Remember Greg Hutchings? He was the entrepreneur who in 1984 built Tompkins, a specialist UK manufacturer of buckles and fasteners for almost 60 years, into a diversified group through a series of acquisitions – and was then in 2000 forced out as chairman & chief executive following allegations of excessive perks, in addition to his annual salary of £999,000, and an annual bonus of £456,000, plus share options.
Hutchings, who became known as the architect of old-style conglomerates, was accused of misusing the company’s corporate jets and central London properties, and keeping his wife and housekeeper on the company payroll.
Out of the headlines, Hutchings set about rebuilding his business career and bought himself into Lupus Capital which formerly invested in troubled small and midsized public companies with hopes of turning them around or selling them piecemeal
Installed as executive chairman in 2004, his plans to transform Lupus into another engineering conglomerate, take off tomorrow (6 March) when he announces his first big deal – the purchase of Schlegel, a building-products group, for £84m, part of the Dutch-based Unipoly.
He says he intends to use Lupus to build “a couple” of large groups of businesses that could then be sold to return capital to investors.
Greg Hutchings was born in Venezuela, South America. His career has included employment as a Management Quantity Surveyor at Taylor Woodrow plc, and as a Corporate Development Manager from Hanson Trust plc.
His interests include hockey, tennis, windsurfing and skiing. He enjoys music, reading, the arts, and collecting.
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