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Index Page numbers in italic denote tables or figures.

Abacus 17 ABI Caravans 17 Aedes and Pollock 78 accountability see responsibility accounting systems 9-12, 36, 38,

110 March Concrete 173 Metsec 87-8, 194 Trend Control 121, 129

acquisitions 2, 7-9, 11, 209-10 Jacoa 104, 107, 114 Stone International 51, 52,

69-70, 71, 74 AEC 17 A.G. Stanley 96, 112, 114-15, 116 A.J. Archer 15 Alchian, A.A. 33, 34, 191 Alexandre 149, 150-1, 151 Allders 17 Amalgamated Foods 15 American Express 13, 48 Arney Roadstone (ARC) 136,

138, 140, 147 AMG Industries 17 Andrews 71, 74 Ansafone 15 Aqualisa Products 16 Argus Press 16 Arundale, David 96, 104, 105,

106, 107 assets

stripping 11, 113, 136 use of 1, 10, 35 valuation 23, 192-3, 199, 210,

214, 215-16; March Concrete 141; Metsec 77, 84

Assoc Fresh Foods 16 ASW 16 AVO 16 A ynesley China 16

Bank of Englnd 53 Bank of Scotland 59, 60 Bankers Trust 18, 28, 223 banks 2-3, 7, 18, 19, 219, 225

foreign 101, 204 Jacoa 96, 100, 101, 106, 108,

109, 114 John Collier 166, 175 March Concrete 141, 142 Metsec 84 Stone International 59, 60

Banque National de Paris 101 Barbour Campbell 17 Barclays Development Capital Ltd

(BDCL) 96, 107, 108, 109 Barclays Merchant Bank 96, 100,

101, 106, 108, 109, 112 Bassishaw 162-3 Baumol, W.J. 33 Beacon 17 Berketex 16 Berle, A.A. 4, 32-3, 44 BET 47 Bettis, W. 7 BICC 120 Binks, E. 139 Bison 15 Blair, R.D. 46 Blue Arrow 18 Boots 47 Bradstock Ins 15 Braude!, F. 217 BREL 17 Bricom Inds 16 Brigham, E. 46, 203 Britannia Data Mgt 17 British & Commonwealth 18 British Air Ferries 17 British Leyland 81 British Syphon 17, 18

231

232 Index

Brymon Airways 15 BTA 16 Budget Stores 104 bureaucracy 38, 124, 179, 218

see also corporate control Burlington Int. 16 Burrell, G. 41 Burton, Montague 149 Burton Group 159, 173

John Collier 149, 162-3, 165, 174-5

rationalisation 151, 155-7, 170 business strategy, financial theories

of 9-14 Business Week 3, 28, 177, 210 Busways 17 buyers' reasons for MBOs 21

Cable, J. 8, 46 Candover 59, 60 capital structure 2-5, 25-9, 179,

196, 201, 203-12 corporate/institutional control

211-12 external control 206-11 reducing debt 204-5 short-term horizons 205-6

Caradon 15 carve-outs 11 Casey, Terry 117, 118, 123, 125,

130 Holec Energy UK 118-19, 121,

124; buyout 126, 127, 128-9; sell out 6 134

cash flow 9, 11, 27, 31,35 Jacoa 101-2, 109 March Concrete 136, 146 Metsec 85

Cawoods Holdings and Cawoods Concrete Products 135, 137-42 passim

see also March Concrete Cdf Chimie 95, 100, 101, 105 Celebrity CP 16 Centre for Management Buy Out

Research 14, 20, 44 Channon, D. 6 Charles Church 17 chemical industry 8, 28

Child, J. 40-1, 46 Chiu, J.S. 45 Chloride 18 Chrysalis 18 Citibank 161 Citicorp 19 City Merchant Dev 16 Citylab 17 Clairmont 16 Clares Equipment 16 Clark, Sir Robert 162, 163 clothing market 153-5 Clough, Reg 96, 106, 107 Coase, R.H. 33 cold roll-forming 78 Collier, Joseph 150 Collier Holdings 15, 164-5

see also John Collier company cars 186 Compass 16 Computing Devices 16 'conglomerate discount' 11 Conran, Sir Terence 164, 174 Consolidated Goldfields 138 control

corporate see corporate control: as ownership motivation 1-2, 34-6,38-9,45,180-1,192-8, 216; culture 194-6; decision­making 192-4; John Collier 165-7; Metsec 93; Trend Control 123-4

shareholders 3-4, 201, 206-11 corporate control 3, 7-8, 12-13,

44, 178-9, 198-9, 220-1 institutional control and

211-12 John Collier 164 March Concrete 135, 138-9 Stone International 65 Trend Control 121 see also bureaucracy

corporate culture 177-9, 216-17 high energy 217, 219 Jacoa 102-3 John Collier 152, 167-9, 173 low energy 218 March Concrete 135, 138,

