Brothers Brian and Alan Stannah, who are joint chairmen of the stairlift manufacturing giant, have been jointly named as the 693rd richest people in The Sunday Times Rich List.
The brothers are estimated to have a fortune of £171m according to the annual ranking of the UK’s 1,000 wealthiest people.
They have risen 26 places in the list compared to 2017, when their fortune was calculated at £157m.
Their profile reads: “Brothers Brian, 82, and Alan, 78, run the family’s stairlift manufacturer, producing more than 600,000 devices at their Andover-based company since 1975. In 2016 profits ascended to £11.7m on £236m sales and assets £117m.”
The Sunday Times bases its Rich List on ‘identifiable wealth’, which includes land, property, publicly-quoted shares and other assets, but not bank accounts that they do not have access to.
Number one on this year’s Rich List was Jim Ratcliffe, the tycoon behind the chemicals giant Ineos. He tops the list for the first ever time, with wealth calculated at £21.05 billion.
Brian and Alan Stannah both won MBEs last year in recognition of their services to British manufacturing.
The Queen’s Birthday Honours list was released as the mobility supplier celebrated its 150th year of trading. The brothers have worked together for 54 years and transformed the company into a household name after turbulent business in the 1960s.
Brian and Alan Stannah were behind Stannah’s stairlift and also developed the Maxilift range of passenger lifts which have since become a core part of the business.
Stannah now operates in 40 countries worldwide and employs almost 2,000 people, having generated around £3.5bn of turnover under the brothers’ stewardship.
Also appearing in the Rich List was Nigel Piercey, who runs stoma solution supplier Clinimed. He was placed 515th with a calculated wealth of £236m, up from 662nd place (£171m) in 2017.