Asif Aziz

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Asif Aziz
Born
Asif Haroon Aziz

1967 (age 57–58)
Blantyre, Malawi
EducationEmanuel School, Wandsworth
Alma materAmerican College, Kensington
OccupationBusinessman
EmployerCriterion Capital
TitleCEO
Children4

Asif Aziz (born 1967) is a billionaire businessman and landlord. As the founder and chief executive of Criterion Capital, he is known for owning and operating buildings including the London Trocadero and Criterion Building in Piccadilly Circus.

He has faced criticism for forcing the closure of cultural institutions and has been involved as a defendant in multiple High Court cases.[1][2] In 2024, Aziz changed his tax residency from London to Abu Dhabi in response to taxation reforms in the UK.[3]

Early life

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Born in Limbe, Malawi in 1967, Aziz moved to Wimbledon, London at the age of ten after his family was deported by dictator Hastings Banda. He attended Terra Nova boarding school in Cheshire, then Emanuel School in Battersea. He later graduated from the British American College London with a business baccalaureate.[4]

Career

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Aziz bought his first property aged 16, on behalf of his father's business; he lied about his age and bid £1.9m at an auction for a building opposite South Kensington tube station.[4][5]

Aziz worked for Elliot Bernerd at property investment company Morgan Grenfell Laurie[6] before moving to Angola, Africa in 1993 where he made his fortune through establishing two food manufacturing businesses, including Golfrate Angola which he sold in 2005.[4][5][7] This venture, however, faced legal challenges when it was sold in 2005 to members of the Lebanese Tajideen family. The deal reportedly soured, and in 2010, the new owners filed a lawsuit against Aziz in the High Court, accusing him of exaggerating the value of the company and falsifying expense claims. During this time, an email surfaced where Aziz allegedly instructed his chief accountant: "Will they check each figure – can we not bullshit the numbers another way? Food for thought." This led to further scrutiny and public criticism of Aziz's business practices.[8]

In 2005, he returned to the UK and established Criterion Capital, which acquired the London Trocadero leisure complex, the London Pavilion (1 Piccadilly Circus) and The Criterion Building (1 Jermyn Street). Through the company, Aziz owns and manages a £3.6bn property portfolio across London and the South East of England, including 15 commercial buildings in the West End of London, the Docklands[9] and Croydon.[10]

In 2006, The Daily Telegraph ranked Aziz as number 12 out of 40 in a list of successful young entrepreneurs.[11]

The London Trocadero, bought by Asif Aziz in 2005

Through Criterion, the Trocadero entertainment complex was closed down in 2011 and re-opened in 2020 as the Zedwell Piccadilly, a hotel with 728 windowless rooms and a rooftop bar.[12]

In 2022, Aziz was awarded an honorary fellowship from Goldsmiths University.[13]

Criterion Capital has donated to both Labour and the Conservatives, and the Aziz Foundation has donated to several MPs to fund Aziz Foundation internships in their offices.[2]

Controversies

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Aziz has been criticised by Private Eye for using companies registered in the Isle of Man to buy properties in London, especially pubs, and then close them down to replace them with more lucrative housing developments.[14]

In 2017, Aziz argued at the High Court that his wife of 14 years was not entitled to a share of his fortune, then estimated at £1.1bn, because they had "not legally married". The couple, who have four children, agreed a settlement.[15]

In 2020, The Times asked if Aziz was "the meanest landlord in Britain", due to the way he had treated tenants during the COVID-19 pandemic.[15][16]

In 2022 he was criticised by Novara Media for continuing to buy community spaces like bars and nurseries and redeveloping them into luxury apartments.[17] Aziz's lawyers demanded the removal of the article, claiming defamation unless it was taken down.[2]

A protest against the redevelopment of the Central YMCA building

In late 2024, Aziz's property company, Criterion Capital, became associated with the planned closure of the world's first YMCA, on London's Great Russell Street.[18] The decision to close the historic facility, which had served as a vital community hub since 1844, sparked significant public outcry and a grassroots "Save YMCA Club" campaign.[19] Campaigners criticised Criterion Capital for prioritising redevelopment over preserving the site's community purpose and urged collaboration to explore sustainable alternatives.[20]

The company again came under discussion in early 2025 after the Prince Charles Cinema stated that their landlord, owned by Criterion Capital, were demanding both a significant raise in rent and a 6-month break clause in the new lease.[21] The cinema collected over 160,000 signatures on a petition to "Save The Prince Charles Cinema", and was subsequently designated an asset of community value by Westminster City Council.[22]

In 2025, reports emerged highlighting widespread maintenance issues and vermin infestations in properties managed under Aziz's "Dstrkt" housing brand, despite rapidly rising rents.[23] Aziz also reportedly paid £150,000 to settle allegations that he had illegally operated an unlicensed Forrest Gump-themed shrimp restaurant at Piccadilly Circus. The same site drew further scrutiny when it later reopened as a reportedly tax-avoiding, unofficial Harry Potter-themed shop.[24]

In July 2025, several gift shops in Piccadilly Circus, occupying units let by Criterion Capital, were the subject of an article by journalist Jim Waterson for London Centric. The article suggested that the shops, operated by overseas students, had irregular practices surrounding VAT and business rates, and frequently changed their registered owners, who would then disappear without paying taxes.[25]

Philanthropy

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Ramadan Lights in London's West End, sponsored by the Aziz Foundation

