Belhaven's best bows out
Belhaven chief executive Stuart Ross is retiring
from the business after a hugely distinguished career. He talks to The PMA Team about his career highlights
PC: What's been the secret of Belhaven's success?
SR: Belhaven is a fusion of attractive pubs, popular beers, and talented and hardworking people. I take great pride in the quality of people with whom I work. I have never recruited a direct report who has not gone on to fulfil his or her task admirably. The success of Belhaven is due to the team. There are far too many to mention, but I must pay tribute to Jeff Myers who is an outstanding pub retailer and who has made a massive contribution to Belhaven since he joined us in 1995. Jeff's vision and business skills have been absolutely crucial to Belhaven's progress since then. On the drinks and tenancy side of the business, I have had some terrific support from my colleagues including Gordon Smith, Bill Hughes, Jim Young and Alan Keir. Ian Herok has contributed significantly to our business development, ensuring the quality and consistency of all Belhaven products. Perhaps my closest corporate colleague over the years has been David Morrison who was my right-hand man as finance director of Belhaven from 1989 until his retirement in 2005.
PC: What's been the toughest challenge of your career?
SR: The flotation of Belhaven in 1996. It was also the challenge which I have enjoyed most. To sell a very small business, by London Stock Exchange standards, to highly talented (and discerning!) fund managers in both London and Edinburgh was a task which I relished. Over a period of three weeks, we presented to 70 institutions and more than 50 decided to apply for Belhaven stock. I was absolutely knackered at the end of the three-week marketing period (which was preceded by six months of hard slog in working up the prospectus) but felt hugely elated at the outcome. I thoroughly enjoyed my nine years at the helm of Belhaven as a quoted business. During that time we had two successful fund-raising transactions, also pretty demanding on your wits and skills. These nine years were undoubtedly the pinnacle of my career.
PC: Which colleagues have you most admired?
SR: Whilst always enjoying the spell as my own boss, I have worked for some very colourful characters over the years. My first boss was a hard-nosed Scottish accountant called Gordon Currie, followed by Eric Morley (Miss World), Sir Fred Pontin (holiday camps), Raymond Miquel (Bell's Whisky), Nazmu Virani (Asian property entrepreneur) and Philip Kay (Garfunkel's Restaurants). I have learnt a huge amount from my bosses and also from various people throughout the course of my career, including Hamish Swan, Chris Grieg, Alan Gordon, Alistair Arkley, Graeme Bisset and Angus Meldrum, who were always massively supportive of Belhaven during their spells as non-executive directors. Alan, in particular, gave me a lot of wise counsel about my management style. Working with colleagues in the industry on common issues has also helped me a great deal. I admire and have a huge respect for my early mentors such as John McKenzie and Evelyn Matthews and, more recently, it has been a pleasure to rub shoulders with the likes of Gordon Millar, Paul Waterson, Patrick Browne, Mike Lees, Collin Wood and Tony McGrath. I have been extremely lucky in being exposed to so many people with great talent, both as my bosses and my subordinates. I have had the opportunity to learn so much from so many people and my interface with David Wither at Montpeliers has been one which I shall always value and treasure. I am not a retailer and it has been fantastic for me to be so close to both Jeff Myers and David Wither, each different in style, but each hugely successful in his own right.
PC: What are your future plans?
SR: Insofar as the future is concerned, I hope to retain a connection with both Belhaven and Greene King (GK) in an advisory capacity. The details are still to be ironed out. I have thoroughly enjoyed my spell as an executive at GK. It has given me the opportunity to see a bigger picture within the UK leisure market but, to be frank, the issues in Scotland and England are not so much different from each other. The GK board is another body which is loaded with talent, enterprise and energy, and the GK culture is very similar to that of Belhaven — quite intense, very friendly and driven by hunger for success and the emotional engagement of all stakeholders. My future plans are to continue to work on a part-time basis in advisory/non-executive capacities at Belhaven/GK, Montpeliers and Dunfermline Building Society. I intend to buy a house in Portugal with my partner, Dorothy, and hope that spending some time there will give me the opportunity to share quality moments with friends and family including my three children — Sarah, David and Liam. Belhaven has an outstanding management team and fantastic staff at all levels. I will be leaving my current role in the knowledge that our business will continue to flourish and prosper for many years to come. It has been a real privilege to be at the helm of such a vibrant and dynamic team of people, for so many years.
Ross facts:
n The Belhaven share price on float in 1996 was £1.80 and reached £6.25 when Belhaven was sold to GK in 2005. During that nine-year spell as a public company, Belhaven achieved annual earnings per share growth of circa 19%.
n Ross rejoined the Belhaven business in 1989. It has since enjoyed 18 years of uninterrupted growth in sales, beer volumes and profit.
n When Stuart Ross first joined Belhaven in 1973 it employed around 30 people — it now employs over 1,700. At that time, Belhaven owned seven small local pubs. It now has an estate of 315 pubs.
n Ross developed the concept of a nitro-keg ale in 1990, giving birth to Belhaven Best — now Scotland's most popular draught ale. Sales value, sales volume and profit contribution have increased every year.
