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Published: 04 May 2014

Successful day of company administration, securing loan finance, valuing Grove House and agreeing Memorandum of intent for the sale of Comart to Kode as David Fear resigns and Labour make major council gains in local elections

 

My morning tea awakens me from a deep sleep and the radio informs me of widespread gains to Labour of Tory councils around the country in yesterday’s district council elections (I voted Labour in the absence of a Liberal/SDP Alliance candidate on my way to work). Also of much reduced Tory majorities in their two by-election seats with the Alliance coming a strong second. In Liverpool, Labours controlling majority was strengthened which will lead to a more confident resistance of central government control. To a breakfast of boiled egg and toast fingers before I set off to the factory to start the day on time. A morning of company administration and discussions concerning finance and securities. Derek Weatherby had a successful meeting with Interstate Finance Corp and we appear to have the promise of a further £325K of unsecured loans over 3 and 5 years at interbank rates + 1 3/4 % secured only against the new capital equipment for production.

Read more: Friday 4th May 1984

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Published: 03 May 2014

Cool day working on company administration, Grove House and London Byte Shop negotiations whilst I write my own Comart Sale agreement and progress repairs on The Lady as the Ravenscraig picket opinions harden

Up and, after breakfast, to the office on another cool and dull day. A day of work on the background to company administration, interrupted by urgent consideration of the prospects for the new head office building at Grove House and the troubled lease assignment for our new Byte Shop premises in London. During a visit to Grove House, our property surveyors from Brown and Merry tear the Barfords details and estimates to shreds by catching them out on measurements and the buildings capital and rental value. Visits of telephone representative establish that a system could possibly be installed in about 6 weeks. In London, the venders (ie present tenants) were pushing for a 5.00pm completion whilst the lease contained many deficiencies, the planning permission was due to expire and they were insisting on unacceptable guarantees. Home via the boatyard where I find the engineer working on The Lady and nearly finished it.

Read more: Thursday 3rd May 1984

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Published: 02 May 2014

Managing Xitan and office acquisition and company disposal issues in equal share as Debbie still takes well to her school and the miners’s strike drags on

A little late up reading The Times and catching up on yesterday’s journal and after breakfast still further delayed before a rush to wash and dress and arrival at the office a minute or so late. I processed the mail and cleared a number of matters including our instructions to Ashurst’s in relation to the insolvency of Plume Computer Services Ltd. Soon Geoff Lynch arrived and we got down to business reviewing the revised mission for Xitan over the next three years. Then to discuss and agree the 1984/5 Personnel Plan before off to lunch with John Lamb to discuss the group reorganisation and marketing plans. I left Geoff with John for most of the afternoon and spent time talking to Richard James of Ashurst’s and getting legal advice. Also to Tony Diment of 3i and Peter Smith of Kode from which it seems I have to negotiate with Brammer to try to purchase the option or the shares. Derek Weatherby also advises me today that we should be able to obtain additional finance to purchase Grove House.

Read more: Wednesday 2nd May 1984

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Published: 01 May 2014

Debbie’s first day at school and an office day working problems of property acquisition and company disposal as police find recriminating evidence at the former Libyan embassy

A good night’s sleep before up and to a fine breakfast of boiled egg and bread. Today was Debbie’s first day at Little Paxton Primary School and she was quite happy to go, staying for school lunch and being away most of the day. She also had her first session after school in ‘Big Girls Ballet’ and enjoyed that also. Daniel was off to school, as usual, but succeeded in missing the bus home and causing a bit of a fuss amongst the secretaries when he phoned my office. I was on time to the office and called a meeting at 9.15am with my group Directors to brief them on a number of organisational changes that would inevitably follow our Head Office move to Grove House and sought their views. They all liked the idea of the move in general but were not very happy about the restraints and compromises I would have to impose. Then to the morning mail and a succession of phone calls in and out to enquire about the acquisition, monitor the BMMG AGM preparations and start the professional negotiations going on Grove House. On the latter Brown and Merry are visiting on Thursday and possibly Vintners on Friday. Our preferred course of action is a flexible lease but we could possibly buy it. On the acquisition front Peter Smith of Kode rings to ask about an outright cash offer of £2.57M on completion as the share issue could be a problem for the other stockholders. Also a phone call to Brammer and John Head the Chairman reveals that they had a board meeting today and decided to take up the 25% Byte Shop option and value it for disposal at around £1/4 million which is a problem.

Read more: Tuesday 1st May 1984