■ IFC's 'family' outin
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EY NEEDED a quorum of five r the National Freight nsortium's annual general leting in Birmingham last rekend, and got around 1,660 mreholders, 200 of them in an arflow cinema, writes ALAN LLAR.
rhe NFC publicity machine )ed out the magic needed to issure the masses that their Irney was worthwhile, and as came in from almost all rts of Britain (none ventured )m Northern Ireland), the orld Cup-sized video screens ere re-running the nsortium's launch day, with ansport Secretary David well promising "hard work d beer from now on".
NFC chairman Peter lompson talked of "a kind of rnily feeling I detected out ere" and flattered the 1,650 by lling them: "Without you, )ne of what has been achieved Du Id have been possible."
He introduced his fellow rectors in folksy consortium yle, presenting James Watson "your friendly finance rector" and Jack Mather as our friendly local landlord". It orked a treat, for the entire )ard was re-elected with barely hand raised against any.
"Brian Hayward had better iy a few people some drinks," uipped Thompson as the ational Services Group anaging director was the first I encounter but a tiny number "no" votes, and Thompson mself got a round of applause hen he was re-elected. They had good reason to cheer, for the consortium made an £11.9m profit in its first nine months, and only the recentlyacquired Australian subsidiary, Downard Pickfords, made a loss, and it is being driven towards profitability. It has to be, for its employees will then be able to take a 25 per cent stake in the venture.
There were a few voices of dissent, like the former National Carriers Retail man who hoped the consortium would not get involved in other "rather dubious aspects of business", and the lads from Kentish Town wanted to know why BRS was repainting its 1,000 Distribution vans ice blue. Surely that was costing a lot of money. No so, former BRS managing director David White assured them.
But the one area of real division was share-ownership, and the board had to work hard to avoid a new "them and us" attitude from destroying the great NFC dream. Should the existing shares be matched by new ones which can then be sold to employees without shares?
Share-trust chairman Victor Paige explained that over 130,000 applications for shares at the last dealing day in November went without being satisfield, but there were many cries of "unfair" from those shareholders who wanted to be given recognition for having backed the venture from the start.
Some wanted limits placed on share ownership, but the chairman's claim that the bankers wanted directors to be hurt by any failure discouraged that line of attack, and while one lone voice complained his question had gone unanswered, the board's broad strategy of widening share ownership went through.
And, with a Downard Pickfords van projected — appropriately — back-to-front on the video screens, capitalism's new recruits filed out of their first gathering, were stewarded off to lunch, and went home. Their mates will have the pleasure of watching the party on videos in the coming weeks.