James Edward, Baron Hanson (20 January 1922 – 1 November 2004) was an
English
English usually refers to:
* English language
* English people
English may also refer to:
Peoples, culture, and language
* ''English'', an adjective for something of, from, or related to England
** English national ide ...
Conservative
Conservatism is a cultural, social, and political philosophy that seeks to promote and to preserve traditional institutions, practices, and values. The central tenets of conservatism may vary in relation to the culture and civilization i ...
industrialist
A business magnate, also known as a tycoon, is a person who has achieved immense wealth through the ownership of multiple lines of enterprise. The term characteristically refers to a powerful entrepreneur or investor who controls, through perso ...
who built his businesses through the process of
leveraged buyout
A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money (leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loan ...
s through
Hanson plc
Hanson UK, formerly Hanson Trust plc, is a British-based building materials company, headquartered in Maidenhead. The company has been a subsidiary of the German company HeidelbergCement since August 2007, and was formerly listed on the London S ...
Earley
Earley is a town and civil parish in the Borough of Wokingham, Berkshire, England. Along with the neighbouring town of Woodley, the Office for National Statistics places Earley within the Reading/Wokingham Urban Area; for the purposes of local ...
, formerly the home of Solly Joel, James Hanson served as a
staff officer
A military staff or general staff (also referred to as army staff, navy staff, or air staff within the individual services) is a group of officers, enlisted and civilian staff who serve the commander of a division or other large military un ...
with 7th Battalion, the
Duke of Wellington's Regiment
The Duke of Wellington's Regiment (West Riding) was a line infantry regiment of the British Army, forming part of the King's Division.
In 1702, Colonel George Hastings, 8th Earl of Huntingdon, was authorised to raise a new regiment, which he di ...
before going into the family transport business.
Lord Hanson and Gordon White (later
Lord White of Hull
Vincent Gordon Lindsay White, Baron White of Hull, KBE (11 May 1923 – 23 August 1995), known as Gordon White, was co-founder with James Hanson of the British conglomerate Hanson plc and one of the most successful corporate raiders of the ...
) formed a partnership in the 1960s, and began a greetings card business.Lord of the Raiders The Economist, 4 November 2004 The two men also began buying other companies, in such diverse industries as
fertiliser
A fertilizer (American English) or fertiliser (British English; see spelling differences) is any material of natural or synthetic origin that is applied to soil or to plant tissues to supply plant nutrients. Fertilizers may be distinct from ...
s and
brick
A brick is a type of block used to build walls, pavements and other elements in masonry construction. Properly, the term ''brick'' denotes a block composed of dried clay, but is now also used informally to denote other chemically cured cons ...
s, which all sat under the umbrella of a listed entity called Hanson Trust (later renamed simply Hanson). By the 1980s, the Hanson Trust operated in both
Europe
Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a Continent#Subcontinents, subcontinent of Eurasia ...
and
North America
North America is a continent in the Northern Hemisphere and almost entirely within the Western Hemisphere. It is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the southeast by South America and the Car ...
, purchasing under-managed businesses in sectors such as batteries,
lock
Lock(s) may refer to:
Common meanings
*Lock and key, a mechanical device used to secure items of importance
*Lock (water navigation), a device for boats to transit between different levels of water, as in a canal
Arts and entertainment
* ''Lock ...
s and
safe
A safe (also called a strongbox or coffer) is a secure lockable box used for securing valuable objects against theft or fire. A safe is usually a hollow cuboid or cylinder, with one face being removable or hinged to form a door. The body and ...
knighted
A knight is a person granted an honorary title of knighthood by a head of state (including the Pope) or representative for service to the monarch, the Christian denomination, church or the country, especially in a military capacity. Knighthood ...
in 1976 and created Baron Hanson, of Edgerton in the County of
West Yorkshire
West Yorkshire is a metropolitan and ceremonial county in the Yorkshire and Humber Region of England. It is an inland and upland county having eastward-draining valleys while taking in the moors of the Pennines. West Yorkshire came into exi ...
, a
life peer
In the United Kingdom, life peers are appointed members of the peerage whose titles cannot be inherited, in contrast to hereditary peers. In modern times, life peerages, always created at the rank of baron, are created under the Life Peerages ...
age, on 30 June 1983.
Hanson's greatest deal was the 1986 purchase of
Imperial Group
Imperial Brands plc (formerly Imperial Tobacco Group plc), is a British multinational tobacco company headquartered in Bristol, England. It is the world's fourth-largest international cigarette company measured by market share after Philip Mor ...
, a British
tobacco
Tobacco is the common name of several plants in the genus '' Nicotiana'' of the family Solanaceae, and the general term for any product prepared from the cured leaves of these plants. More than 70 species of tobacco are known, but the ...
conglomerate with a diversified portfolio of brand leaders in tobacco, brewing and food, and with a cash rich pension fund, that was his real target. Hanson's team turned up in Bristol the morning of the takeover to find the Pension Trustees had closed the Fund the evening before, denying him the asset.Business Giant Lord Hanson dies BBC News, 2 November 2004 Lord Hanson had expected to use the Pension Fund as consideration for the transaction. However, it was funded entirely by selling many of Imperial Group's subsidiaries, leaving him with a business that made an operating-profit margin of nearly 50%.
