DECISIONS: Chris Wright, Chrysalis Group

DECISIONS: Chris Wright, Chrysalis Group - MY BEST ... decision was when Chrysalis moved into radio. We were a 20% shareholder in Metro Radio, and Richard Huntingford, our then director of corporate development, took a seat on the Metro board. Having lear

by
Last Updated: 31 Aug 2010

MY BEST ... decision was when Chrysalis moved into radio. We were a 20% shareholder in Metro Radio, and Richard Huntingford, our then director of corporate development, took a seat on the Metro board. Having learnt how the radio business operated, he suggested we apply for a licence for north-west England, proposing an adult contemporary format that we branded Heart. Although unsuccessful in that bid, we quickly won licences in the West Midlands and London that resulted in the start of Heart, which along with Galaxy, is now one of the UK's major radio brands.

MY WORST ...

When we sold our 50% shareholding in Chrysalis Records to EMI, the company needed to reduce debt. We had to sell either the record company or our fruit-machine/juke-box operation. The machine business was a steady profit contributor, while the record company fluctuated between profit and loss. The banks insisted we retain the profitable machine division instead of the often lossmaking record division, despite my appeals to the contrary. Two years later the bottom completely dropped out of the fruit-machine/juke-box market, and a business that we could have sold for a reasonable profit cost several million pounds to close down.

Find this article useful?

Get more great articles like this in your inbox every lunchtime

Subscribe

Get your essential reading delivered. Subscribe to Management Today