Jim Slater , multi-millionaire with the Midas touch in stocks and shares, has brought a new twist to the old tale of the successful son returning to his starting point.
He is to become a director of British Leyland Motor (the Austin-Rover-Jaguar car giant). Slater, 40, worked for the old Leyland Motor group for ten years.
He quit five years ago to go it alone and back his investment expertise in his own business. He admits that when he gave up this £6,000-ayear job he had sleepless nights . Leyland was then making profits of about £9,000,000 a year.
Today his own Slater Walker empire is making £9,000,000.
“I’ve a strong sentimental attachment to the company,” Slater said last night.
“And it will be great to work again with my old boss Lord Stokes, even though I will be putting in only about one day a month.”
With splendid understatement, he added: “I hope to be able to contribute a good deal of help in my particular subjects of finance.”