A stake in the gambling world
Article Abstract:
Stakis PLC was attempting to pursue a growth strategy by acquiring other companies but found itself being bought by another company. The decision to sell to Ladbroke PLC was surprising but turned out to be a perfect fit. Both companies own hotels and casinos and Stakis already manages the health clubs owned by Ladbroke under contract. Stakis's employees in Scotland were originally concerned that they would lose their jobs as a result of the deal but they would be reassured to know that it would actually result in more jobs. However, the person who would certainly lose his job from the merger is Neil Chisman, the most prominent finance directors in the UK. Despite his situation, he is actually actively working for the successful integration of the companies and consoles himself with the fact that he would be amply compensated. The integration effort of the organizations is running smoothly and strategic planning is being performed for the future of the companies.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1999
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Nasty attack: better now
Article Abstract:
Stakis PLC's Neil Chisman is one of the most renowned finance directors in the UK. Known for his confidence and articulacy, Chisman helped pull the hotel and casino group from financial dire straits in the early 1990s. In 1991, the group was into capital expenditure embargoes while constructing new hotels. At the same time, the price of hotels was plummeting at an alarming rate. As a result, its share price went down to a low of four pence and market capitalization dropped to just 63 million pound sterling. Fortunately, appropriate measures were introduced. David Michels was appointed chief executive and refinancing schemes were implemented. This involved the sale of its nursing homes division, issuance of a 20 million pounds rights and securitization of new banking facilities. As a result, Stakis PLC was able to rejuvenate itself and is now on the way to salvaging its reputation.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1995
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Man for all seasons
Article Abstract:
Canada-based Four Seasons Hotels is pursuing a strategy that will eventually take it out of hotel and real estate ownership and will allow it to concentrate exclusively on hotel management. It is currently the world's biggest operator of luxury hotels, managing 37 hotels and resorts located in 17 countries and slated to manage 17 more that are under construction. It has an ownership interest in only 12 of these hotels. Four Seasons generates 85% of its revenues from hotel management and aspires to raise this figure to 90% in the near future. CFO Doug Ludwig claims that the management business is highly profitable and that Four Seasons will not return to real estate because of its small size. However, one downside of hotel management is that the company is at the mercy of the owners. Four Seasons lost five contracts in 1996 alone.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1997
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