11
‘LET ME ASSURE YOU, major, there are no circumstances in which I would ever consider doing business with the IRA,’ said Don Pedro. ‘They’re nothing more than a bunch of murderous thugs, and the sooner they’re all locked up in Crumlin Road jail, the better it will be for all of us.’
‘I’m glad to hear that,’ said Fisher, ‘because if I thought you were making deals with those criminals behind my back, I’d have to resign immediately.’
‘And that’s the last thing I want you to do,’ protested Martinez. ‘Don’t forget, I see you as the next chairman of Barrington’s, and perhaps in the not-too-distant future.’
‘But Buchanan isn’t expected to retire for some time.’
‘It could be sooner if he felt he had to resign.’
‘Why would he do that, when he’s just signed up for the biggest investment programme in the company’s history?’
‘Or the biggest turkey. Because if that investment proves to be an unwise one, after he put his reputation on the line to make sure the board backed him, there will be no one to blame but the man who proposed it, remembering that the Barrington family were against the whole idea in the first place.’
‘Possibly. But the situation would have to get a lot worse before he’d consider resigning.’
‘How much worse can it get?’ said Martinez, pushing a copy of the Daily Telegraph across his desk. Fisher stared at the headline: Police believe IRA behind Heysham Ferry sabotage. ‘That’s put the building of the Buckingham back another six months, and don’t forget, this is all happening on Buchanan’s watch. What else has to go wrong before he begins to consider his position? I can tell you, if the share price falls any further, he’ll be sacked before he’s given the chance to resign. So you ought to be thinking seriously about taking his place. You may not get an opportunity like this again.’
‘Even if Buchanan were to go, the obvious choice to replace him would be Mrs Clifton. Her family founded the firm, they still own twenty-two per cent of the stock, and she’s well liked by her fellow directors.’
‘I’ve no doubt she’s the favourite, but favourites have been known to fall at the first fence. So I suggest you go on loyally supporting the present chairman, because he may end up with the casting vote.’ Martinez rose from his place. ‘Sorry to leave you, but I have an appointment with my bank to discuss this very subject. Ring me this evening. By then I may have an interesting piece of news for you.’
Once Martinez had climbed into the back of his Rolls-Royce and the driver had eased out into the morning traffic, he said, ‘Good morning, Kevin. Your lads did a fine job on the Heysham ferry. I only wish I could have seen the faces when the crates were opened at Harland and Wolff. So what have you got planned next?’
‘Nothing, until you pay the hundred grand you still owe us.’
‘I will be dealing with that this morning. In fact, it’s one of the reasons I’m visiting my bank.’
‘I’m glad to hear that,’ said Rafferty. ‘It would be a pity if you were to lose another of your sons so soon after the unfortunate death of Bruno.’
‘Don’t threaten me!’ shouted Martinez.
‘It wasn’t a threat,’ said Rafferty, coming to a halt at the next light. ‘And it’s only because I like you that I’d let you choose which of your sons would be allowed to survive.’
Martinez fell back in his seat and didn’t open his mouth again as the car continued on its journey, before finally coming to a halt outside the Midland Bank in St James’s.
Whenever Martinez walked up the steps of the bank, he felt he was entering another world, one in which he was made to feel he didn’t belong. He was just about to grasp the door handle, when it swung open and a young man stepped forward.
‘Good morning, Mr Martinez. Mr Ledbury is looking forward to seeing you.’ Without another word, he led one of the bank’s most valued customers straight to the manager’s office.
‘Good morning, Martinez,’ said the manager as Don Pedro entered the room. ‘Mild weather we’re having for this time of year.’
It had taken Martinez some time to accept that when an Englishman drops the Mr and refers to you only by your surname, it is in fact a compliment, because they are treating you as an equal. But not until they call you by your first name can you be considered a friend.
‘Good morning, Ledbury,’ said Martinez, but he still wasn’t sure how to respond to the English obsession with the weather.
‘Can I get you some coffee?’
‘No, thank you. I have another appointment at twelve.’
‘Of course. We have, as you instructed, continued to purchase Barrington’s shares as and when they come on the market. As you are aware, now that you are in possession of twenty-two point five per cent of the company’s stock, you are entitled to nominate two more directors to join Major Fisher on the board. However, I must stress that were your shareholding to increase to twenty-five per cent, it would be a legal requirement for the bank to inform the Stock Exchange that you intend to make a takeover bid for the entire company.’
