Ambassador, I’m spoiling... myself! Boss of Ferrero Rocher pays family £546m

THE family behind the Ferrero Rocher empire are poised to gobble up a dividend worth £546 million in one of Europe’s largest-ever payouts.

The Ferreros, who also own Nutella and Kinder Surprise, are paying themselves the enormous sum of cash after a knockout year.

Profits surged by nearly a quarter to £783 million in the 12 months to August, according to accounts – almost double what they stood at in 2008.

The extraordinary payout has raised eyebrows after their UK company paid just £110,000 in tax. Despite £419 million of annual sales, the company’s UK arm posted a profit of just £9.7 million due to ‘cost of sales’ of £334 million.

Experts last night accused the firm of shifting profits abroad to artificially reduce their bills here. Prem Sikka, a professor of accounting at the University of Sheffield who has advised MPs, said: ‘It is a disgrace. If the Government is interested in stopping companies from having a free ride on the back of British taxpayers, it needs to act.’

Labour MP Rachel Reeves, former chairman of the Commons business committee, told The Guardian: ‘The rules for firms like Ferrero Rocher and everyone else are simple – tax should be paid where the revenue is earned.’

The company began life as a pastry shop in Italy during the Second World War, using hazelnut as a substitute for chocolate due to shortages. It is now run by its founders’ grandson Giovanni Ferrero, 55.