Rule Britannia

It is a travesty frankly that the old National Britannia brand in safety compliance services has become so knocked about that it had to undergo the indignity of an unplanned sale. The buyers of the core contracts are BECAP, the private equity investment vehicle of Better Capital Limited. And as phoenix players go - Mr Moulton is one of the best, so it is perhaps fitting that they are back in the hands of a world class player at last; although "phoenix" would be overstating this - Moulton has a gem in his hands. NatBrit was rebranded Santia last December, such was the Windscale effect of the Connaught collapse on Connaught Compliance.

NatBrit has had to endure relegation and insult after a period of inept group management - thankfully mostly endured under the Connaught Compliance banner. Anthony Record, NatBrit's founder was one of the best entrepreneurs I've ever had the pleasure of working with. He had the vision for a safety compliance specialist team with an IT core and interlocking specialisms decades ahead of its time. What everyone takes forgranted in the safety industry now, Anthony had nailed on years ago; and he kept doing it - SafeContractor was another one of his babies. Yes he did have some good lieutenants, but most were just that compared to Ant's Admiralty level thinking. He was lucky enough to retire before the Connaught debacle and did see a good return on his efforts - but he would be distraught to see his baby so shabbily treated. Perhaps now the safety business will also see that segmentation by blue collar and white collar safety is nonsense - there is just compliance done well.

If Moulton plays true to form NatBrit will be back on its feet within months and back in the fray punching above its weight again within a year or so. This should be a £60m+ sales business with 25% profitability routinely achieved and consistent double digit growth. In a people intensive business such as this, a full turnaround will take a little while, however. Both former senior management and close competitors will have been trawling around the back rooms and kitchens in depressing detail over the recent months. It doesn't help. But as slides go, a period in the doldrums of around 2-3 years could be short, and in retrospect look like a mere blip eventually. Others in neighbouring sectors have been stubbornly flogging dead horses for two or three times that with inept strategies. The transition from record growth to a more digestable platform was never going to be easy - no-one would have chosen this route, but it may be the best thing in the end. The core in NatBrit is solid and we hope the flag will fly again.

I may be only one with an allergy to obviously white board derived brands - but why they didn't do the RBS/NatWest trick and just resurrect the largely untainted old brand is beyond me? "Santia" feels more like a women's health product advertised by youngsters in white jeans - or maybe a hispanic reindeer-botherer in December - a cure for sneezing perhaps? Any other suggestions on a postcard please...