Under fire Health Secretary Jeremy Hunt is to land £15m when the sale of his education website business, Hotcourses, goes through.
Currently, Hunt is under increasing pressure as the healthcare crisis mounts up.
He set up Hotcoures with Mike Elms in 1996 and it is about to be sold for figures in excess of £30 million.
Hunt owns 48% of Hotcourses
Companies House papers shows he owns 48% of Hot Courses. As such, should the company be sold for £35m he will make £16.8m. This will make him the richest member of the cabinet.
However, in the registry of member interests it states that he only earns 15% of the business. It employs 200 people.
Mr Hunt stepped down as director of the company in 2009 after becoming an MP, but has not played an active role in the company for twelve years. His share of the business has continued to give him high payouts.
Hunt Under Attack over Health
The timing of the sale may prove problematic for the Health Secretary as the government comes under pressure due to issues in the NHS and GP’s who feel “scapegoated” by plans to make surgeries open seven days a week.
Hotcourses, which claims to be the largest business of its kind in the world, makes a regular profit of £2m a year since 2015. It acquired The Complete University Guide in 2015 and has offices in Surrey, Boston, Sydney, and India.
Last year Hunt is reported to have received £1m in dividends.
He set up Hotcourses after returning from a two year trip to Japan where he learned the language and taught English. It is used by universities to market their courses to prospective students. The British Council is one of its major clients.
One of the buyers is said to be an Australasian company who operate in the sector.
Hunt has come under attack for disappearing during the health crisis.