George Waterston's and Sons Ltd.
I
joined the Board in 1991 of what was then this major
security printing company, stationer, and retailer, with a
turnover in excess of £10 million and approx. 200 staff. It
was experiencing serious financial difficulties. Working
with the Chairman and Chief Executive borrowings were
significantly reduced and the business brought back to
profit in a tough sector. I also worked closely with the
retiring and incoming Chairman and CEO to effect a smooth
transition. After 18 months with new Chairman and having
assisted in guiding the company through another financial
challenge to a more stable position resigned from Board as
the new Chairman wished to go his own way, and I disagreed
with some of the plans and policies that he was
implementing as I felt they were not in the interest of
shareholders. The company went into receivership two years
later.