143-4

Index 233

Metsec 85-90; autonomy 87-8; commitment 89; customer relations 87; decision-making 89-90; management style 88-9; working practices 86-7

ownership effects and 198; control 194-6; mutuality 189-91; responsibility 196-7

recession and 214 Stone International 50, 53,

60-6; corporate control 65; incentives 66; information needs 65- 6; relations with overseas subsidiaries 63-5; UK working practices 61-3

Trend Control 129 Country Casuals 17 Court Cavendish 17 Coyne, John 26,44 Crockfords 17 Crown House Eng 16 Crowther's Clothing 16 Cundell Corrugated 16 Cuthbert, N.H. 44 Cyert, R.M. 33

Daily Mail 162 Daisley, John 135, 140, 144, 147 Danks 71 De'ath, Mervyn 117,118,123,

125, 128, 129, 130 Holec Energy UK 118-19, 120,

121; buyout 124, 126, 127; sell out 134

debt in capital structure 4, 10, 19,

25-8,30,44,203,204-5, 210-11

corporate failing 192, 214 disciplinary force 30, 31, 178-9,

199, 216, 217 Jacoa 100, 101, 103, 108 John Collier 166 March Concrete 142, 143 Metsec 84-5 Stone International 59-60 subordinate 45 Trend Control 126-7, 130

decision-making 35-6, 89-90, 194-6

'Decor 8' stores 110, 111 defensiveness 21, 21-2 Demsetz, H. 33, 34, 45, 191 divestment 2, 20, 21, 39, 201, 218

Jacoa 95-6, 104- 5 John Collier 161-3 Metsec 81 Stone International 74 Trend Control 122-3

dividends 116 Jacoa 105, 115 John Collier 166 Stone International 60 tax 43, 44 Trend Control 127

Dixons 47 Dobbins, D.R. 44 Dodd, Ken 82, 83, 84 Don Watts and Associates 168,

173 downsizing 11 Dowty Mining 17 Doyle, Leo 135, 140, 143, 144,

147 Dramix 137 DRI 15 Drucker, Peter 6, 12 Dwek 16, 18

E and Am Ins 15 Eagle Star 163 earnings per share (EPS) 9-11

passim, 47 see also PIE ratios

Economist, The 2-3, 11, 19, 26-7, 45

Electra Investment Trust 18, 60, 66 Elizabeth Shaw 17 Ellerman Lines 15 employee share ownership and

ESOPs 30, 44, 178, 188-9, 213

March Concrete 141-2 Metsec 77

entrepreneurship 2, 22, 25, 28, 186

see also innovation

234

EPOS systems 110-11, 113, 114, 115, 206

equity

Index

Fordham, Pat 72 Fortune 3, 37, 177, 211 France 52, 56

in capital structure 4, 19, 25-8, see also Jacoa; Ripolin, Le Freud, Clement 135, 140, 141 Fruhan, W. 45

30,44, 203,204,210 the 'carry' 23 Jacoa 107-9 John Collier 163-5, 166 March Concrete 142 Metsec 84-5 personal stakes 29, 115, 124,

125- 6, 165, 180, 182 Stone International 59-60 Trend Control 126-7

Equity Capital for Industry 77, 84,85

Ernest Scragg & Son 52 Essanelle 15 Euromoney 25 European Ind Ser 16 Evans Halshaw 15 Evans Healthcare 16 Evening Standard 59, 112 Exacta 15

Fairey Eng 16 Fama, E. 33, 45 Famous Names 15 Federal Reserve 3 Fenchurch Corrugated 17 FFL 17 Fifty Shilling Tailors 149, 150 finance

for MBOs 2-3, 25-9, 188-9, 194, 203-12 passim

'strip financing' 204 see also capital structure;

institutions, financial Financial Times 15-17, 18, 20,

28,54-5,73,155,177 First Leisure 15 FKI Electricals 49, 74-5 Fletcher, Ian 163-4, 165, 170 flotations 28-9, 212-13, 215,

