drawing on experience
A very different set of skills is involved when an SME gets away from its core purpose and
becomes involved in the kind of change issues that only a large company can really handle.
“One of the companies on their books was Dig-
ital Web Books. It was already in the field of
digital publishing and needed to move on from
the incubator. The principles were sound, even
if the software was not the most appropriate. I
opted to purchase the business and help make
the changes for it to succeed.
“A name change to Yudu, the development
of an entirely new digital publishing suite, and
a steadily growing customer base have brought
that business to where it is today.”
Experience with larger businesses
Mr Stephenson can draw on the experience of
being the chairman of three non-SME com-
panies. “Although they are non-executive roles,
the way I deal with those businesses is very
different. The management style and tech-
niques needed mean that Yudu would fail if
the approach to the larger businesses were
applied in the same way. “
It is significant that all of the companies
which Stephenson heads are privately owned:
he is not trying to compare the straightjacket of
“Yudu is the love of my life. To make it happen takes much
compliance imposed on publicly listed busi-
sacrifice and passion and drive. I chose to invest in the
nesses with the relatively unfettered condi-
tions of the smaller company.
business, and that requires a high degree of dedication to
No less important is that the businesses are
in very different sectors.
make it work. It is much more real than working in many much
Xafinity Holdings Ltd, for example, is a spe- larger businesses: it is a highly creative process fuelled by
cialist provider of pensions, employee ben-
efits and payments expertise in the UK, with
adrenalin, but it is enormously satisfying.”
170 years’ experience.
The company is closely involved in the pub- between the way that UK and European com-
lic sector, with major contracts to pay and panies operate.”
manage pensions for HMRC,NHS and the
Armed Forces. It has a staff of 1400, processing
centres in Crawley and Fleetwood, and handles
Private equity arena
some £2 trillion of transactions annually. Since 1996, Richard Stephenson has been an
The second company is Deloro Stellite, a Operating Partner with the mid-market UK Pri-
division of the Stellite Group which trades vate Equity house, Dukestreet Capital: this is
worldwide in metal alloys and processing. yet another perspective on the UK investment
And Stephenson also chairs the Navimo scene for the 55-year old Stephenson.
Group, which is the largest manufacturer and His own background is outside finance – he
supplier of boat equipment for the European read joint honours in Economics and Material
leisure market. “That is a French-owned com- Sciences at Swansea University. As he ob-
pany which provides a valuable comparison served, “It has proved to be very useful in that
The Informed Executive
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