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I Love Mondays: The autobiography of Sir Alec Reed CBE by Judi Bevan, Alec Reed

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CHAPTER 16The roaring Nineties

THE 1990S WAS A VERY ACTIVE DECADE for the company, but it started badly. Reed’s ride on the late 1980s wave of prosperity ended abruptly as we crashed into losses in 1991. But this time I had been cautious, so we were in much better financial shape than in the recession of the early 1980s. That experience instilled in me that I never wanted to be in the banks’ power again. We had no debt on the balance sheet, nor did we have the loss-making Medicare. Even so, the turn-round from profit to loss was dramatic. In 1991 we changed the year end to 31 December and reported on just 39 weeks, in which we made a loss of £4.3 million before tax, which was bad enough. Unemployment in Britain rose above 2.5 million as the recession ...

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