Personal computer distributor Spectrum Group Plc has acquired an influential investor in the shape of Neil Scott, former chairman of holiday firm Owners Abroad, who has acquired 22% of the enlarged equity, and plans to diversify the company into leisure businesses, starting with ones where he already has an interest – Crucible Snooker, Yankee Doodle […]
Personal computer distributor Spectrum Group Plc has acquired an influential investor in the shape of Neil Scott, former chairman of holiday firm Owners Abroad, who has acquired 22% of the enlarged equity, and plans to diversify the company into leisure businesses, starting with ones where he already has an interest – Crucible Snooker, Yankee Doodle hot dogs, and a chain of restaurants. At the same time, Spectrum is paying up to 2.1m new shares for Essex-based computer and office supplies distributor March Data Plc, valuing the company at UKP2.7m at the 128 pence to which Spectrum’s shares rose after the announcements. March also owns a recruitment agency in Ilford. The company’s principal shareholders Ian Selby and David Karpel will receive the maximum entitlement if March makes UKP160,000 pre-tax in each of its next two financial years. In the year to November 30 1986, March made UKP65,000 pre-tax on sales of UKP3m. Spectrum’s shares, now at 128p, were trading at only 60 pence before news of someone buying chief shareholder J Sadiq’s stake started doing the rounds last week. That the someone has turned out to be Neil Scott should keep the shares buoyant and is a reward for those who stayed on board when Spectrum sold its profitable photographic business to Parkfield while retaining its lossmaking computer operation.
