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Day in London negotiating the UEH option with Brammer and then back doing the same with David Barford over Grove House before returning to Comart to brief John Lamb accordingly as the NUR and TGWU step up support for the miners and June distracts me!
Up early and quickly to wash and eat a breakfast of cornflakes and fruit juice. Off by car to Stevenage and on by fast 125 train, first class, to London. By tube to Knightsbridge and a nice walk on a sunny but chilly morning to Clabon Mews in time for my 9.00am meeting with Mr Head of Brammer. A tough morning’s negotiation, taking an hour out for telephone calls to John, Derek, Kode, Barclays, Ashursts and the office before we finally agreed on a form of words and the price of £150,000 for the purchase of the UEH option to take 25% of The Byte Shop for £45,000 by December 31st 1984. By taxi back to Kings Cross station and, eating my sandwiches in the train, by car from Stevenage to St Neots to countersign the bank transfer authorisation to UEH. Then an hour’s negotiation with David Barford and Turret over Grove House where they are prepared to come down to £230K (less claimable tax allowances) for outright purchase or a lease of 21years with rent rising from £20K to £25K by stages each year. This is some progress and we will be close to doing a deal on Monday.
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Day briefing Roger Brittain and meeting Stephen Day of Kode and satisfying them both on Company administration and the Acquisition Check List for the forthcoming Peat Marwick review and then satisfying John Head of Brammer and doing the deal on Grove House
Up early and, after getting my journal up to date, to breakfast and then to St Neots, giving Daniel a lift on the way. He seems quite content these days and beginning to enjoy certain aspects of his school work. I spend an hour with Roger Brittain, briefing him on the acquisition and the plans for the week ahead. He is quite happy to cooperate fully, grateful for the explanation at an early stage and complementary on the negotiated outcome which is felt to be a good deal. Then to the office, the mail, to return a few phone calls before the arrival of Stephen Day of Kode for lunch and an afternoon of discussions. We cover the forthcoming Peat Marwick Michel Review and arrangements for them to meet Whitmarsh Sterland. Also to look at the Acquisition Check List which yielded few surprises. I also show Stephen the group business plans with which he is very impressed and the standard of company administration and secretarial practice which he rightly recognises as superb. He leaves more than happy and I use the last hour to process paperwork and touch base with the passage of events.
I heard from John Head of Brammer today, anticipating our meeting in the morning and needing up-to-date Byte Shop financial information I express posted the broad details but stayed late to prepare a more convincing case for him to dispose of his option tomorrow. I also this morning negotiated with David Barford over Grove House finally offering £200,000 for outright purchase or a rent of £20K/year rising to £25K after the first review in five years’ time. The lease would also have a purchase option on the house at £225,000 in one year.
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Morning after the night before as I deal with a Byte Shop visitor and then arrange to see the Brammer Chairman on Friday as I brief my professional advisors and get praise for my new Coat of Arms design
Up rather sluggishly and to breakfast of toast and apple juice. To the office to check again through the status of company administration and update the latest draft of the document register. For morning coffee I joined Peter King and his visitor Vleilland-Baily who was trying to persuade us to buy his new IBM compatible BBC micro add-ons. Home to a lunch of rolls and cheese and then back for an afternoon of telephone calls. I contact John Head, Chairman of Brammer and arrange to meet him at his London Mews house on Friday morning. He is still, however, looking for a £1/4M for his 25% of Byte Shop and so we will see.
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To London and the offices of Merchant Bank Robert Fleming Ltd to meet with Kode, where we agree a new Memorandum of Intent to sell Comart and discuss the changes and succession before a celebratory meal at The Savoy Grill and home as the Russians withdraw from the Los Angeles Olympics
Up and, after breakfast of cornflakes, to the office just on time. A busy morning with a record arrival of mail and many matters to clear up. A quick review of matters concerning the BMMG AGM and I resolve to do a full review tomorrow. Eventually I leave at lunchtime and make my way to Stevenage and catch the train to Kings Cross. After stopping to get some cash from the bank, off by taxi to the city and the offices of merchant bank Robert Fleming Ltd who are advisers to Kode and had provided a room for our discussions. I am welcomed by Kode staff man, Stephen Day, and presented with a new draft of Memorandum of Intent altered in accordance with my telephoned instructions of the other day and with a price of £2,500,000 inserted plus a UEH settlement figure of up to £200,000. We are then joined by Peter Smith and the other Kode Executive Director and Company Secretary, Walter, and I discuss my actions in promoting John Lamb, acquiring premises, investing in manufacturing automation and passing the business plans and budgets for completion in overview this week. The contractual discussions are straight forward as we had done our homework and negotiations beforehand and so we eventually read through the complete document, sign each alteration and the final page and attachments, we have a deal.