Scots tycoon to invest in African tea
Sir Ian Wood, the recently retired head of energy giant the Wood Group, established the Wood Family Trust five years ago with an initial investment of £50m.
But the trust’s annual report has revealed that, as a result of continued significant contributions by the oil tycoon, estimated to be the second-richest man in Scotland, the funds in the trust now stand at approximately £114m.
The trust, which also supports an initiative to develop tea farming by small holders in Tanzania, is already investing a total of £5.6m on a six-year project to aid 30,000 tea farmers in Rwanda by increasing their yield and income.
But Sir Ian, whose offer of a £50m gift towards the transformation of Aberdeen’s Union Terrace Gardens was rejected last year by the city council, has now revealed that the trust is investing another £7.5m to buy the majority shareholding in two tea factories, on behalf of about 12,000 smallholder tea farmers in Rwanda.
The project is a partnership between the Wood Family Trust and the Gatsby Foundation, set up by Lord David Sainsbury.