Lord Chadlington: Well the company's history is a bit checkered, it was a very successful business in the 1980's. I believe it was the first company in England ever to develop advertising slogans on the side of milk bottles, which is what really brought it to fame. It went public in 1984. It was hit very hard by the recessions in the late 80's early 90's and the management team went on running it, the same management team that had founded it. When I sold out my business to IPG, 2 1/2 years ago, I then decided to take some small equity stakes in companies in our sector and this is one of them. I built up quite a big holding about 20% of the business, talked to the management and the management did not want me involved. So I called an EGM, in August last year, and voted myself and two colleagues onto the Board. The company is in three areas, sales promotions, public relation and design. Those are the three fundamental parts of the business. The business was losing money hand over fist and the cash was draining away. They had too many people and too many properties,so for the first few months my job has been to really cut costs. So we have reduced the occupancy of our accommodation by 50%, we have two buildings now rather than four. Instead of having 175 people we now have just a 100 and we have changed bankers. The business lost 7 million pounds in the 15 months to December 31, 2000. Today it is profitable and has been so each month from January the first this year. What I have now done is about a week ago I announced that we had brought in some new shareholders. We have raised about 10 million pounds from a placing of equity and we are raising hopefully up to another two or three million from shareholders, who are existing shareholders, which will fill the hole in the balance sheet. It will retire all of our debt. It will enable us to make three small acquisitions in public relations and in advertising. We end up with a business that is profitable, which has no debt; in fact it has some cash in the bank. It has a net worth on its balance sheet and the share price will have risen quite significantly over the period. When I started buying the shares about 2 1/2 years ago they were 7 or 8p and they are now 40p. So the business is moving ahead pretty well.
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