Fawn and India Rose James, the granddaughters of late property and publishing magnate Paul Raymond, have received £23 million in dividends from the family’s billion-pound Soho property empire following another record year of rental income.
The sisters inherited Soho Estates, which owns much of London’s West End, including bars, offices and restaurants, after Raymond’s death in 2008. Their combined wealth was estimated at £718 million in this year’s Sunday Times Rich List. Their mother, Debbie—Raymond’s daughter—died of a heroin overdose in 1992, when India Rose was a baby.
Accounts for the year to March 2025 show rental income rose 8 per cent to £43.84 million, surpassing last year’s record of £40.71 million. The increase was driven by full occupancy at Ilona Rose House, the flagship mixed-use building named after the sisters’ middle names, which houses tenants such as Warner Bros and Skyscanner.
Soho Estates said in its annual report that it had “benefited from stronger trading in Soho” as footfall and spending rebounded across the West End. Vacancies were “re-let quickly, typically on equal or improved terms,” the company added. New tenants during the year included Korean beauty brand Skin Cupid, “luxury” chip shop Frites Atelier, and the upcoming Market Place Food Hall in Leicester Square.
The company narrowed its pre-tax losses to £5.97 million, down from nearly £20 million the previous year, largely due to a smaller reduction in the value of its property portfolio, now valued at just under £1.1 billion.
Commercial property values have been under pressure since interest rates began to rise in 2022, but falling borrowing costs this year have led to tentative signs of recovery.
“With occupancy strong and cash flow stabilised, the board judged it an appropriate time to make a shareholder return,” Soho Estates said. The resulting £23.18 million dividend—the company’s first in two years—was distributed mainly to Fawn and India Rose James, the principal shareholders.
Paul Raymond, once dubbed “the King of Soho”, built his empire from the Raymond Revuebar, the strip club he opened in 1958 and whose profits he used to acquire freehold buildings across Soho. In the property slump of the 1970s, he bought aggressively—reportedly at one stage acquiring more than one freehold a week.
Today, Soho Estates owns some of the district’s most famous addresses, including Ronnie Scott’s Jazz Club, Kettner’s restaurant and hotel, and the original Soho House private members’ club.
Fawn James, 39, took over as chief executive earlier this year, succeeding her father, John James. Her half-sister, India Rose, 33, is not involved in the business but remains a major shareholder.
“Our financial performance reflects sustained demand for high-quality space across our portfolio,” said Fawn James. “As a family business, our focus is on long-term stewardship—continuing to invest in buildings and public spaces, supporting our tenants, and ensuring Soho can evolve while keeping its character.”
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Paul Raymond’s granddaughters receive £23m as Soho Estates profits surge