Thenonnally nimble Mr Jimmy Goldsmith, the Eton-educated food financier. was yesterday caught on the wrong foot when the news of his latest coup leaked out prema- i turely. His moves to take over one of France's largest food companies. '-GASA, caused immediate confu- . sion in Paris financial circles. Mr Goldsmith kept away from the tele- , phone when he met his advisers in the Champs Elysées offices from which he operates: the Société i Générale Occidcntalle. in partner- , ship with Baron Alexis de Gum.- » burg. - Occidentale is the investment ,banking business which has ‘ assisted Mr Goldsmith to! pull -off a series of spectacular deal»-— deals. that have already stood the British food industry on, its head . and left the City ;bre-athlless by their speed and icomplbmy. ‘ ‘At the heart of the 38-year-old T entrepren-cur’s‘ activities is the British group, Cavenliam. less than 'six years old. Now. with la 40 per cent stialrc held by Occidcntale, lflavenhaim commands .a turnover of over £40(lm and runs one of the- biggest chains of food storeys in. British high streets‘. . With paper and hard, cash, backed by an astonishing’ self assurance and personal involve- ‘ ment in the detail of his deals, Mr Goldsmith is well on his way to realizing his dream of running a great European food ' products combine. i , He seems to have an intuitive grasp of European tax regulations, _ an eye for City openings and seem- ingly no lack of resources. Caven- bag of loss making and near loss making companies—-and in the V teeth of hostility from the estab- lished food trade—~is the linch-pin of his empire. First, the mighty Bovril group-.. meat and nroceiscd foods murm- facturers, fell to Cavenham; and only this January did be pull off a coup of‘ coups in the food trade b acquiring control of the Allie » ~ Suppliers‘ retail chain, consisting of i ‘Home and Co-lomial. Maypole and , Lipton stores. All this was achieved _ ‘in less than a year; and he also attained control of Wright's Biscuits and Mo-ores Stores—-nivino land ' allied ’ * ham, which was built out of a rug l 523 1?. THE_’.TIMEs,_‘FRnqA1<._. _Al:’iRII.__ 14 1972 .- ’ Mr Goldsmlthétakes Paris by storm Mr Jimmy Go1dsmith’s Cavenhain groupiis buying its way into a major French combine. (Maurice Corina, Industrial‘,/lEditor, describes a meteoric career THE EMPIRE OF GOWSMITH AN? GUNZBURG ) Main subsidiaries and associates rnomrv IEISURE Société de in Tour Eiffel lndustrielleeade la Fretle ,3 "Association link‘ with Southlund .j Corp. of America emrnu OCCIDENIALE France Meier shareholders: J. M. Goldsmith Baron A. de Gunzburg United Kingdom 40% holding . by Générule Occidentale mums ii -Willem: alas (Netherlands) Banquo Oiddentale pour ,l'industri.s._t‘lt le cammerte ' Cenlrofin iAustrial ‘l 4 i .3 l ‘l ;l some Brand Kemps/Jatfajuse/Ambrosia/Sandeirs. ,‘ on retaiil interests Names. Pro»c4isi'a~/Ji~ffi-J~e-I.li/cairr's/' Minoan/Eiizabams Show/Palm nonéexaovnwmarmnax Union de l’lnrliclputiioin:s lmmobilieres De Occid L ole Bunk NV‘ (Netherlands) I TOBACCO 3; WINE Melchers llistillery Group (Netherlands) lllingworih Tobacco Wimnan Gmbh (Germany) Conwood S A. (France) Tobaki (Swedishl Singleton 8‘: Earle Ply (S. Miital RETAIL M: Call Allied Suwliers Alex Shops Birrell Hayes-Lynn Moore's Slams M Davies F909 MANUFACTURE Procaa Products Carri: of Cnrligle , H Cuvenham Confectionery Bovril Group Wrigh~t‘s Biscuits -Carson: of Bristol DIETARY & PHIWMMCWTFCM. _FlP‘P (France) Grémy-longuei (Frontal lalwratoires de Medicine (Frontal Agriiurun (France) Smnders S A (France) «Sod'ep (Luxambourgl §a‘r_rs‘otrC,‘>arlisle.l It took himnlgssj _He bought businesses and sold bilitythatwas to stand him in good “Jimmy ‘o a 7 19- tionery, grocery, processed méats, . snuffs._ tobacco, pharmaceuticals and wines and spirits. As if this 15 not enough. there are currently 1'un_1ours that he is stalking another T118101‘ British food company, apart from ‘handling the complexities of the GASA deal which is now stun- nmg Paris financial circles. When Mr Goldsmith’s related activities in the master Occidentale company are considered———there are Interests in mining, banking, pro- perty. and leisure—-——it is difficult for even the most persistent researcher to keep up with this man in such a hurry. He has a knack of being generally available when things are . quiet; but he keeps well away from detailed press questioning when news of his latest deal breaks. Two men whose advice he ha, known to value have been" Roland Franklin, managing di .... tor of merchant bankers Keyser Ullmann, and his own managing" director at Cavenham, Mr Jack Greenhalgh. This is not to say that he has not been an astute publi- cist, using Shareholder Relations, a partnership of ex-financial Fleet Street journalists to goodeffect to build up his City “1mage“. Mr Burton Tigrett, a top adviser to Dr Armand Hammer’s success- ful Occidental Oil group, who knows Goldtsntith well,’ has said: ial‘~rriind;s in Europe born salesman as well as financier.’ It might be said that he could sell someone the Eiffel Tower: the parent French investment group happens to own Société de la Tour 2 Eiffel among other things. The man does not lac‘: critics. especially among competitr rs in the food industry who seem ‘ morally concerned at the rapidity and com- plexity of the deals that haye‘t"~"‘ him an overnight force in. industry. Their detailed crit.,-.ms . usually stem from the turbulence of turning ailing pro-Cavenham con cernsinto profit makers, or rela to the temporary suspension Cavenharn share dealings on Stock Exchange in 1970 (becaus of City bewilderment over an asto sh- it-in rim: Frnm A: in 14: ‘Zr! iri fima, -0-the-rs soy’ M.rr.G.owldsmi,th is a V ‘attained _v-.v..._ li13'JI'vt7E,6i{g"t;T$bt' w11'e'fi"il;e new of t his latest coup’ leaked out‘prema- ,turely. His, moves to take over one of ‘Frances largest food companies, -._GASA, caused; immediate coufu~_ sion in Paris financial circles. Mr ‘Goldsmith kept away from the tele- Vphone when he met his advisers in the Champs Elysées offices from which he operates the Société Générale Occidentale, in partner- ship with -Baron Alexis de Gum.- 'burg. - ‘ Occidentale is the investment banking business which has assisted Mr Goldsmith to pull off a series of spectacular deals» deals that have already stood the British food industry on its head. and left the City breathless by their speed and complexity. At the heart of the 38-year-old entrepreneurs activities ‘ British group, Cavenham, less than six years old. Now, with a 40 per cent stake held. by Occidentale, Cavenham commands a. tumover of over £400m and runs one of the‘ biggest chains of food stores in British pigh streets. With paper and hard cash, backed by an astonishing self assurance and personal involve- ment in the detail of his deals. Mr Goldsmith is well on his way to realizing his dream of running a great European food and allied products combine. He seems‘ to have an intuitive grasp of European tax regulations, an eye for City openings and seem- ingly no lack of resources. Caven— ‘ ham, which was built out of a rag bag of loss making and near loss making companies-—and in the teeth of hostility from the estab- lished food trade—--is the linch-pin of his empire. First. the mighty Bovril group, meat and processed foods manu- facturers, fell to Cavenham; and only this January did he pull off a coup of coups in the food trade by acquiring control of the Allied Suppliers‘ retail chain, consisting of Home and Colonial, Maypole and Lipton stores. All this was achieved .in less than a year; and he also control of ' Wright’s Biscuits and Moores ‘Stores-—giving him over 2,000 retail shops in all. "A. ’fluent French speaker,‘ Mr - Goldsmith began his -business life rn ‘a small enough way. He ran in ' France a small dietary and rheu- rnatism‘ tablets business. Then he pfgan a run of forays into Britain. , e"'- bought stakes into assorted 'confeetioneryHfirms,. such as Car- ‘S its, .Procea and, .rnore,important, is ._the .- . in into, , Cori1'1-fc1,iInduistriffal ‘lg Edi-tor, describes) a meteoric Z career THE rmrutr or coinsmirwrugourzsuorc i_ 1 - Main subsidiaries and associates , - 3. GENERME OCCIDENTAIE ‘France M Maior shalroltolders: l. M_. Goldsmith Baron A. tie; Gunzburg some Carrs of Carlisle. It took him less‘? than two vearsito form a £27m '1' group. moving ‘into tobacco and," confectionery wholesaling as well as sweets manufacture. He was -then to be thwaitedby is Nestle in an ambitio,us.pla‘nito take over Libby. Undaunted he and his .