Stanley William Willson, MBE (May 1927[1] – 25 December 2003[citation needed]), Chartered Accountant, was chairman of Aston Martin from 1972 to 1975.
In February 1972 Willson, "an ebullient entrepreneur"[2] along with other investors paid £101[3] to buy Aston Martin's business, then reputed to be losing more than £1 million a year, from David Brown Limited which was experiencing its own financial troubles.[1] The new owner was Company Developments his 4-year-old Solihull investment concern chaired by Willson who then became chairman of Aston Martin.[4]
He appointed one of his co-directors of Company Developments, Geoffrey Fletcher, a property and building expert, as managing director and mechanical engineer, Harry Pollack, as technical director. Mr David Brown accepted presidency of Aston Martin with a seat on the board of directors. At the time Aston Martin had 500 employees.[1] David Brown was later reported to have paid off Aston Martin's debts thought to be about £5 million.
Three months after Willson's firm took control a re-invigorated Aston Martin brought out two new models and the business was recovering.[citation needed] But in July 1974 a request for state aid of £500,000 was turned down. Mr Robert Maxwell offered to provide £100,000 of the required funds. Aston's 500 workers agreed to forgo wage rises for 12 months and they were given the opportunity to participate in a share-buying scheme. The shop floor gave management a unanimous vote of confidence. The reason for cash flow difficulties was given as California's stringent exhaust emission tests halting Aston Martin's US sales.[5] Owners were reported to have sent in cheques for £1,000 and more. Mr Robert Maxwell, again contesting (unsuccessfully) the local seat in Parliament, was reported driving a newly acquired Aston Martin.[6]
A few days later it was revealed another, second, request for government funds had been for £1,250,000[7] but three months later on New Year's Eve it was announced on the front pages of national press that while a much smaller government loan of £600,000 had been approved besides being inadequate it had been offered on the unacceptable condition that US sales would be handled by British Leyland's distributors. The same front-page report noted directors had requested the appointment of a receiver and Aston Martin would cease production and go into voluntary liquidation.[8][9]
The receiver sold the business as a going concern in March 1975 for about £1,050,000 to a consortium led by Californian Peter Sprague (chairman of National Semiconductor) with Canadian George Minden and Jeremy Turner a London businessman.[10][11]
Lengthy and public wrangling with Sprague over price arose from Willson's concern, over-ridden by the receiver, to achieve a better price for the Aston Martin business. At the offer price of £1,050,000 unsecured creditors would (and did) receive less than 10 pence in the pound and his own Company Developments would receive only £500,000 in repayment of a £750,000 loan.[12]
Himself and his wife Rachel Willson were two of only 10 survivors of the 1957 Aquila Airways Solent crash Near Chessell, Isle of Wight, England.
References
[edit]- ^ a b c David Brown sells Aston Martin. The Times, Friday, 18 Feb 1972; pg. 15; Issue 58405
- ^ Motoring. Stuart Marshall. The Times, Thursday, 4 Apr 1974; pg. 37; Issue 59056
- ^ Modified offer 'only hope left for Aston'. The Times, Wednesday, 19 Mar 1975; pg. 22; Issue 59348
- ^ Third Aston offer by Mr Sprague. The Times, Saturday, 22 Mar 1975; pg. 17; Issue 59351
- ^ Aston Martin requests state aid for cooperative with worker-directors. The Times, Tuesday, 24 Sep 1974; pg. 17; Issue 59200
- ^ Business Diary. The Times, Thursday, 26 Sep 1974; pg. 21; Issue 59202
- ^ £1.25m loan asked for by Aston Martin. The Times, Monday, 30 Sep 1974; pg. 19; Issue 59205
- ^ Closure of Aston Martin firm today. The Times, Monday, 30 Dec 1974; pg. 1; Issue 59281
- ^ "Aston Martin sports car makers hit by hard times". google newspapers. Retrieved 9 September 2021.
- ^ Aston chairman's Benn challenge. The Times , Wednesday, 12 Mar 1975; pg. 20; Issue 59342
- ^ Aston Martin bid final, consortium says. The Times, Friday, 4 Apr 1975; pg. 19; Issue 59361
- ^ Parting protest over Aston Martin deal. The Times, Saturday, 12 Apr 1975; pg. 17; Issue 59368