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The straight talker
01 October 2004
In the past year, UK broker Heath Lambert has overhauled its management, financial structure and business. Adrian Colosso, its group managing director, tells Michael Loney why the restructuring was necessary and why he was the right man to do it.
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[The straight talker]
[UK broker]
[Heath Lambert]
[Adrian Colosso]
[Ian Martin]
[broking]
[Intermediate Capital Group]
[Jardine Lloyd Thompson]
[financial restructuring]
"I'm very black and white. There is no bullshit with me. If you muck me around, I'll tell you; if you've done well, I'll tell you that as well. I can be quick to criticise but equally as quick to praise, and that's important."
Honesty is the best policy in the view of Adrian Colosso, group managing director of broker Heath Lambert. His direct approach may be exactly what the UK broker needs. By November last year, the company had lost its way. It was swamped in debt, plans for flotation had been aborted and merger talks with Marsh had broken down.
The company was still profitable. It made a £19.7m ($35.1m) after-tax profit last year. But it needed to reduce its level of debt. Furthermore, its different divisions were not functioning for the common good of the company. Its entire structure needed an overhaul. And Colosso's no-nonsense approach was...
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