Page 9 - Stakis B Case Study

The drive for image, quality and style was replaced with a
simple cost focus and a team was built that had the

respect and confidence of the stakeholders. This is

evidenced by the rapid return to normal banking relations
and the concomitant access to expansion funding. In July

1993 Stakis acquired a 128 bedroom hotel in York for

£5.85 million. This followed a successful placing of 18

million shares at 53.25p that same month.

Sir Lewis had thus orchestrated the creation of a single

company and greatly eased both formal and informal

communication. The broad strategic parameters were set
by Sir Lewis as he took the first steps in rationalising the

board and setting the strategy and then finally, and more

specifically, allowing the fine detail of strategic and
operational change and its implementation to be

undertaken by David Michels.