Tonight:
5°c
£16 million - not bad for a night under the arches
Terry Kirby5 Jun 2009
It was a gala dinner with a difference. Only in modern London could such a sumptuous affair be conducted in an old railway shed, with the keynote speaker turning up on his bicycle, and yet raise almost £16 million for a children's charity in the midst of the worst recession in living memory.
Battered and bruised by economic storms its coffers may have been, but London's hedge-fund industry demonstrated last night where its heart lies at the charity auction in support of ARK (Absolute Return for Kids). founded by financier Arpad Busson.
Formed in 2002, ARK supports educational and health projects in Britain, southern Africa and Eastern European.
Among the 800 guests at the dinner, staged in the former Eurostar terminus at Waterloo international station, were Elizabeth Hurley and husband Arun Nayar, presenter Jeremy Clarkson, high street supremo Philip Green and Russian supermodel Natalia Vodianova and her husband Justin Portman. Busson was joined by his fiancee, actress Uma Thurman.
After dining on Norfolk asparagus, Irish Longhorn beef, black cod and Yorkshire rhubarb, the guests, who included most of the serious players from the hedge-fund world, got down to the serious business of the charity auction, demonstrating that high-end glamour and serious charity giving can go hand in hand.
The biggest bid of £350,000 was for a week's stay for a dozen people on the Getty family yacht, Talitha, while £200,000 secured a five-day luxury trip to Venice and Paris, staying at the Cipriani and Plaza Athenee respectively.
And, more seriously, £105,000 was raised for Aids clinics in South Africa and a total of £750,000 for ARK coaching for students here in Britain.
Other projects funded include the re-housing of abandoned Romanian children and the provision of music-teaching and instruments for children in inner-city UK schools.
ARK also announced that money from the evening would also go towards supporting a new £27million programme to combat HIV/Aids in South Africa over the next two years.
Mr Busson told guests the money raised more than justified his decision to press ahead with the evening, despite the economic climate.
He said: "ARK's work has never been more important than it is today. Poor children bear the greatest risk of this economic downturn.
"Their loss isn't measured in equity values, it's the difference between getting life-saving drugs or not, or having an education or not.''
Guests were serenaded by Lily Allen after the auction.
London Mayor Boris Johnson, who joked that he was "so glad to be invited to a humble disused railway shed" said that he was backing ARK because he wanted all London's youngsters to have a decent chance and that education was the "bedrock of extending opportunity".
Reader views (6)
Andrew, some years ago I worked for a company that was into corporate hospitality. The new business it generated was minimal. Mainly it was a good day out for the execs, salemen and existing clients. When a new MD was brought on board he scapped most of it and concentrated on quality. Sales went up!
As regards my football team. I hate the corporate side of things, the mountain of debt the club floats on and the salaries paid to the players. I think it will all end in tears!
- Man U Fan, London, 06/06/2009 13:51
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Worst recession in living memory?? A bit of an exaggeration i think... Yes, it is bad, but surely the 1991 recession with a 15% interest rate was worse.
- Bk, London, England, 05/06/2009 16:47
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The seriously rich may have had their investments knocked back a bit but most of them will hardly notice it. Anyway the stock markets are recovering very nicely for them.
It's only the poor workers who are losing out in this recession as jobs are now very hard to get, and they're not the sort of people invited to this sort of function.
- Scotty, Cambridge UK, 05/06/2009 14:36
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Typical comment from a Man U fan. That's what corporate hospitality is - wining and dining in the name of generating new business. Get over it. Besides you should know because your silent stadium is full of corporate prawn sandwich people.
- Andrew, St. John's Wood, London, 05/06/2009 13:56
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Yes the rich may be worth a bit less but they are no struggling to meet their bills! This came home to me yesterday when I overheard a conversation about corporate hospitality at the forthcoming GP at Silverstone. Whilst the man or woman in the street has to pay a small fortune to attend the well off (be they senior executives or B-listers) will not pay a penny and be wined and fed very well.
- Man U Fan, London, 05/06/2009 12:59
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Could we stop this nonsense about 'worst recession in living memory'? London is awash with money - the question is: who's got the money? And how is it being spent?
- Andy, london, 05/06/2009 12:16
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