Ambassador, I'm spoiling... myself! Boss of Ferrero Rocher pays family £546million in one of Europe's largest-ever payouts

  • Profits surged by nearly a quarter to £783million in the 12 months to August
  • The payout has raised eyebrows after their UK company paid just £110,000 in tax
  • Experts accused firm of shifting profits abroad to artificially reduce their bills

By Matt Oliver City Correspondent For The Daily Mail

Published: | Updated:

The family behind the Ferrero Rocher empire are poised to gobble up a dividend worth £546million in one of Europe's largest-ever payouts.

The Ferreros, who also own Nutella and Kinder Surprise, are paying themselves the enormous sum of cash after a knockout year.

Profits surged by nearly a quarter to £783million in the 12 months to August, according to accounts – almost double what they stood at in 2008.

The family behind the Ferrero Rocher empire are poised to gobble up a dividend worth £546million in one of Europe's largest-ever payouts. Pictured: CEO Giovanni Ferrero

The family behind the Ferrero Rocher empire are poised to gobble up a dividend worth £546million in one of Europe's largest-ever payouts. Pictured: CEO Giovanni Ferrero

The extraordinary payout has raised eyebrows after their UK company paid just £110,000 in tax. 

Despite £419 million of annual sales, the company's UK arm posted a profit of just £9.7million due to 'cost of sales' of £334 million.

Experts last night accused the firm of shifting profits abroad to artificially reduce their bills here. 

Prem Sikka, a professor of accounting at the University of Sheffield who has advised MPs, said: 'It is a disgrace. If the Government is interested in stopping companies from having a free ride on the back of British taxpayers, it needs to act.'

The extraordinary payout has raised eyebrows after their UK company paid just £110,000 in tax and experts last night accused the firm of shifting profits abroad to artificially reduce their bills here

The extraordinary payout has raised eyebrows after their UK company paid just £110,000 in tax and experts last night accused the firm of shifting profits abroad to artificially reduce their bills here 

Labour MP Rachel Reeves, former chairman of the Commons business committee, told The Guardian: 'The rules for firms like Ferrero Rocher and everyone else are simple – tax should be paid where the revenue is earned.'

The company began life as a pastry shop in Italy during the Second World War, using hazelnut as a substitute for chocolate due to shortages. 

It is now run by its founders' grandson Giovanni Ferrero, 55.

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