Terry Matthews shoots up list of richest in Britain

Anna Meredith, Western Mail, 22 January 2001

Terry Matthews's fortune enjoyed phenomenal growth last year, making him the 11th richest person in Britain.

The Mail on Sunday Rich Report showed the 57-year-old Newbridge-born entrepreneur, who is now worth £1.55bn, went up nine places.

Wales’s first billionaire, who emigrated to Canada more than 30 years ago, earned his fortune by setting up a telecommunications company New-bridge Networks in 1986. He sold it last year to French giant Alcatel for shares in the company ensuring that he still maintains a huge interest in the business.

The father-of-four has invested in a raft of fledgling technology companies and his private investment firm, Celtic House, which has 42 small firms in its portfolio, including a number of stock-market sensations, is worth £400m.

Matthews is also the owner of one of Wales’s most luxurious hotels, the Celtic Manor, outside Newport, which he has vowed to make the venue for the 2009 Ryder Cup.

And although many have dismissed his ambition to see the great-est golfing competition in the world held in Wales, his characteristic perseverance comes to the fore.

“The best idea is to outlive those who say no to you,” he says. “The most important thing for success in business - be it golf, golfers, hotels or even a football team - the most important thing is persistence.”