ONE of Britain’s fastest growing companies won the top honour at Eastern Eye’s Asian Business Awards (ABAs) in London last Friday (22).
Caretech was founded in 1993 by brothers Haroon and Farouq Sheikh, who grew it into a multi-million-pound business of residential care homes across the UK.
The company was named the Asian Business of the Year at the annual event.
Last month’s £400 million takeover of the Cambian group doubled the company’s size. It now has 550 homes, employing 10,000 staff who care for 4,500 patients.
The Sheikhs were among 11 winners on the night, including entrepreneur Kailash Suri and businesswoman Mala Agarwal.
Successful Asian business leaders were recognised for their achievements at the ceremony, hosted by the Asian Media Group (AMG), publishers of Eastern Eye and Garavi Gujarat newsweeklies.
The evening also saw the unveiling of the 2019 Asian Rich List, which profiles the top 101 wealth creators of Asian origin in Britain.
The Hinduja family topped the list with an estimated wealth of £23.1 billion, followed by steel tycoon Lakshmi Mittal (£11.2bn) and SP Lohia in third place (£5.8bn).
Shailesh Solanki, executive editor of AMG, described the Asian Rich List as “the definitive guide to Asian wealth in Britain”.
“This year’s list is a fascinating commentary on the financial impact British Asians have in the UK and the level of success and growth that entrepreneurs and business leaders have achieved,” he said.
The chief guest, chancellor Philip Hammond, paid tribute to the remarkable efforts of Asian business leaders in the UK.
“The Asian business community in the UK has gone from strength to strength,” said Hammond.
“Asian markets have become more and more important to British businesses and the global balance of economic power has shifted decisively in favour of the emerging Asian economies.
“Later this year, India will overtake the UK to become the world’s fifth largest economy.”
India’s high commissioner to the UK, Ruchi Ghanashyam, presented a copy of the Asian Rich List to Prakash Hinduja, whose family business tops this year’s ranking.
Kalpesh Solanki, group managing editor of AMG, said the awards were the definitive platform to recognise and celebrate the success of Asian entrepreneurs.
He told the 850-strong audience: “The Asian business community have had a large part to play – their contribution to the exchequer is immense, through the hundreds of thousands of big and small businesses they operate.
“The (UK) government should harness this soft power (of shared history with India) and cultural knowledge by setting up committees made up of British Asian businesses and professionals tasked to expand ties and trade.”
He also noted the concerns over Brexit. “Businesses have rarely confronted such uncertainty, and whether you voted to leave or to remain, it is now time for us as entrepreneurs to look towards the future and help shape it,” he said.
Winners on the night included family and independent businesses, entrepreneurs as well as a charitable foundation.
The Hinduja Foundation, which won the Philanthropy award; runs a range of projects, including in rural development, healthcare, education, water resources and social welfare. In the UK, it is known for its supportive work with educational institutions such as the University of Cambridge.
Kailesh Suri, the founder of Reel Cinemas, was named Business Personality of the Year. Suri, who set up the independent brand of cinemas in 2001, has strived to create an “experience” for cinema-goers. Operating 15 separate venues across the country, Reel Cinemas offer a series of social areas including bars, bowling alleys, games rooms, laser quest and escape rooms.
The Businesswoman of the Year award was presented to Mala Agarwal, managing director at Athena Care Homes. Agarwal, who has been involved in the care home sector since she was a teen, set up the business in 2014. Her company took over properties needing major improvement, and just two years later, they were rated as “good” by the Care Quality Commission.
Rishi Khosla, CEO and co-founder of OakNorth Bank, won the Entrepreneur of the Year award. He set up the company in 2014 with fellow co-founder Joel Perlman, whom he met while they were studying at the London School of Economics. Last year, Oaknorth became the UK’s first digital bank to record a profit with a pre-tax figure of £10.6 million.
Khosla also took part in a panel discussion about business success along with Farouq Sheikh and Tony Matharu of Grange Hotels. It was hosted by BBC presenter Nihal Arthanayake who also compered the ABAs, while Shama provided entertainment for the evening.
Guests included captains of industry, MPs, community leaders and celebrities from the arts, media and entertainment world. They gave generously to a charity appeal by Great Ormond Street Hospital.
Damian Talbot