IN the days of Ireland's economic largesse, property and fast-food magnate Michael herbert was a mainstay of the Sunday times Rich List. Around 2007 he was ranked among the north's 10 richest people with an estimated wealth close to £190 million. He made the bulk of his money through Herbel Restaurants, based in Belfast, which holds the largest Kentucky Fried Chicken franchise in europe and also acted as a franchise for haagen-Dazs ice cream. Indeed in the trading year to the end of 2012, which was the last time herbel submitted accounts at Companies house, the firm's KFC trading income alone was £27.15 million while rental income raked in another £1.62m.
Mr Herbert's company also holds a substantial investment property portfolio throughout the UK (his own accounts show it was worth £25.8m last year).
Most of these properties are occupied by leading retail chains and situated in prime locations and they achieve excellent rental yields. Although Mr herbert's wealth suffered during the downturn due to his property interests, last year he and his wife Lesley (who resigned from the company last April) were still estimated to have a personal worth of £75m.
Still regarded as one of the north's highest profile businessmen, he has often trumpeted his many developments and acquisitions. In the past he has named many of his developments after wife Lesley, such as Lesley Plaza and Lesley Manor in Belfast, and hoardings on his sites often proclaimed: "Lesley does it again". Gary McDonald