Tycoon Albert Gubay to donate Edge Lane retail park to charity

Mar 22 2010 by Ben Schofield, Liverpool Echo

Such was his desperation to re-build Edge Lane Retail Park that in 2008 he offered to plug a forecast £20m black hole in the council’s Capital of Culture budget in return for getting planning permission.

The Isle of Man-based businessman, who was ranked 107th in last year’s Sunday Times Rich List, said he will spend the rest of his life working to make sure the fund reached its £1billion target.

Mr Gubay, 82, said: “I want to carry on supporting good causes, but my whole focus in the next few years is to work as hard as I can to meet my target of a £1billion charity.

“Every penny wasted or lost reduces the pot available to the charity.”

Half of the money the foundation makes from its businesses will be donated to projects connected to the Catholic Church.

The other half will be handed out as the trustees see fit.

As a penniless boy Mr Gubay reportedly made a deal with God to give half his wealth to the Church if he became a millionaire.

John Nugent, chair of the Albert Gubay Charitable Foundation, said: “Albert is a very frugal man and has dedicated his life to good causes. With these arrangements he is keeping to the pact and going well beyond it.”

Mr Gubay lives on the Isle of Man with second wife Carmel.