November 2019, Hargreaves sold £550mn worth of shares in the company, reducing his stake to about 20%, which sparked criticism over potential conflicts of interest. He defends his decision, saying, “I could have sold more if I wanted to. I didn’t want to because I’m still a big shareholder and I love the company. They didn’t do anything wrong, Hargreaves Lansdown, they really didn’t. They didn’t contravene any regulation.”
As our main courses arrive — mackerel for Hargreaves and seafood risotto for me — we continue to chat about his career and views on the world. He is proud of the impact Hargreaves Lansdown has had on democratizing investing for ordinary people. “The industry was horrendous before we came along. You couldn’t buy a unit trust without paying 5% commission. You couldn’t buy a life assurance policy without paying 30% commission. We changed all that.”
Hargreaves is also not one to shy away from controversy. He is vocal in his support for Brexit, his disdain for socialism, and his admiration for Margaret Thatcher. His views may not be popular with everyone, but he stands by them firmly.
As we finish our meal with pannacotta and espresso martinis, Hargreaves reflects on his journey from the family bakery in Lancashire to building a billion-pound investment empire. “I never thought I’d be a billionaire. I never thought I’d be so wealthy. I just wanted to be successful,” he says.
And successful he has been. Love him or hate him, Peter Hargreaves is a force to be reckoned with in the world of finance and beyond. And as he finishes his coffee, he leaves me with one final thought: “I’ve had a fantastic life. I’ve been lucky, but I’ve worked bloody hard for it.”