A Teesside industrialist has seen his fortune soar past the £1bn mark, cementing his place among the North East’s wealthiest figures.
Peter Stephenson, founder of Able UK, now has an estimated wealth of £1.266bn, according to the latest Sunday Times Rich List for the region.
The figure marks a dramatic rise from last year, when his wealth was put at £591m, making him one of the biggest movers among North East business names.
He now sits just behind chemicals tycoon John Reece in the regional rankings.
Mr Stephenson, who founded Able UK in the 1960s, has long been a key figure in heavy industry on Teesside and beyond.
The company, headquartered on the south bank of the River Tees at Seaton Port, has grown into one of the UK’s leading specialists in decommissioning, infrastructure and marine services.
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In recent years, the business has increasingly pivoted towards the renewables sector. Its flagship Able Marine Energy Park (AMEP), based on the Humber, has been developed to support offshore wind manufacturing and assembly — a move widely seen as positioning the company at the forefront of the UK’s green energy transition.
He has often argued that large-scale energy and port projects can create thousands of jobs in the region
The full Rich List is available online and will appear in The Sunday Times Magazine on Sunday, May 17.
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