Sunday 5 February 2012

Nigel Doughty



Nigel Doughty, the venture capitalist who has died aged 54, made a fortune buying “risky businesses” and then spent much of it on the Labour Party and Nottingham Forest Football Club.

Tragedy: tributes have poured in for Nottingham Forest owner Nigel Doughty 
But despite the publicity that usually accompanies political donations and investments in football, he stayed largely out of the public eye.
Indeed Doughty Hanson, which controls a multi-billion dollar investment fund, and of which he was chief executive, was once described as “Britain’s most secretive private equity firm”. “I don’t do pictures and I try to keep a low profile,” Doughty admitted in 1999 after spending £12m to buy Nottingham Forest.
His rise to riches, which found him running him a network of offices around the world and enjoying suppers with the Prime Minister, therefore came as something of a surprise to those who had known him growing up. “We were all gobsmacked,” was the reaction of Tony Roberts, his former English teacher.
Nigel Edward Doughty was born at Newark-on-Trent, just outside Nottingham, on June 10 1957, to Francis and Mercia Doughty. He went to school at Magnus Church of England School but left after taking his O-levels. He completed an MBA at Cranfield School of Management in 1984, and the same year joined Standard Chartered, where he became a founding member of the bank’s management buy-out unit, working with Dick Hanson.
At the end of the decade the pair left to set up CWB Partners, a joint private equity venture between Standard Chartered and Westdeutsche Landesbank, and then set up Doughty Hanson as an independent firm. Within years it had become one of Europe’s largest venture capital groups.
The firm aimed to buy specialist businesses valued between £200m and £1bn, and among its acquisitions were Dunlop Standard Aerospace, watchmaker Tag Heuer and the sportswear manufacturer, Umbro. Doughty’s rapidly expanding personal wealth was a measure of the firm’s success. By 2005 The Sunday Times Rich List ranked him 916th, with £52m. Shortly before he died, estimates suggested he had more than doubled that, to around £130m.
A lifelong Labour supporter, he gave £3.5m to the party over the past seven years, becoming an assistant treasurer and leading its small business taskforce. His initial donation of £250,000 followed a supper with Tony Blair, but with Labour enthusiastically promoting an alternative energy agenda, eyebrows were subsequently raised when it turned out that Doughty Hanson owned LM Glasfiber, the world’s biggest wind turbine manufacturer.
It seemed Doughty’s takeover of Nottingham Forest would be considerably less controversial, especially as his money rescued the club from administration. The fact that he was a season-ticket holding local who had first watched Forest play as a six year-old, and that he would go on to pour in a further £100m, appeared to make him the perfect benefactor.
But as the club was twice relegated, strains with fans emerged. Promoted back to the second tier, in recent times Doughty promised to spend enough to ensure promotion back to the premiership. Nonetheless, he refused to make signings for what he called “PR reasons”. When in 2010 Forest just missed out on promotion to the top division after losing to Blackpool he lamented: “I guess we saw £90m go astray in 90 minutes.”
Last year Doughty installed the former England coach Steve McClaren as manager, but when he resigned after just 10 games in charge, Doughty resigned as chairman too, admitting that the appointment had been a mistake.
Nigel Doughty made several donations to Cranfield School of Management to establish the Doughty Centre for Corporate Responsibility.
He was found dead at the gym of his house in Lincolnshire on Saturday.
He married first in 1985 Carol Elizabeth Green, with whom he had a daughter and a son, Michael, now a midfielder for Queens Park Rangers. After the marriage was dissolved in 1997 he married, secondly in 2004 Lucy Vasquez, with whom he had two sons.

No comments:

Post a Comment