Self-made Kwik Save boss Albert Gubay has put the vast majority of his wealth in a new £470m foundation, fulfilling a deal he made with God before he became rich.

The Albert Gubay Charitable Foundation is the result of a pledge the 82-year-old, devout Roman Catholic owner of Kwik Save and multiple other businesses made with God as a young man to give away half of what he owned should he become rich.

Gubay, however, has exceeded his pledge and given away the bulk of his £480m personal wealth, transferred several dozen of his businesses across to the foundation and has structured the Foundation so that it should receive an additional £20m per year from the profits of his companies.

Half of the Foundation’s wealth is to be distributed to the Roman Catholic Church, with the remainder to be divided up as the trustees see fit. There is yet no website nor Charity Commission entry for the Foundation.

Despite his advanced age, Gubay – who is described by the Foundation’s chairman John Nugent, an Isle of Man businessman, as “a very frugal man” – will continue working until his death, aiming to increase the worth of his business empire to £1bn.

In the last Sunday Times Rich List, Gubay held the 107th position, but will now drop off the list entirely with his personal wealth falling to a mere £10m.

Gubay is an Isle of Man resident. His charity will distribute funds both in the Isle of Man and internationally.