Fred Done is a British billionaire businessman and the founder of the bookmaking chain Betfred, which operates more than 1,600 betting shops across the UK. He gained public attention for being one of Britain’s highest taxpayers and, more recently, for moving his property trading group to Jersey just weeks before Chancellor Rachel Reeves introduced stricter inheritance tax rules.
Quick Facts
Full Name: Fred Done
Age: 83 (born March 1943)
Nationality: British
Occupation: Businessman, Founder & Chairman of Betfred
Known For: Betfred bookmaking empire; being Britain’s highest taxpayer in 2026
Marital Status: Not confirmed
Children: Not confirmed
Early Life and Background
Done grew up with three siblings in Ordsall, Greater Manchester, in a two-up, two-down house. His father ran an illegal bookmaking business, and Done left school at 15 without qualifications to work for him. At age 24, using winnings from a £100 bet on England to win the 1966 World Cup, he and his brother Peter opened their first legitimate betting shop.
Career and Achievements
By the mid-1980s, Done and his brother had more than 70 bookmaking shops. In 1983, he founded Peninsula Business Services, which now operates more than 10 companies in employment law, workplace health, and human resources. In 2004, his chain of bookmakers was renamed Betfred. He stepped down as CEO in 2021 and became Chairman.
Done also co-founded Salboy, a Manchester-based property development company, in 2014 with Simon Ismail. Salboy has developed major projects, including Viadux and the St Michaels project alongside Gary Neville’s Relentless Group.
In January 2026, the Sunday Times Tax List revealed that Fred and Peter Done were Britain’s highest taxpayers, having paid £400. 1 million in tax over the past year. The family’s net worth is estimated at almost £3 billion.
Major Event or Controversy
On March 24, 2026, Done moved the Fred Done Property Trading Group to Jersey, changing its domicile less than two weeks before Chancellor Rachel Reeves removed an inheritance tax exemption for family-owned businesses under Business Property Relief. Under the new rules that took effect April 6, inheritance tax is charged on assets above £2.5 million at a reduced rate of 20 percent. The property group is now held through a trust, a structure lawyers say could save tens of millions in taxes.
Why He Is In the News
Done is in the news after moving his property group to Jersey ahead of Rachel Reeves’ inheritance tax changes. The move highlights how high-net-worth business owners are responding to Labour government policies. Despite the restructuring, the company and the Done family remain UK taxpayers for inheritance tax purposes.
Conclusion
Fred Done is a self-made billionaire who rose from Salford’s working-class streets to build a gambling and property empire. While he and his brother Peter have declared a commitment to paying tax in Britain, Done’s recent move to shift his property holdings to Jersey reflects the growing tension between wealthy business owners and the UK’s changing tax landscape.
