Date: Fri 20-Feb-1998
Date: Fri 20-Feb-1998
Publication: Ant
Author: SHIRLE
Quick Words:
Phillips
Full Text:
Phillips Announces Merger
NEW YORK CITY -- Phillips Fine Art Auctioneers and Foster & Cranfield have
joined forces. Phillips, the world's third largest auction house, and Foster &
Cranfield, which auctions life assurance policies and reversionary interests
in trusts, will continue to trade under their own names.
Chris Thomson, formerly chief executive of Austin Reed Group, has been
appointed group chief executive of the combined entity. He will be joined on
the board by Bill Weston, managing director of Foster & Cranfield. The merger
of the two companies follows the decision of the latter's brother and majority
shareholder, Christopher Weston, to sell his shares to his brother and retire
from the business.
3i, a UK provider of investment capital, has acquired a majority shareholding
in the enlarged group, and additional finance has been provided by the Bank of
Scotland. The management team has secured the remaining shares.