future career for the rest of their lives.

“They’re all from the north of England, from working-class families . . . and instead of handouts, we’ve got the support of one person.

He also supports an apprenticeship programme that sends young people to India for refurbishment, and focuses on preserving Britain’s heritage and funding music projects such as the restoration of church organs.

The tycoon, who lives in a £14m Kensington townhouse, insists his grown children are successful and happy with his plans

His foundation also works with the World Health Organization to help as many as 138,000 people die each year from snakebite in rural communities around the world.

Funding is used to help prevent bites for people like farm workers and equip them with safe bite-resistant clothing.

“About 400,000 people suffer life-altering injuries, like the loss of a limb, from snakebite. Considering that most of those affected are from poor rural communities, the inability to work can have devastating effects on families and local communities, which has a greater impact on big impact.

Motor neurone disease research is another project his foundation has agreed to help.

“I’m lucky in business and have a lot of money,” he added.

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