Address: Victoria Road, Saltaire, Shipley BD18 3LF
Website: http://www.pace.co.uk/
Tel: 537118
Chief Executive: Malcolm Miller
Operations Director: Robert Fleming
Co No: 01672847
Nature of Business: Manufacture of electrical equipment
Set up in 1982 by David Hood and Barry Rubery in a Clayton terrace. Joined in the same year by Robert Fleming. Began by producing modems and other pc add-ons. By 1985 Pace had 30 employees and premises in Juniper St., Allerton where the firm began making satellite receivers.
By 1989, with a turnover of £8 million, Pace became one of the first tenants at Salts Mill, then owned by Jonathan Silver. By 1993 Pace expanded to occupy 124,000 sq ft.
With the promise of creating 300 jobs, they were given £1 million in public funds towards a £5 million extension, via the Dti's Regional Selective Assistance grant. The extension was opened by government minister Tim Sainsbury. More public money, from Europe, came in to build the new Salts Mill road scheme, and Pace has benefitted from publicly funded training for its workforce via the TEC.
By 1996 the company was valued at £200 million, with Rubery owning 63% of the shares, Hood 26% and Fleming and Graham Mitchell the other 11%. With pre-tax profits of £18 million on a turnover of just under £200 million, Pace was floated on the stock exchange.
200 million shares issued with a floatation share price of 172p, putting the company value at around £370 million, with Hood keeping 53 million (25%) and Rubery 21 million (10%). Both became overnight millionaires, with Hood banking £127 million and Rubery £52 million. Investors quickly pushed up the company value to £426 million.
But share prices quickly plumetted and by February 1997 stood at 85p. Rubery resigned and Hood stepped down as joint Chief Executive but remained on the board.
After failing to buy Leeds United, Rubery went on to buy Huddersfield Town, which he led to relegation from Division One this year.
In October 1997 Pace announced it's new Chief - former Sega Europe boss Malocm Miller. Pace began to shed its workforce - 150 jobs were axed by Spring 1998. By summer 1998 shares fell to an all time low of 25p.
But the growth in demand for digital TV set-top boxes led to a boom in winter 1998 when most of the current Pace assembly workers were taken on.
In November 2000 David Hood qualified as the north's top earner, with an income through pay and share deals of £93 million. Robert Fleming cam second with £19 million.
See article:
Pace; the guilty men.Staff: 1200 (before the current job losses).
To May 2000:
year ended 31 May 1996 1997 1998 1999 2000
turnover £m 196 220 184 183 378 pre tax profit £m 18.2 18.4 (12.1) 15.1 24.0 norm earn per share p 6.06 6.00 0.30 5.82 9.60 FRS3 earn per share p 6.10 5.70 (6.00) 4.80 7.90 div per share p - 2.70 0.40 0.75 0.90
intangibles £m - - - - 23.7 fixed assets £m 11.0 13.1 10.3 10.3 13.7 fixed investments £m 0.05 - - 5.92 11.0
stocks £m 23.9 24.0 13.7 9.41 20.8 debtors £m 54.1 49.8 29.4 50.0 68.3 cash, securities £m 2.32 7.97 20.2 19.8 26.4
creditors short £m 68.5 46.1 29.8 37.7 58.9 creditors long £m 1.71 1.48 11.6 16.7 18.4 prefs, minorities £m - 0.05 - - - ord cap, reserves £m 21.2 47.2 32.2 40.9 86.6
mkt capitalisation £m 162 167 389 2076
(figures year to June 2000)
NAME |
Share Issue |
Share options |
Total annual Pay |
10,000 |
2,227,000 |
£ 560,000 |
|
19,000 |
732,000 |
£ 341,000 |
|
11,000,000 |
23,000 |
£ 341,000 |
|
Kurt Peter Risdon |
2,940 |
351,000 |
£ 272,000 |
Sir Michael Bett |
3,750 |
£ 25,000 |
|
55,460,000 |
£ 25,000 |
||
Marvin Jones |
|||
Robert Ernest Lambourne |
14,500 |
£ 21,000 |
Barry Rubery
Peter Morgan
Tim Curtis
Updated: May 2001