BLUE Arrow, the employment agency group whose name hit the headlines
in the wave of City resignations, arrests and criticisms over the
handling of its big share issue in 1987, is renaming itself Manpower.
Ironically, this means it is taking on the name of the company whose
takeover by Blue Arrow was at the centre of the various problems which
led, among other things, to the resignation of Lord Boardman as chairman
of National Westminster Bank and the unseating of Tony Berry as Blue
Arrow's chairman.
Mr Berry was replaced as chairman by Mitchell Fromstein, original head
of Manpower before the takeover, who was fired by Mr Berry, but made a
comeback to unseat Mr Berry in a Blue Arrow boardroom coup.
Mr Fromstein, announcing the name change, said ''since Manpower Inc
represents over 75% of the company's revenues and profits and is the
multinational brand among the company's holdings, it is appropriate to
make this change.'' The City row over what became known as The Blue
Arrow Affair revolved round the handling of the company's huge share
issue made to finance the takeover of Manpower after the issue got
caught up in the Black Monday stock market crash of October 1987.
Ten former or current executives of County NatWest, merchant banking
arm of National Westminster Bank, face conspiracy to defraud charges
linked to the issue.
American investors, taking advantage of the big fall in the price of
Blue Arrow shares and backing Mr Fromstein, have built up sizeable
holdings in the company since the crash and City speculation now
suggests the company may even move its domicile back to the US, taking
it full circle.
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