Hanson developed a track record as a corporate raider, which ultimately worked against him in a failed bid for ICI Group, a chemical group, in 1991 which was at the time the UK's third-largest company. ICI, led by its chairman Sir Denys Henderson hired
Goldman Sachs
Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...
to look into Lord Hanson's business dealings, and they found that Lord Hanson's partner, White, was running racehorses at shareholders' expense. Lord Hanson had purchased 2.8% of the firm, but backed away from the takeover.
The chief characteristic of a Hanson company was that of a short-term cash-generating machine, involving large scale redundancies, and the slashing of research and development to the bone - all the hallmarks of an
asset stripping
Asset stripping is a term used to refer to the practice of selling off a company's assets in order to improve returns for equity investors. In many cases where the term is used, a financial investor, referred to as a 'corporate raider', takes cont ...
operation.
Hanson was well known for his support of ex-
Conservative
Conservatism is a cultural, social, and political philosophy that seeks to promote and to preserve traditional institutions, practices, and values. The central tenets of conservatism may vary in relation to the culture and civilization i ...
MP Neil Hamilton, who became famous for his involvement in the "
cash-for-questions affair
The "cash-for-questions affair" was a political scandal of the 1990s in the United Kingdom.
It began in October 1994 when ''The Guardian'' newspaper alleged that London's most successful parliamentary lobbyist, Ian Greer of Ian Greer Associates ...
" in the mid-1990s. He was also an active "
Eurosceptic
Euroscepticism, also spelled as Euroskepticism or EU-scepticism, is a political position involving criticism of the European Union (EU) and European integration. It ranges from those who oppose some EU institutions and policies, and seek reform ...
", opposed as he was to Britain joining the
Euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
zone, and was a founding member of ''Business for Britain'', an anti- EU organisation. He was also a member of the Bruges Group, which advocates a substantial renegotiation of Britain's relationship with the EU, or if that is not possible, total withdrawal from the EU.
His billion-dollar empire earned Hanson the nickname "Lord
Encyclopædia Britannica
The (Latin for "British Encyclopædia") is a general knowledge English-language encyclopaedia. It is published by Encyclopædia Britannica, Inc.; the company has existed since the 18th century, although it has changed ownership various time ...
'', Retrieved 4 April 2010
Personal life
Hanson dated
Jean Simmons
Jean Merilyn Simmons, (31 January 1929 – 22 January 2010) was a British actress and singer. One of J. Arthur Rank's "well-spoken young starlets", she appeared predominantly in films, beginning with those made in Great Britain during and afte ...
and
Joan Collins
Dame Joan Henrietta Collins (born 23 May 1933) is an English actress, author and columnist. Collins is the recipient of several accolades, including a Golden Globe Award, a People's Choice Award, two Soap Opera Digest Awards and a Primetime ...
and was engaged to
Audrey Hepburn
Audrey Hepburn (born Audrey Kathleen Ruston; 4 May 1929 – 20 January 1993) was a British actress and humanitarian. Recognised as both a film and fashion icon, she was ranked by the American Film Institute as the AFI's 100 Years...100 Stars, t ...
for almost a year, until she called off the marriage.
In 1959 Hanson married Geraldine, née Kaelin, an American divorcée. He became stepfather to her daughter, and the couple had two sons of their own,
Robert
The name Robert is an ancient Germanic given name, from Proto-Germanic "fame" and "bright" (''Hrōþiberhtaz''). Compare Old Dutch ''Robrecht'' and Old High German ''Hrodebert'' (a compound of '' Hruod'' ( non, Hróðr) "fame, glory, honou ...
(born 1960) and Brook (1964–2014).
Death
Hanson died, aged 82, on 1 November 2004 after a long battle with cancer, at his home near Newbury,
Berkshire
Berkshire ( ; in the 17th century sometimes spelt phonetically as Barkeshire; abbreviated Berks.) is a historic county in South East England. One of the home counties, Berkshire was recognised by Queen Elizabeth II as the Royal County of Berk ...
.
Arms
References
Bibliography
*
Alex Brummer
Alex Brummer (born 25 May 1949) is an English economics commentator, working as a journalist, editor, and author. He has been the city editor of the ''Daily Mail'' (London) since May 2000, where he writes a daily column on economics and finance ...
and Roger Cowe, ''Hanson: A Biography'' (Fourth Estate, 1994) ()
BBC News
BBC News is an operational business division of the British Broadcasting Corporation (BBC) responsible for the gathering and broadcasting of news and current affairs in the UK and around the world. The department is the world's largest broadca ...