Cyril Stein
Encyclopedia
Cyril Stein was an English bookmaker
, businessman and finally philanthropic
supporter of many Jewish causes and charities who first bought Ladbrokes
in 1956, then floated it in 1967 and finally left it in 1993.
Born in the East End of London
into a family of migrants from Russia. His father, known as “Honest Jack”, worked for the London and Provincial Sporting News Agency, which relayed information between off-course bookmakers and racecourses.
Cyril Stein was educated at West Ham Grammar School and ran his own small credit-betting office in the West End of London
when (aged 28) he teamed up in 1956 with his bookmaker uncle Mark, who traded as Max Parker, to buy the venerable but failing bookmarking firm of Ladbrokes
, founded in 1886, for a reported £100,000.
Appointed chairman of Ladbrokes
in 1966 and some 12 months before the company was successfully floated on the London Stock Exchange
with an initial market capitalization of £1-million. Cyril Stein remained in that position until stepping down at the end of 1993 (aged 65) by which time the company was valued in excess of £2-billion.
Both an observant Jew
and a committed Zionist
throughout his lifetime, Cyril Stein spent much of his latter years in Israel
.
Bookmaker
A bookmaker, or bookie, is an organization or a person that takes bets on sporting and other events at agreed upon odds.- Range of events :...
, businessman and finally philanthropic
Philanthropy
Philanthropy etymologically means "the love of humanity"—love in the sense of caring for, nourishing, developing, or enhancing; humanity in the sense of "what it is to be human," or "human potential." In modern practical terms, it is "private initiatives for public good, focusing on quality of...
supporter of many Jewish causes and charities who first bought Ladbrokes
Ladbrokes
Ladbrokes plc is a British based gambling company. It is based in Rayners Lane in Harrow, London owned by Bhavin Kakaiya. From 14 May 1999 to 23 February 2006, when it owned the Hilton hotel brand outside the United States, it was known as Hilton Group plc...
in 1956, then floated it in 1967 and finally left it in 1993.
Born in the East End of London
East End of London
The East End of London, also known simply as the East End, is the area of London, England, United Kingdom, east of the medieval walled City of London and north of the River Thames. Although not defined by universally accepted formal boundaries, the River Lea can be considered another boundary...
into a family of migrants from Russia. His father, known as “Honest Jack”, worked for the London and Provincial Sporting News Agency, which relayed information between off-course bookmakers and racecourses.
Cyril Stein was educated at West Ham Grammar School and ran his own small credit-betting office in the West End of London
West End of London
The West End of London is an area of central London, containing many of the city's major tourist attractions, shops, businesses, government buildings, and entertainment . Use of the term began in the early 19th century to describe fashionable areas to the west of Charing Cross...
when (aged 28) he teamed up in 1956 with his bookmaker uncle Mark, who traded as Max Parker, to buy the venerable but failing bookmarking firm of Ladbrokes
Ladbrokes
Ladbrokes plc is a British based gambling company. It is based in Rayners Lane in Harrow, London owned by Bhavin Kakaiya. From 14 May 1999 to 23 February 2006, when it owned the Hilton hotel brand outside the United States, it was known as Hilton Group plc...
, founded in 1886, for a reported £100,000.
Appointed chairman of Ladbrokes
Ladbrokes
Ladbrokes plc is a British based gambling company. It is based in Rayners Lane in Harrow, London owned by Bhavin Kakaiya. From 14 May 1999 to 23 February 2006, when it owned the Hilton hotel brand outside the United States, it was known as Hilton Group plc...
in 1966 and some 12 months before the company was successfully floated on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
with an initial market capitalization of £1-million. Cyril Stein remained in that position until stepping down at the end of 1993 (aged 65) by which time the company was valued in excess of £2-billion.
Both an observant Jew
Judaism
Judaism ) is the "religion, philosophy, and way of life" of the Jewish people...
and a committed Zionist
Zionism
Zionism is a Jewish political movement that, in its broadest sense, has supported the self-determination of the Jewish people in a sovereign Jewish national homeland. Since the establishment of the State of Israel, the Zionist movement continues primarily to advocate on behalf of the Jewish state...
throughout his lifetime, Cyril Stein spent much of his latter years in Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
.
Philanthropy
He was:- Vice-president of United Joint Israel Appeal (UJIA)
- Supporter of the Jewish National FundJewish National FundThe Jewish National Fund was founded in 1901 to buy and develop land in Ottoman Palestine for Jewish settlement. The JNF is a quasi-governmental, non-profit organisation...
(JNF), including- Chair of the JNF Negev redevelopment project
- Trustee of the Jewish Education Development Trust
- Trustee and chairman of the Governors of Carmel College, Wallingford,Oxfordshire (UK)