Jo Bamford

Jo Bamford (born Joseph Cyril Edward Bamford in December 1977)[1] is a British businessman. After working in the family-owned JCB company, he founded a green hydrogen investment fund and purchased Wrightbus, a manufacturer of double-decker buses.

This article is about British businessman Joseph Cyril Edward Bamford (b.1977). For Bamford's grandfather, Joseph Cyril Bamford (b.1916), see Joseph Bamford.

Family

Jo Bamford is heir to a $10 billion family fortune.[2][3] His father, Lord Bamford, "is one of the U.K.'s most successful industrialists",[4] chairman of the UK's JCB Company, a manufacturer of excavators, earthmovers and farming equipment, with over 10,000 employees,[5] founded by Joseph Cyril Bamford in 1945.[6]

His mother is Carole Bamford, founder of Daylesford Organic, a farming and lifestyle business.[7] The family is one of the biggest political financial backers behind U.K. Prime Minister Boris Johnson.[4]

Education

As a child, Bamford's parents made him work at their businesses when he was home from boarding school, "bolting together engines on the 6am shift for one and birthing lambs on the farm for the other."[7] After boarding school, he attended Edinburgh University.[7] He graduated with a degree in archaeology.

In 2001, Bamford inherited a GBP 1 billion fortune from his grandfather, Joseph Bamford.[8]

Career

Jo Bamford worked at JCB for 14 years until around 2016.[3][7]

Fund manager

After graduating from college, Bamford went to work as a fund manager at New Star Asset Management in London. Around 2002, his family invested GBP 4 million into New Star.[9] A fellow employee leaked to the press that Bamford had failed his IMC exam, which is a requirement to work as a fund manager. According to an IMC spokesman, “The exam is a benchmark of basic investment competence. It’s multiple-choice and really isn’t that testing for those who have properly prepared.”[10]

In 2002, Bamford announced that he was moving to Shanghai because he was “sick and tired” of the media attention he receives as a billionaire heir.[11] When he quit his job at New Star, a colleague sarcastically told the press, “Joe will be sorely missed. Not only was he amusing company he was also superb at playing Solitaire on his computer. He was inspiration at it.”[12]

Hydrogen business

To advance hydrogen projects, Bamford started HYCAP, a hydrogen investment fund. He raised more than £200m in its first investment round. He is also the owner of Oxford-based Ryse Hydrogen Ltd,[2] which produces hydrogen to fuel up his hydrogen-powered buses. Bamford said that his family provided half of the initial round of investment into HYCAP.[13] The Irish Times has called him a "hydrogen evangelist";[7] he is an advocate for the adoption of hydrogen energy in transportation.

Wrightbus

In 2019, Jo Bamford purchased the previously financially troubled Northern Irish bus manufacturer Wrightbus. In early 2021, Wrightbus posted a pre-tax profit of £900k. It had £71.8m in sales for the 15th months ending in December 2020.[2] Wrightbus is the company that produces London's double-decker red buses.[5] After Bamford bought Wrightbus, it became the first manufacturer of fuel cell double-decker buses.[6]

His two companies won a ten-year contract from Transport for London to convert 20 buses to run on hydrogen.[14]

Personal life

In 2001, Bamford left a relationship with his then-girlfriend Petrina Khashoggi after she posed semi-nude in GQ magazine.[11] Around the time of their breakup, Khashoggi admitted herself into rehab for addiction to amphetamines, cannabis, cocaine, and “a range of other pills.”[15] After she went to rehab, the Daily Mail printed that Bamford “is known for his anti-drug stance.”[16]

In 2004, Jo Bamford checked into a drug addiction rehabilitation facility to deal with a marijuana problem. In 2021, he admitted to ordering drugs online as well as sending "explicit, inappropriate photographs."[17]

In 2012, Bamford took an ex-business partner to court in a dispute about a personal loan when the two purchased property from aerospace company BAE Systems.[18]

In 2021, Bamford went to court in a legal battle against a former friend and U.S.-based business partner.[17] The court case, according to The Guardian, provided the public "an extraordinary insight into a world of extreme wealth and privilege within one of Britain’s most prominent industrial families."[4]

References
  1. "Joseph Cyril Edward BAMFORD". Companies House. Retrieved 17 January 2022.
  2. "JCB heir Jo Bamford launches £1bn hydrogen investment fund". The Manufacturer. Retrieved 2022-01-07.
  3. Thomas, Allister (2021-09-06). "Jo Bamford, heir to $10 Billion JCB Fortune, launches hydrogen fund". Energy Voice. Retrieved 2022-01-07.
  4. Jolly, Jasper (2021-12-22). "Green cards, cannabis and a strip club: JCB heir in US legal battle". the Guardian. Retrieved 2022-01-12.
  5. Lea, Robert. "Jo Bamford, the billionaire's son who took the bus and is turning it green". Times. Retrieved 2022-01-07.
  6. "Jo Bamford: «It's not the bus. The issue is on infrastructure». Here H2 technology has cards to play. Our interview". Sustainable Bus. 2021-06-29. Retrieved 2022-01-07.
  7. McCaffrey, Una. "Hydrogen evangelist sees 'dawning of an age'". The Irish Times. Retrieved 2022-01-07.
  8. “City student is left 1bn pounds fortune by grandfather," Evening News Scotland, March 2, 2001.
  9. Gilbert, Nick. “JCB family backs New Star.” eFinancial News. Aug 12, 2002.
  10. Methven, Charles. “Features - Peterborough - Bamford heir fluffs City exams.” The Daily Telegraph. Nov. 23, 2002.
  11. Adams, Guy. “Features - Peterborough - Bamford shoots the messenger on the way out.” The Daily Telegraph. Dec. 9, 2002.
  12. “Speakers’ corner." UDRT. Aug 1, 2002.
  13. Dempsey, Harry (2021-09-06). "JCB heir Jo Bamford launches hydrogen fund". Financial Times. Retrieved 2022-01-07.
  14. McDonald, Gary (2019-10-12). "As JCB heir's son takes Wrightbus reins, how many jobs can be saved?". The Irish News. Retrieved 2022-01-07.
  15. Hale, Beth. “Aitkin’s daughter in drug rehab after ‘too many parties.'" Daily Mail. Jan. 20, 2002.
  16. Bevan, Stephen. “Drink and drugs pain behind those naked pictures that wrecked Petrina’s romance.” The Mail on Sunday. Jan. 20, 2002.
  17. Brown, David. "JCB heir Jo Cyril Bamford embroiled in lurid court case". Times. Retrieved 2022-01-07.
  18. "Bamford & Ors v Harvey & Anor, [2013] Bus LR 589 | England and Wales High Court (Chancery Division), Judgment, Law, casemine.com". Casemine.com. Retrieved 2022-02-04.
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