A TRADITION stretching back almost two centuries ended yesterday with
the resignation of Anthony Letts as chairman of the Dalkeith-based diary
and book-binding company.
Since its foundation in 1796, the Charles Letts company has been
presided over by a member of the family which built up the business into
the world's leading independent publishers of diaries.
But the modern world of cut-throat competition finally caught up with
Letts last year when it was forced to admit failure in its attempt to
diversify from what is a highly-seasonal sector.
Bill Gore, a well-respected company doctor, was brought in to become
chief executive after the company's problems were highlighted by Sir
John Harvey-Jones in his Troubleshooter television programme.
Around #16m in new funds were secured and Mr Gore was backed by a
range of leading institutions, including investment capital group 3i,
Morgan Grenfell Development Capital and Hambros Bank.
Alan Mills, another veteran businessman, was recruited at the same
time to help as a director. He has now been promoted to chairman of the
company with Mr Letts assuming a relatively minor role as a
non-executive member of the board.
''I'm very pleased to take up the post and I suppose it marks the end
of an era as far as the Letts family are concerned, though they will
still have a fair presence,'' Mr Mills said yesterday.
Aside from the departing chairman, the family will be represented by
his nephew, Charles Letts, who is a marketing manager for the group. The
family still has a substantial minority holding in the company which has
gone through a major management reshuffle in the past year.
Letts closed its London base some time ago, transferring its head
office to Scotland where it employs around 250 people. The group has a
US operation based in Long Island, New York.
Trading was described as better than last year and Mr Mills reiterated
the company's intention eventually to seek a Stock Exchange listing.
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