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3: Phillip Shepherd and family, £700m
When Phillip Shepherd installed a giant scrap shredding machine in Seaforth’s docklands, could he really have expected that 20 years later he would be richer than Sir Paul McCartney?
But demand for scrap metal is now falling fast and is heading towards its lowest level for four years and has lost more than 60% of its value in just the last nine months alone.
Despite that, there shouldn’t be any significant impact on the current wealth of Mr Shepherd, whose company, European Metal Recycling, has been turning scrap metal into a £100m-a- year profit.
