Archive : £110,000 Paid In Compensation To Standard Triumph International Men

Carole Nash Classic Insurance Specialists

Compensation totalling £110,000 was paid by Leyland Motors to the directors and some 300 senior and semi-senior staff of Standard Triumph International after the share-exchange takeover in June 1961; Because the S.T.I. group was continuing to operate at a heavy loss and knowing that drastic economies were required says Sir Henry Spurrier, chairman of Leyland Motors, in his annual report to shareholders, he felt that the economies could be made only by asking for the resignation of the original members of the S.T.I. board, with one exception.

Of the total compensation, £66,375 was paid to directors.

Mr A. S. Dick, the former chairman of Standard. resigned last August and seven other directors were asked to retire. In a later part of his statement Sir Henry says that in taking S.T.I. under their wing they had almost certainly saved them from bankruptcy.

Keith Adams

Keith Adams

Editor and creator AROnline at AROnline
Created www.austin-rover.co.uk in 2001 and built it up to become the world's foremost reference source for all things BMC, Leyland and Rover Group, before renaming it AROnline in 2007.

Is the Editor of the Parkers website and price guide, formerly editor of Classic Car Weekly, and launch editor/creator of Modern Classics magazine. Has contributed to various motoring titles including Octane, Practical Classics, Evo, Honest John, CAR magazine, Autocar, Pistonheads, Diesel Car, Practical Performance Car, Performance French Car, Car Mechanics, Jaguar World Monthly, MG Enthusiast, Modern MINI, Practical Classics, Fifth Gear Website, Radio 4, and the the Motoring Independent...

Likes 'conditionally challenged' motors and taking them on unfeasible adventures all across Europe.
Keith Adams

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