Mr Gilchrist first suggested a management buyout to his colleagues within days of the receivership. It was not the first time he had done so: in 1986, he had asked BL if he could lead an MBO and had been rebuffed. He was encouraged by a friend at Coopers Lybrand, and within a week the team had the first of many midnight meetings with the Coopers people, led by Jonathon Wackett.

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