The rise of Bruce Hancox

Press, 21 December 1985, Page 23

The rise of Bruce Hancox

By

Simon Louisson

Brierley Investments* chief executive, Mr Bruce Hancox, gives way at the start of next year to Mr Paul Collins and will take up a new position as deputy chairman of BIL.

In his six years as chief executive BlL’s profits have rocketed from $4.4 million to |9O million last year and a projected 8130 million this year.

In 1979, the company was just moving into the top 30 group of companies and had a market capitalisation of |3OM compared with around |2.2 billion and No. 1 spot today. Mr Hancox started his career in Christchurch with Lane Walker Rudkin, now within the Brierley fold, and after five years joined another Christchurch company, A. B. Consolidated, as a management and financial accountent. A. B. Consolidated went through a series of financial crises where Mr Hancox filled a number of "troubleshooting” roles even at one stage taking up the position of production manager. Finally, when he was prepared to leave the troubled

in Wellington

firm he was made general manager and told to "fix it.” He reconstructed the 100-year-old biscuit and confectionery maker, transferring its head office to Auckland

and renaming it Aulsebrooks, Ltd. Fifteen months later he received an offer from Brierley Investments, at one stage a major shareholder in A. B. Consolidated—to join the Wellington investment firm as general manager. At SO years old he was the first non-speciallst accountant to join 8.1. L. His first major success under his management was the acquisition of Dominion Breweries for what was then the immense sum of 811 million. “Ron Brierley gave me ■the go-ahead to take the company but asked me where I was going to get the money. Today, we spend about 810 to 811 million every week, so times have changed,” says Mr Hancox. He says the most frustrating investment during his management has been the wine industry. The major BIL investment is Cooks McWilliams, but Mr Hancox says Brierley has been frustrated in its attempt to rationalise the wine industry by the Commerce Commission. Only now, three years later, with the recent Government announcements, can the company see the light at the end of that tunnel

Mr Hancox is very much the hands-on manager type while Mr Brierley htaiseft is the investment manager, picking the shares and companies to buy and sell. Mr Collins, the new chief executive, is considered by many brokers and anlysts to have one of the sharpest 'business brains in the country specialising in financial management Analysts consider the different skills of the three top men to be a reflection of the evolution of the company—from an asset stripper, to an acquirer of wealth and cash now, and now to an Industry rationaliser.