Portfolio
Out of manhole covers into health farms
Nephew Wilde
As one of Wotherspool's regular clients I was honoured last week with an invitation to his stockbroking firm's annual Christmas drinks party. I was formally announced on arrival but to my consternation no Wotherspool came hounding over to greet me. Further examination amongst the throng of people, however, did reveal him very much " in cup." His face was aglow and his words barely coherent.
1 stood watching this comic and was joined by a dazzling young secretary. "Isn't he funny," she said "he looks as fat and round as a china pig." This I did not think an entirely apt simile. Fat and round he was but without a china pig's taut wholesome outline. But I mused, "Must have a word with him," before turning my attention to the young belle who was now resting on my arm.
So it was the next day I telephoned Wotherspool and after prescribing an appropriate remedy for his immediate complaint — a hangover of gigantic proportions judging from the groans — lectured him on his health.
" It won't do," I earnestly stressed, " your complexion is puffy and yellow and no w6nder your constitution is poor through hasty and careless meals and that positive dislike of yours for vegetables." "I know," he acknowledged mournfully, "and since the Sunday Times has been running a series of articles on stress, I've been on the verge of a mental breakdown as well."
The only advice I could give him was a brief visit to a health farm. And it was his search for an appropriate residence that lead him to suggest to me the share I am buying this week. For GR Holdings, apart from other activities, runs a health farm in the south of England.
This is Grayshott Hall which the company hope to make the best health centre in Europe. Certainly it provides a useful cushion against the other more volatile activities.These include the manufacture and sale of sheepskin coats and furs. These latter interests, however, could well benefit from entry into the EEC.
After the recent results the shares have moved ahead but even so they enjoy only the humblest of ratings, selling at under seven times earnings and yielding over 6 per cent. So even though there might be some shortterm fear about the effect of raw material costs, there can be little downside potential.
I hope GR Holdings benefits my pocket as much as it does Worth02rspool's health. Incidentally I have had to sell my investment in the manhole industry (Brickhouse Dudley) to finance this acquisition.
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