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February 29, 1988

PROFESSOR ROLAND SMITH TO BE CHAIRMAN AT P&P AS FIRM REPORTS PROFITS UP 105%

By CBR Staff Writer

P&P Plc should have a pretty tale to tell when it comes to market: the privately-held Haslingden, Lancashire company has strengthened its management with the appointment of Professor Roland Smith as non-executive chairman, and reported 1987 pre-tax profits more than doubled, on turnover up 95%. Professor Smith, veteran of the Harrods Wars which led to his demand that Lonrho Plc’s Tiny Rowland get his tanks off the professor’s lawn, moved on when the Al Fayad brothers took control of the Knightsbridge store, and is now executive chairman of British Aerospace Plc. P&P, which describes itself as the UK’s leading independent microcomputer distribution company, also reported pre-tax profits for the year to November 28 up 105% to UKP4.3m on turnover up 95% to UKP70.3m. P&P has not yet decided on a date for its planned public flotation of its shares on London’s International Stock Exchange: its merchant bank is J Henry Schroder Wagg & Co, but it has not yet appointed a broker. But when the time comes, Professor Smith’s name will be a good sturdy one for the headed notepaper.

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