219 Metsec 77, 90-2, 213 Stone International 49, 70-5

Fluidfire Development Ltd 51 Ford Motors 81

Furmanile 16

Gateway 17 GBE International 15 gearing see leverage GEC 47, 59, 120 Geest CD 17 Geminsky, Bruce 129-30 Germany 8, 52, 56, 204 Glass Glover 16, 18 Glaxo 120 Gleneagles 15 Globe & Electra 60, 66 Gold Crown Foods 16 Goldsmiths 16 Gomme 16, 18 Gouillart, F. 7, 11 Green, S. 46 Grundfest, Joseph 211

Haden 15, 18, 21 Hagget, David 83 Haigh Castle 17 Haleworth 15 Hall, David 159, 160, 161, 163-4,

165, 169 Halpern, Ralph 174 Hamleys 17 Hanney, J. 26 Hanson, Sir James 164 Hanson Trust 47, 149, 161, 162-3,

164, 166 Harland & Wolff 17 Harris Queensway 18 Harvard Business Review 24 Harveys Furnishings 16 Hawker Siddeley 59, 73 Hays 16 Hepworth 151, 155-7, 159, 170 Heron International 162 Hewlett-Packard 120, 121 high energy culture 217, 219 Hill Leigh 17

Index 235

Hill Samuel 162 Hirst, Keith 81, 91-2, 93, 94

Metsec buyout 82, 82-3, 84 holding companies 6, 7, 8 Holec 117, 118, 122-3, 124-5 Holec Energy UK 117, 118-22,

123, 124, 125 see also Trend Control

Holiday Dyes 16 Holland 152 Holmes, Arthur 138-9 Honeywell 120, 130, 131 Hope & Bond 112 hostile takeovers 11, 21, 96, 114 Hugin 15 Humberclyde Inv 16

ICFC 135, 141, 142 see also 3i

IDS 48 Illingworth Morris 17 incentives 36-8, 181

Stone International 66 Inchape 123 industrial relations see social effects innovation 33-4, 45, 179, 186-7

Jacoa 102- 3, 109-13, 206 John Collier 167-70, 193, 206,

212 March Concrete 135, 142-6,

205, 209 Metsec 86-90, 184 Stone International 61-6 Trend Control 128-31 see also entrepreneurship

insider trading 4, 215 institutions, financial 22-3, 25,

27, 188-9, 203, 206-12 passim 219

Jacoa 106-7, 114 John Collier 149, 162-5, 166,

174-5 March Concrete 135, 141, 142,

146-8 Metsec 77, 92 Stone International 54-5, 59, 60 see also banks; insurance

companies; pension funds; venture capitalists

insurance companies 3, 18, 28, 44 Intercraft Designs 16 interest rates 19, 20, 27, 203-4 International Bank 48 International Leisure 16, 18 Invergordon 16, 18 investment, control of funds 26-7,

193, 206 see also finance; institutions,

financial; shareholders Investors in Industry Pic 77, 84

85, 142 Isis 15 Istel 16 Italy 52

Jackson the Tailor 149 Jacoa 25, 95-116, 193

capital structure 204-5, 206, 209-10

divestment and buyout 104-9, 202; financial package 106-7; motivation 96, 105-6; tender 107-9

ownership 115-16, 183, 184; control 194-5; mutuality 190; self-interest 105, 186

post-buyout 109-13; performance 112-13; strategy 109-12

pre-buyout 97-104; beginnings 97-8; decline and fall 98-100; struggle to survive 101-4

sell out 114-15, 213 Jacobsen, Moses 149 Janson Green 16 Japan 8, 52, 56, 204 Jeavons, David 82, 83, 84 Jeffrey, Philip 95-6, 115-16

Ripolin UK 100-2, 103-4, 105; buyout 105, 106-7; sell-out 114-15; transition strategy 109, 110, 112

Jensen, Michael C. 1, 31, 40, 45, 203

management behaviour 33, 34, 35, 36-7

Jesse!, David 163

236 Index

Jeyes Hygiene 16 JLD Associates 100, 107 John Collier 149-75, 184, 215

capital structure 205, 206-9, 210, 211

divestment and buyout 161-5, 202; negotiation 163-5; UDS 161-3

ownership 165-7, 193, 197 post-buyout 165-72;

performance 172; strategic change 167-72

pre-buyout 150-61; beginnings 150-1; decline 153, 155-61; UDS and menswear retailing 151; sell out 172-5