‘That’s the last thing I want to do,’ said Martinez. ‘Twenty-two point five per cent is quite enough to serve my purpose.’
‘Excellent, then all I require is the names of the two new directors you have chosen to represent you on the board of Barrington’s.’
Martinez removed an envelope from an inside pocket and handed it to the bank manager. Ledbury opened it, extracted the nomination form, and studied the names. Although he was surprised, he didn’t comment. All he said was, ‘As your banker, I must add that I hope the unfortunate setbacks Barrington’s has experienced recently will not prove a problem for you in the long term.’
‘I have never been more confident about the company’s future.’
‘I’m delighted to hear that, because the purchase of such a large number of shares has made considerable inroads into your capital. We must hope that the price will not fall any lower.’
‘I think you’ll find that the company will shortly be making an announcement that should please both the shareholders and the City.’
‘That is indeed good news. Is there anything else I can do for you at the present time?’
‘Yes,’ said Martinez. ‘I would like you to transfer one hundred thousand pounds to an account in Zurich.’
‘I’m sorry to have to inform the board that I have decided to resign as chairman.’
The immediate reaction of Ross Buchanan’s colleagues was shock and disbelief, quickly followed by almost universal protest. One director remained silent: the only one who wasn’t surprised by the announcement. It quickly became clear that almost every member of the board didn’t want Buchanan to stand down. The chairman waited for everyone to settle, before he continued.
‘I’m touched by your loyalty, but it’s my duty to inform you that a major shareholder has made it clear that I no longer enjoy his confidence,’ he said, stressing the word his. ‘He reminded me, and quite rightly, that I put my full authority behind the building of the Buckingham, which in his opinion has proved to be ill-judged at best, and irresponsible at worst. We have already missed the first two of our completion dates, and our expenditure is currently running at eighteen per cent over budget.’
‘All the more reason for you to stay on the bridge,’ said the admiral. ‘The skipper should be the last person to abandon ship when there’s a storm brewing.’
‘In this case I think our only hope is for me to abandon ship, admiral,’ said Buchanan. One or two heads bowed, and Emma feared that nothing she could say would make Buchanan change his mind. ‘In my experience,’ he continued, ‘whenever circumstances such as those we are now facing arise, the City looks for fresh leadership to resolve the problem, and resolve it quickly.’ Ross looked up at his colleagues, and added, ‘I am bound to say that I don’t think you’ll have to look beyond the current directors to find the right person to take my place.’
‘Perhaps if we were to appoint Mrs Clifton and Major Fisher as joint deputy chairmen,’ suggested Anscott, ‘that might calm the nerves of our masters who occupy the Square Mile.’
‘I’m afraid they would see that for what it is, Anscott, a short-term compromise. If at some time in the future Barrington’s needs to borrow even more cash, your new chairman must go to the banks not cap in hand, but with confidence, the most important word in the City’s dictionary.’
‘Would it help, Ross’ – the first time Emma had called the chairman by his Christian name during a board meeting – ‘if I made it clear that my family has full confidence in your stewardship and wishes you to remain as chairman?’
‘I’d be touched, of course, but the City would be unmoved, and would regard it as nothing more than a gesture. Although at a personal level, Emma, I am most grateful for your support.’
‘And you can always rely on my support,’ Fisher chipped in. ‘I’ll back you to the end.’
‘That’s the problem, major. If I don’t go, it may well turn out to be the end, the end of this great company as we know it, and that isn’t something I could live with.’ The chairman looked around the table in case anyone else wanted to offer an opinion, but they all now appeared to accept that the die had been cast.
‘At five o’clock this afternoon, after the Stock Exchange has closed, I shall announce that for personal reasons, I have tendered my resignation as chairman of the board of Barrington Shipping. However, with your agreement, I will remain in charge of the day-to-day affairs of the company until a new chairman has been appointed.’
No one raised any objection. The meeting broke up a few minutes later, and Emma was not surprised to see Fisher quickly leave the boardroom. He returned twenty minutes later to join his colleagues for lunch.