- French partners carried on.’ settinizcijt up" various «continental takeover V: operations «in; related sectors. ' ' Centroiin (hustria) Brand Names P Miliical/Elizaibahh Show/Palm fllotf iKemtps/Jatfa]-uce/Amnbrosla/Sand vs * "ii . . rnorttttr jrttsunt Soclété do l"_!-Tour Eiffel Union de Ptirticiputions lmmobilieres lndusttielle fie In Frette i llllssociaiion link’ ;'§with Southlond .§=tZorp. of America ion retail interests TCAVENHAM . United Kingdom A07 holding by Goehérdle‘ E Occidentole BANKING f A . De Dccitle ‘ate Bunk NV (Netherlands) Banque Dciidentnle pour I'industrio Ie commerce is/Jitfi-J'e»l|i/Cairr‘s/ >‘a/Bopvrll/Marmltw He bought (businesses and sold off parts ‘to willing buyers: often ( he ignored criticism of his judg- ment of profits.~‘ Cavenham Foods, formed in 1965 on the base of the biscuit makers. Carts of Carlisle. The acquisition of good brand r M'Goldsmith‘~ a degree _ of I respecta- ;'l,~':f(;_» ,'7 ‘I ‘l ' renamed Cavenham last year. was -» names, and entry of his products , into grocers’ stockrooms, gave Mr~ TOBACCO 8: WINE i ajoifi French comb,ine.. Melchers Distillery Group (Netherlands) lllingworth Tobacco Wittman Gmbh (Germany) Conwood S A (France) Tobakt (Swedish) Singleton & Cole Ply (5. Africa) , RETAIL Mt Coll Allied Suppliers Alex Shops Birrell Hayes-Lyon Moore's Stores Davies FOOD MANUFACTURE Procaa Products Carr's of Corlisle llovril Group Wright's Biscuits Corsons of Bristol . Cavenhum Confectionery DIETARY 8. PHARMACEUTICAL .F|PP (France) Grémy-longuet_»(Frunce) ( C laboratoires do Medicine (France) Agrifuran (France) Sanders S A (France) Sodep (Luxembourg) bility that was t.o stand him in go <1 stead in opening new bustne s, opportunities. These included buy,- ing up such newspapers and co'nfec- i tionery chains as Hayes Lyon, Alex Stores, Birrel and McColl. Cavcnhamnow operates in Bel- ; gium, France, ‘Ireland, South Africa, Germany, Holland, and North. America. The g1'oup_spans- idietary foods,“ biscuits, c‘or_i-fec- 1 "concerned at the rapidity an corn- :~Ir§-. 'Y."‘?,“?° .9,~u.u ,.=iI_w.wv-;, .1 no is not .enough. _there{ are H ’, _, C .t;. e"isstalki1‘1’g’ on major. Brit;ish;jfood camp _11y... fiiibm handling. the dump exities the GAS?» deal] ‘which: is,’ rung Paris finaricial‘circles; ( " ._ When .Mr» Goldstnith's reate _ activities in the ‘master Qccidentalel company ‘are considered-wthere,--are‘-_-. Interests in mining, banking; -prof. pcrty. and leisure-—it is difficult,‘for even the most persistent researcher . to keep up with this man in“ such « a hurry. -He has. a knack of bélngi‘ - 3. generally availablowhen things:-are :- quiet; but he keeps well away from _ detailed‘ press questioning wl_ien~ news of his latest deal breaks..- Two men whose advice he, ‘has’ known to value. have been; ' Roland Franklin, managing‘ ‘cliiw ‘ i_. , tor of merchant -ban-kers ‘Keysef-'9." .Ullmann, and his own mana'sing;.;s f._j director at Caveriharn, Mr Jack , Greenhalgh. This is notto‘sa,y._1,~ha't, * _‘;3\_:i he «has not beenan astute, publli.-V .. it cist, using Shareholder Relations, a partnership of ex-financial Fleet- Street - journalists ‘to good‘ effect to t build up his City “ image". 1 Mr Burton Tigrett, a top adviser to Dr Armand I-Iammer‘s success- ful Occidental Oi1' group, who knows Goldsmith well, has said: , “Jimmy Goldsmith has one of the ( ‘best financial mmds in Europe Others say Mr Goldsmith is ’a born salesman as well as financier. It might be said that lieicould sell, someone the Eiffel Tower-.‘.“thc.;_ parent French investment at-mip«. (happens to own Sdciétéklc lja.,"l7our - Eiffel among other things‘; ~f;_ The man ‘does not. lac‘ ’ riti,cLs.',lll.;- especially among conrpetite_5s«,in th " food industry who seem gwmlily plexity of the deals thatihave‘, '41‘-1 ' him-"an overnight {crop i“n.—.’,j.*J~ _ industry. Their ‘Vdetailed; Cf!l.t,',..d11S5‘ ‘ usually stern from, the tufrbulence of l ’ ‘ 7 turning ailing. re-Cavenhamrxpcon . ’ cerns'1nto pro tti xnalcetjst or to the temporary suspension Cavenham share dealings cm \. Stock Exchange in 19310 (becaus e . °f C“ “i City bewilderment over an asto sh-/-V‘ 4*’ ing rise-from 6s to ‘I55 3d/1. jth , .. shares).,‘~'.'. j ." .- V, The; acquisition 0f. solr , prestigious‘ businesses an _ ‘ namw have -apparently nu, e justlified the contidelnce if i ear; y. invest _ * tn ~ 151*} adroitness, Tt_o£‘whc;3ht* witlrhinftj, marv llmg a . fastest. ..6X3mpl¢8 _o ’growth.stnce, .__t-‘he mrdgl 7