Johnson 120, 130, 131 Johnston Boiler Company 51, 64,

73, 74 J.P. Morgan 3 junk bonds 3, 5, 11, 19-20

Kamerschen, D. 46 Kaplan, Steven 26, 32, 40, 44 Kaserman, D.L. 46 KDG Instruments 16 Kenwood 17 Kirklees Chemicals 16 Kohlberg, Kravis, Roberts (KKR)

3

Lamer, R.J. 46 Laurie Millbank 164 Lawler, E.E. 181, 217 Lawson Mardon 15 LBOs 224-6

financing 2-3, 11-13, 44 UK/US compared 13-14, 19,

26, 27, 203, 223-4 Lee, J. 42 Lee International 18, 19 LESOP see employee share

ownership leverage 4, 19, 25-8, 31, 203,

204-5, 208, 209, 211 Jacoa 108, 109, 113 John Collier, 166 March Concrete 135-6, 145, 146

Metsec 91 Stone International 49, 60, 61,68 Trend Control 126-7

Lewis' 16 Leyland Bus 15 Leyland Paint & Wallpaper 112 Lipman, Sidney 165 Lloyds bank 135, 141, 142 London Clubs 17 Lonrho 18 low energy culture 218 Lowenstein, L. 29, 39, 45 Lowndes Lambert 17 Lowndes Queensway 19 Lyons, Bernard 150, 157, 158,

160, 161' 162 Lyons, David 141 Lyons, Sir Jack 150, 157 Lyons, Robert 150, 157, 163 Lyons, Samuel 149 Lyons, Stuart 150, 157, 159, 162, 163

MAC Group 6-7, 47-8 Maccess 16, 17 Magnet 17 Mallinson-Denny 15 management behaviour 33-40

see also motivation; ownership Management Today 21 manufacturing industry 8, 28

see also Metsec; Stone International; Stone-Platt

March, J.G. 33 March Concrete 135-48

buyout 138-42, 202; motivation 140; negotiation 141-2

capital structure 205, 209, 211 ownership motivation 184, 190,

193, 195, 197 post-buyout 142-6;

autonomy 142-3; cultural change 143-4; disaster 146; new investment 145-6; performance 144-5

pre-buyout 136-8 takeover 146-8

marketing 205-6 Jacoa 103, 110

Index 237

John Collier 152-5, 159-60, 167-8, 171, 173-4

Metsec 90 Stone International 65-6

Marks & Spencer (M&S) 151, 155 Marris, R. 33 May Gurney 17 MBS 17 McGrath, Peter 49, 57, 58, 62, 63,

72 McKinlay, James 82, 83, 84 Means, G.C. 4, 32-3, 44 Mecca Leisure 15 Meckling, W. 33, 34 MELT 28 Mercado 17 merchant banks see banks Merril Lynch 3 Metsec 77-94, 184, 215

buyout 82-5, 202; motivation for 82-3; negotiation 83-5

capital structure 204-5 ownership 92-4; control 93,

192, 194, 195; mutuality 189, 190; responsibility 196; self­interest 82-3, 182, 184, 186

post-buyout 85-90; autonomy 87-8; commitment 89; customer relations 87; decision-making 89-90; management style 88-9; performance 90, 91; working practices 86-7

pre-buyout 78-82, 91 USM flotation 77, 90-2, 213

MFI-Hygena 19, 28 Microlease 18 Midland Bank 54, 165, 166, 175 MK Electric 118, 134 Molony, Pierce 117, 118, 133, 134

Holec Energy UK 119, 121, 122; buyout 123-5 passim, 126, 127; leadership 128-9

Mono Pumps 16 Monsen, R.J. 45 Moore, Tom 135, 144

March Concrete 137-8, 139, 145, 146;buyout 140,141,147

Moores Furniture 16

Morgan, G. 41 Morgan Stanley 3, 210 motivation for buyouts

buyers' 21 defensiveness 21-2 Jacoa 96, 105- 6 March Concrete 140 Metsec 82-3 opportunism 22- 4 ownership and see ownership sellers' 20-1 Stone International 56-8, 66-7 Trend Control 123-4, 125-6 visionary 24-5

