Magazine article Marketing

Asda Buy-In Bait for Fisher

Magazine article Marketing

Asda Buy-In Bait for Fisher

Article excerpt

Asda buy-in bait for Fisher

Ex-Gateway Corporation marketing director David Fisher is being courted to head a management "buy-in" at superstore group Asda, reliable sources claim.

First City Financial, the investment vehicle of Canadian arbitrageurs, is believed to be behind the move.

The Belzburgs, who hold a 5.2% stake in Asda, are thought to have a finance director already lined up and are now wooing Fisher for the managing director's position.

Fisher is well regarded in the food industry. He has direct experience of managing superstores - Asda's sole trading format - gained during his time with Carrefour, the hypermarket chain which was later brought under the Gateway name.

It was Fisher's defection from the Dee Corporation (as the Gateway Corporation was then known) in June 1988, along with that of Gateway Foodmarkets' marketing director Iain Wolsey, which brought the company's internal battles to the public eye and eventually led to takeover by the Isosceles consortium last summer.

Fisher's resignation was borne of frustration with management strategy which insisted on running and marketing superstores of up to 90,000sq ft in the same way as corner stores of only 3000sq ft. …

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