**Billionaire’s Seaside Retreat in Welsh Village Comes with an Unexpected Drawback**
The picturesque village of Abersoch, perched on the edge of Gwynedd’s rugged coastline, has long attracted holidaymakers drawn to its tranquil beaches and scenic vistas. However, one of its most high-profile residents, billionaire Simon Nixon, discovered that even paradise has its pitfalls.
Nixon, widely recognised for co-founding the financial comparison giant MoneySuperMarket.com, swiftly rose to prominence as one of Wales’ wealthiest individuals. As outlined in the most recent Sunday Times Rich List, his fortune is estimated at a staggering £1.95 billion. Despite such immense wealth and a jet-set lifestyle, Nixon’s relationship with the UK has been complicated by the country’s often inclement weather, something he once bluntly described as “bloody awful”.
The entrepreneur’s journey began in Flintshire, North Wales, despite being born further east in Lincolnshire. Nixon helped bring MoneySuperMarket.com to the public market in 2007, cementing his financial success. By 2016, he had divested all his shares in the company, freeing him to pursue other ventures and interests, such as investments in digital bank Monzo and a personal collection of luxury properties.
In recent years, Nixon set up base in Jersey, citing the island’s superior climate and potential tax advantages. As he once told reporters, “The whole point of having financial independence is to enhance your standard of living. Don’t get me wrong, if I could combine a higher standard of living with lower tax that would be an advantage.” Yet Wales, and particularly Abersoch, has maintained a special significance for him, offering the sort of coastal beauty he compared to France’s famed Côte d’Azur.
Nixon’s acquisition of Borth Cottage in Abersoch in 2011 was a personal project. He invested over £1.2 million in refurbishing the property, hoping it would not just serve as a private retreat but also help boost the local economy. Nixon was adamant from the start that his interest in the area was not driven by profit. “I want the area to prosper and do well,” he remarked, expressing the wish that Abersoch would flourish as an all-year-round destination for visitors rather than remain a seasonal hotspot.
His passion for the local scene was clear. Praising the area’s culinary offerings, Nixon described the Coconut Kitchen as one of the region’s best Thai establishments. He also highlighted the strength of community businesses, noting that the cafes, locally sourced fish, and surfing school gave the village unique character. These, Nixon argued, ought to be open and accessible throughout the year.
Despite his enormous investment and attachment to Borth Cottage, Nixon ultimately chose not to use the property as a private residence. He later explained that he would have felt it was “wrong” for such a home to stand quiet and empty for most of the year, describing how “properties are meant to be lived in – they need to breathe.” Instead, Nixon arranged for the cottage to be rented out for approximately 45 weeks each year through his luxury accommodation business, Simon Escapes. In this way, the house would contribute life and custom to the community while being enjoyed by guests who respected the surroundings.
Some locals and observers have noted the wider significance of wealthy second-home owners in scenic Welsh villages, with debates ongoing about the balance between economic benefit and the risk of changing community character. Nixon’s approach, focusing on letting the property for the vast majority of the year, seems designed to address some of these concerns, allowing the area to draw in visitors while retaining its vibrancy.
As the conversation continues, Nixon’s experience highlights a recurring theme for many who seek solace in North Wales – even the most dazzling locations can offer their own set of challenges. For Nixon, the “bloody awful” weather remains a caveat, but his ongoing investments in Abersoch suggest his connection to Wales endures, rain or shine.