Motor World 16 mutual funds 3 mutuality 180-1, 189-92, 197,

204, 219 better culture 189-91 outsiders' views 191-2

MW Marshall 17

National Express 16 Nestor BNA 16 NFC 15 Nichols, M.L. 2 Norcross 56 Norwest Holst 16 Nycal 51, 64-5

opportunism 22-4 Oratis, John 49, 64, 69, 73-4

Stone International 51, 53, 54; buyout 57, 59; takeover 74-5

Osorio, Edwin 98, 99 Osorio, John 96, 99-100, 102,

106, 109 Oval 16 ownership 29-32, 177-99

control and see control mutuality 180-1, 189-92 responsibility 180-1, 196-7 self-interest 180, 181, 182-9 see also management behaviour

Oyez 17

Pantalone, C.C. 9, 11 Paragon 15 Parker Pen 16

238 Index

Partco 16 Paxton, M. 135, 140, 147 pay see remuneration PIE ratios 24, 47-8, 214, 215

Jacoa 96, 107 Stone International 59, 73

Peat Marwick McLintock 15-17 Peerless 17 Pegasus 141 pension funds 3, 18, 19, 44 perks 36, 179, 185-6 Petrofina (Belgium) 100 Pincott, Leslie 54 Platt Brothers (Oldham) 50

see also Stone-Platt Industries Platt Saco Lowell 52, 53 Plessey 47 policy, public 222-3 Pontins 16 Porter, Michael 2, 8 Porth Dec Products 16 Precious, Bob 64 Premier Brands 15 Prestwich, John 117, 127, 129, 134 Prestwich 18 Price, Henry 149, 150 Price's Tailors 150 Prudential 162

quantitative research, limitations of 40-1

Racal 47 Radice, H. 45 Radstone Tech 16 Range Valley 17 Rappaport, A. 10, 35, 45, 203

ownership and control 4 shareholder value 9, 31

Ratcliffs 17 Raybeck Berkertex 18 receivership 20, 55-6, 100 recession 81, 90, 214 Record Ridgway 15 Redland 135, 139-40, 141 Reed International 104 Reedpack 16 Reestar 16 remuneration 23, 36-8, 182, 185-6

Rentco 16 responsibility 61, 93, 180-1,

196-7 Revco 19, 211 reward systems 36-8

see also incentives RFS Industries 16 RHM 47 Richard Shops 150, 162-3, 164,

174 Ripolin, Le 95, 97, 100, 103-4,

104-5, 107 Ripolin UK 97-104

buyout 95-6, 104-9 see also Jacoa

RJR Nabisco 3, 19 Ronson, Gerald 162 Royco 15 Rubatex 17 Ryan 17 Rylatt, Bob 117, 120, 129, 130, 134

Holec Energy UK buyout 125, 126, 127

Safety Electrical Equipment 51, 64, 72, 74

Sainsbury 128 salaries see remuneration Salomon Brothers 210-11 Satchwell 120, 131 Schultze, Charles 3 Scott, Reg 51, 53, 57, 58, 65-6 Seekers Silks 17 Secur Homes 15 self-interest 33-4, 180, 181, 182-9

harder work 182-3 innovation and risk taking

186-7 institutional views 187-9 Jacoa 105, 186 Metsec 82-3, 182, 184, 186 perks 185-6 Stone International 56-7, 67,

182-3, 184, 186, 187 Trend Control 123-4, 182, 184 vigilance 184- 5

sellers' reasons for MBOs 20-1 Serco 16 7 UP 28

Index 239

shareholder value creation 9-13, 19, 23,31-2,178-9,213-17, 223

ownership and 34-6 shareholders

control 3-4, 175, 201, 206-11 see also employee share

ownership; institutions, financial

Shearson 48 Sheffield F'masters 16 Silvie, Bill 49, 51, 53, 57-8, 64,74 Simon, H.A. 33 Simons, David 163-4, 165, 165-7,

168, 173-4 Simplex 15 Sloan, Alfred 6, 12 Smally, Edward 52 Smith, Adam 1-2, 32, 215 Smith, Robert 25 social effects 36, 180-1, 197,

216-17 John Collier 163 March Concrete 138, 143-4 Metsec 86 mutuality 189-91 Stone International 62-3

Spencer, Cyril 162 SPP Group 15 Square Grip 17 St Regis 15 Standen, John 112 Stanley, Malcolm 112 Stanley Gibbons 15 Steer, P. 45 stock market 9, 215

October 1987 crash 14, 18 see also flotations

Stone International 49-75, 215 buyout 55-60, 202; motivation

for 56-8, 66-7; negotiation 59-60; receivership 55-6

capital structure 204-5 flotation 70-5; acquisitions 71,

74; disaster 71-4; divestment 74; takeover 74-5

ownership motivation 190, 196; self-interest 56-7, 67, 182-3, 184, 186, 187

post-buyout 60-70; commitment 66-7; cultural change 60-6; performance 68; strategic change 68-70

pre-buyout 50-5; beginnings 50-1; decline and fall 52-5; turnaround 51-2

Stone-Platt Industries 49-55 Strategic Business Units (SBUs)

