Colin Rosser is back at the Goodhead Group. Let me just repeat that: Colin. Rosser. Is. Back. At. Goodhead.
Even after a long evening in the pub positing about possible outcomes for this much-speculated about print group, I could never have come up with anything as fantastical as this. As unlikely comebacks go, it's right up there with Mandelson's return to government.
As soon as I heard the news a vision of a PrintWeek cover from 1993 swam into my head. Rosser was pictured, and the cover line was "Rosser out!". His dismissal from the company he co-founded (which was then a listed business) came as the ailing group delayed announcing its results before ultimately posting losses of £17m. A rights issue followed shortly afterwards that was personally underwritten by John Madejski, who had at the time built up a 22.3% stake in the company.
I had a bit of a déjà vu moment reading a quote from a City analyst of the day, who described Madejski as "putting his money where his mouth is... he's already lost more than £2m on Goodhead so it's good that he's providing such strong backing". And that was 16 years ago. Funny old world, eh?
To say that there was something of a falling out would be an understatement. Rosser sued the group for breach of contract, but he ended up dropping his case for unfair dismissal on the steps of the court some 18 months later.
The word coming out of Bicester is that this appointment is "not a big deal". I disagree. I think it's a very big deal indeed. Why would John Madejski want to increase the management overhead yet further without very good reason? What does it say about his view of the current management team? Of course there is speculation that, after his ignominious exit, Rosser is now riding back on his white charger to carry off the print business, magicing Madejski's problems away in the process. But let us not forget that the business today bears no relation to the company Rosser left all those years ago.
Whatever next, the return of Roger Goodhead?*
* NB. I've been told that Roger is still with us. No offence intended should it turn out that is not the case.
