Tycoon honoured for £50m gifts to charity

Tomorrow Mayor Boris Johnson will host a ceremony at City Hall to recognise the efforts of Jack Petchey, who was born in the East End and made a fortune as a property developer and entrepreneur.

Over the last nine years the Jack Petchey Foundation has funnelled millions of pounds into schools and youth projects. It is estimated he has helped half a million people aged 11 to 25.

The foundation reached the landmark figure of £50 million with a £700 donation to the Newham All Star Sports Academy, so its players can attend a basketball tournament.

Its biggest donation was £2 million to set up the Petchey Academy in Hackney, under the City Academies programme. Another £10 million has been earmarked for sports and cultural events in the run-up to the Olympics.

The foundation also has a £5.6 million achievement award scheme that gives smaller sums to young people and youth leaders. It operates in 2,000 schools and youth organisations in London and Essex.

Mr Petchey, 82, has been given an OBE for his charity work, and is worth an estimated £950 million. But his professional life began somewhat ignominiously, when he was arrested at the age of 12 for delivering vegetables in east London.

He avoided prosecution by pointing out that he had been caught with tomatoes, which were actually fruit.

Mr Petchey served with the Navy in the Second World War, before taking a job as a clerk in an office. He used his Navy discharge pay to become a car dealer and a taxi driver before moving into property.

He helped pioneer the Portuguese holiday complex and timeshare market and still has extensive holiday home interests, including timeshares, and runs philanthropic projects in Portugal. A grandfather, Mr Petchey still lives in east London, and is a football fan who has been involved with West Ham, Watford and Aston Villa.

Guests at tomorrow's reception will include Deputy Mayor Ray Lewis and senior figures from youth organisations across the capital.

Andrew Billington, director of the Jack Petchey Foundation, said: "This is a landmark for us and we are delighted the Mayor and Deputy Mayor for Young People will be joining us. Jack Petchey's generosity has made a huge difference to young people."

Groundwork East London was awarded £100,000 for an environmental project involving young people who have dropped out of education and employment.

Zoe Goss, the charity's community team manager, said: "It's a really brilliant foundation. Jack's story inspires the kids because they can relate to him. And he is fab - he's always beaming."