Young and bold
Mr Young plunged in with bold and imaginative ideas, all cash-consuming. He dropped models, rationalised production and tied up with the American Ingersoll Com- Pany in an enormously expensive and still Unsuccessful green field venture called Herbert Ingersoll at Daventry. Whatever Mr Young touched appears to have come unstuck. Profits plunged to almost nothing and the cash in hand turned to an overdraft of £14.1 million in 1969 together with enormous borrowings from the 1RC. Alfred Herbert shares have dropped from 58s to 6s 4d.
Mr Harold Wilson was quick to recognise Mr Richard Young's 'services to export' by Conferring a knighthood on him in 1970. Now Sir Richard will have to be fast on his feet if he is not to fail in following Skinflint's earthy wisdom: 'The first duty of a businessman is not to let himself go broke.'
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