Charles Tyrwhitt founder Nick Wheeler receives £16m payout

 
Shruti Tripathi Chopra
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The Etonian said turnover of the business is up 19 per cent (Source: Getty)

Nick Wheeler, founder of luxury shirtmaker Charles Tyrwhitt, has received a £16m payout after his company reported stellar profits.

The firm’s latest results show that in the year ending 1 August 2015, Charles Tyrwhitt’s sales were up from £145m to £173m and profits rose from £17.5m to £18.6m.

In his notes to the accounts, Wheeler said that the turnover of the business is up 19 per cent.

Old Etonian Wheeler, who earned £15.7m in his share of profits the previous year, is set to invest £17m to open more stores and drive international sales.

The 51-year-old entrepreneur set up his business as a limited liability partnership that distributes profits among its members who shared a £17m pot last year.

Wheeler and his wife Chrissie Rucker, the founder of upmarket homeware retailer The White Company, have seen their combined wealth increase from £330m to £400m, according to the Sunday Times Rich List 2016.

Wheeler founded Charles Tyrwhitt in 1986 while studying at Bristol University. While the retailer’s flagship store is on Jermyn Street, it also has shops in New York, Paris, Washington DC and Chicago.

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