Ann: Contracts Update, page-7

I held TGA for years, thinking that even ordinary management should suffice to run a company made simple to run by following what had been done for 80 years, then the "new initiatives" and the "re-inventing the company" started in earnest. Most of the initiatives failed, and the one that succeeded, Thorn Equipment Finance, was in reality the simple extension of the business supplying TAB franchisees, which had existed for yonks.

Good businesses can be destroyed by management, and I can give other examples like BYL and EGN. In EGN's case, bad management virtually destroyed the company, and a replacement team has done a sterling job rescuing it. The same happened to CCP - reduced to near-death by cowboys about eight years ago, and it has been the epitome of success under a new team.