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Lord Bamford, the billionaire executive chairman of JCB and major Brexit backer, has retired from the House of Lords. Parliamentary records have confirmed that the Conservative peer, 78, stepped down on March 1. Lord Bamford recently marked 60 years of service with construction equipment firm JCB, whose headquarters are based in Uttoxeter, Staffordshire.
He succeeded his father, Joseph Bamford, as chairman of JCB in 1975 and was knighted in 1990. Lord Bamford first entered the House of Lords as a life peer in October 2013. According to the most recent Sunday Times Rich List, Lord Bamford’s fortune totalled £5.9bn. Lord Bamford is a major donor to the Conservative Party and gave almost £4m to during the 2019 General Election.
His prominence increased during Boris Johnson’s time as Prime Minister – paying for the then PM’s wedding party. In a statement issued to the BBC, a JCB spokesperson said: “Lord Bamford, at the age of 78, is full-time executive chairman of JCB, a £5.7bn British-based family business.
“He has devoted a lot of time in recent years to highlighting the important role of hydrogen as a zero-carbon fuel of the future,” they said, adding that he was “keen to continue this important work.”
Lord Bamford’s resignation comes after Anthony and Mark Bamford were understood to be the subject of a three-year-long investigation by HM Revenue and Customs (HMRC), which could result in a bill as high as £500m according to reports.
JCB’s results for 2023 have not yet been made public. For 2022, the company’s turnover increased from £4.3bn to £5.6bn while its pre-tax profits rose from £501.6m to £557.7m. Its accounts for 2023 are expected to be filed with Companies House by the end of September this year.