5,6-7 strategic change 177-9, 201

capital structure and: institutional control 206-12; reducing debt 205; short-term horizons 205-(i

corporate control and 220-1 history 6-14; acquisitions 7-9;

financial theories and 9-14 Jacoa 95-6, 109-12; Ripolin

UK 98-9, 100-4 John Collier 149-50, 161,

167-72, 206-9; marketing 154-5, 157-8, 159-60, 167-9, 206-7; UDS 151

March Concrete 135, 137, 142-3, 145-6

Metsec 77, 79, 85-6, 90; TI Group 81-2

ownership effects: control 192-4; self-interest and risk­taking 186-7

Stone International 68-70, 71; Stone-Piatt 51-2

three-factor model 29-32 Trend Control 131; Holec

Energy UK 118-20 SUMIT 129, 130

buyout backing 117, 125, 126-7 sellout 133, 134

tailoring culture 152 Talbot Rice, Nicholas 125, 130 Tallent Engineering 17 Target 15 Tavener, Robin 22

Stone International 50, 51, 52-3, 54, 64, 68, 72, 73; buyout 49, 56-7, 59; flotation 71; takeover 74-5

240 Index

Technitron 16 Temperature Ltd 56 Temple Varnish 98 textile industry 28, 52, 153-5 Tgernakute 15 Thackray,John 45 Themes Int 17 Thomas, Geoff 146-7 Thomson, John 172, 175 Thorn 47 3i 19, 146

see also ICFC TI group see Tube Investments Tibbet & Britten 15 Tilsley, Steven 82, 83, 84 Timpson 15 Transmitton & Johnson 120 Trend Control 117-34, 212

capital structure 205, 209, 211 divestment and buyout 122-6,

202; motivation 123-4, 125-6; negotiation 124-6

ownership motivation 182, 184, 193

post-buyout 126-31; leadership change 128-30; strategic change 131

pre-buyout 118-22 sell out 131-4

Trend Control Systems Inc 130 Trend Ireland 129 Trinity 17 Trostel, A.D. 2 TRS 48 Tube Investments (TI) 78, 81-2,

84-5, 91, 194, 215 see also Metsec

Tyzack 17

UK Paper 16 Unigate 18 Unipart 15 United Carriers 17 United Drapery Stores (UDS)

150-1 John Collier 149, 157,

159-60 takeover 161-3 see also John Collier

United Kingdom (UK) business structures 6-9, 11, 19,

199, 220 MBOs 14-29; reasons for

20-5; compared with US LBOs 13-14,19,26,27,203,223-4

United Machinery 16 United News Shops 16 United States (US) 8, 22, 44, 52

business structures 6, 7, 11 , 199 LBOs 3, 36; compared with UK

MBOs 13-14, 19, 26, 27, 203, 223-4

see also Stone International; Stone-Piatt Industries; Trend Control

Valor Stoves 17 valuation of companies 9, 12, 199

see also assets venture capitalists 18, 27, 39, 41 Venture Plant 16 VF Int 16 Vickerstaff, Andrew 117, 126,

127, 129, 133 Victaulic 15 Virgin Group 16, 18 visionary reasons for MBOs 24-5 Vosper Thorneycroft 15 VSEL 15

Wades 15 Wall Street Journal 177 Ward White Footwear 16 Washington New Town 17 Watts, Don 168, 173 Weber, Max 197 Wehmiller, Barry 52 Welch, J.B. 9, 11 Westbury 15 Weston, J. 46, 203 Westward Communications 19 W.H. Allen 71 White, Frank 79 Wickes 16, 18 Willetts, David 140, 141, 146-7 Williams, Graham 107, 109 Williams Ltd 47 Williamson, O.E. 12, 33, 45

Willis Faber 15 Willman, P. 46 Wilson, Alan 135, 140, 143, 144,

147 Wilson Committee Report 44 Wiltminster 15 Winterton, Jill 140, 143-4 wives 183

Index

Woolworth 47 Wordplex 15 Wortzel, L. 7, 11 WPM Retail 104 Wright, Mike 26, 44

York Trailer 16 Yorkshire Post 153

241