In 2015, Aziz established the charitable incorporated organisation Aziz Foundation, which offers postgraduate scholarships, internships and grants to British Muslims.[26][self-published source] The Foundation also sponsors London's Ramadan Lights.[27]

Aziz was awarded the Tun Dr Mahathir Bin Mohamad Leadership Award at the 2022 Islam Channel Business Awards.[28]

References

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  1. ^ Meddings, Sabah (5 April 2020). "Has coronavirus made Asif Aziz the meanest landlord in Britain?". The Times. Retrieved 8 February 2025.
  2. ^ a b c Lubbock, John; Steinhardt, Daisy (5 February 2025). "The Billionaire Landlord Battling a Beloved Cinema". Novara Media. Retrieved 8 February 2025.
  3. ^ Ellson, Andrew (14 July 2025). "Billionaires are fleeing the UK — and wealth tax could make more quit". The Times. Retrieved 19 August 2025. Aziz, the Malawi-born owner of the Trocadero leisure complex at Piccadilly Circus, moved his tax residency to Abu Dhabi at the end of last year, driven by new tax rules.
  4. ^ a b c Arlidge, John (6 June 2005). "Mr West End: Revealed: the remarkable rise to riches of the Trocadero's mysterious new owner". Evening Standard. ProQuest 329781439 – via ProQuest.
  5. ^ a b "The Square Mile and Me: Asif Aziz on turning London's neglected spaces into eclectic landmarks". City AM. 5 October 2023. Retrieved 8 October 2023.
  6. ^ Bill, Peter (20 November 2014). "Mr Trocadero's going flat out with a towering new venture". Evening Standard. Retrieved 19 August 2025.
  7. ^ Coldwell, Will (14 June 2025). "'The city is being hollowed out': the billionaire landlord locked in a David v Goliath battle for London's West End". The Guardian. ISSN 0261-3077. Retrieved 19 August 2025.
  8. ^ Doyle, David (21 December 2007). "Asif Aziz sued for 'overvaluing' firms". Property Week. Retrieved 15 March 2025.
  9. ^ Heren, Kit (11 April 2023). "CJCT gets go-ahead for 30-storey Docklands tower after adding second staircase". Architects' Journal. Retrieved 19 August 2025.
  10. ^ Dixon, Annabel (4 October 2013). "Criterion buys Batman's hospital". Estates Gazette. Retrieved 19 August 2025.
  11. ^ Tomkinson, Martin; Wallop, Harry (13 December 2006). "Made it by 40". The Daily Telegraph. Retrieved 5 April 2014.
  12. ^ Lake, Emma (11 September 2023). "Zedwell hotel in Piccadilly to add 84 bedrooms due to demand". The Caterer. Retrieved 19 August 2025.
  13. ^ "Asif Aziz". Goldsmiths, University of London. Retrieved 9 May 2025.
  14. ^ "Manx for Nothing" (PDF). Private Eye. No. 1406. 27 November 2015. p. 14. Retrieved 2 August 2022.
  15. ^ a b Meddings, Sabah (3 October 2023). "Has coronavirus made Asif Aziz the meanest landlord in Britain?". The Times. ISSN 0140-0460. Retrieved 3 October 2023.
  16. ^ Bazalgette, Felix (29 October 2022). "'It was more than a pub' – the story of five boozers forced to call last orders". The Guardian. ISSN 0261-3077. Retrieved 3 October 2023.
  17. ^ "Meet the Property Tycoon Closing Down London's Pubs". Novara Media. Retrieved 7 April 2023.
  18. ^ Low, Harry (4 December 2024). "World's first YMCA in central London to close in February". BBC News. Retrieved 14 January 2025.
  19. ^ Demetriades, Olivia; O'Reilly, Gem (9 January 2025). "Central London flash mob tries to save YMCA from closure". BBC News. Retrieved 14 January 2025.
  20. ^ Maskell, Caitlin (10 January 2025). "Central YMCA face protest of flash mob". Westminster Extra. Retrieved 14 January 2025.
  21. ^ Pulver, Andrew (28 January 2025). "Cult London film venue Prince Charles cinema under threat of closure". The Guardian. Retrieved 28 January 2025.
  22. ^ Pilley, Max (9 May 2025). "Battle to save Prince Charles Cinema sees it "designated as an Asset of Community Value" by council". NME. Retrieved 23 July 2025.
  23. ^ Waterson, Jim (19 February 2025). "The Prince Charles Cinema landlord and his cockroach-infested "worst place to live in Croydon"". London Centric. Retrieved 7 March 2025.
  24. ^ Waterson, Jim (7 March 2025). "Kitchen foil and Algerian markets: What happens when your phone is stolen in London?". London Centric. Retrieved 7 March 2025.
  25. ^ Waterson, Jim; Kehoe, Cormac; Rees, Rachel (22 July 2025). "The billionaire and the tax evading gift shops". London Centric. Retrieved 23 July 2025.
  26. ^ "About Us". Aziz Foundation. 22 February 2024. Retrieved 9 May 2025.
  27. ^ Amini, Mariam (1 March 2025). "Ramadan display lights up Piccadilly Circus in London". The Guardian. ISSN 0261-3077. Retrieved 9 May 2025.
  28. ^ "Highlights: Celebrating the best in British Muslim business". Islam Channel. 25 November 2022. Retrieved 9 May 2025.
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