Food and Events

Not so long ago it poached an entire team from ING Barings and got sued into the bargain for doing so. This is a dog eat dog business and Deutsche ought to know it. Its foray into Anglo-Saxon securities trading and fund management none the less looks like being an increasingly expensive one. Already the MGAM debacle has cost pounds 400m in compensation. Now it is all too possible it will end up without much of a fund management operation to boot What a business.. National Express, the coach and rail group, yesterday blamed a clash of management styles for the departure of Ernest Patterson after just five months in the driving seat.

In a statement National Express said Mr Patterson, who joined in August after serving as a director of the BET conglomerate until its takeover by Rentokil last year, had relinquished his role as chief executive by "mutual agreement" with immediate effect. But sources close to the company acknowledged that Mr Patterson's appointment had been a mistake. "Both sides felt it wasn't the right company for him," said one. "There were big cultural differences between BET and National Express."Colin Child, finance director, said both parties agreed that Mr Patterson "was not suited to National Express and National Express was not suited to him". But Mr Child stressed: "There was no dispute at all; no fight or debate or difference of opinion on commercial or strategic issues at all."Nevertheless, the resignation took insiders at the company and the stock market by surprise. "There was no hint of this," said a senior manager just below board level.Shares in National Express were as low as 526.5p at one stage, but they recovered to close 3.5p lower at 540.5p in a rising stock market.Mr Patterson, who has been replaced by Phil White, formerly director of the West Midlands Travel unit, was on a one-year contract which will be honoured in full.

The size of his pay-off remains unclear because details of his salary were never made public. His predecessor, Ray McEnhill, was paid pounds 411,000 in 1995, up from pounds 327,000 in the previous year.Mr Child said that "cultural style differences" had emerged between Mr Patterson and National Express. "The style and approach of a big group with a smaller, rapidly growing group is very different," he said.National Express had a more devolved management structure than Mr Patterson was used to, Mr Child said.Mr Patterson had been responsible for BET's world-wide transport interests, including road tankers, containers, warehousing and distribution.Analysts believed his appointment heralded a subtle shift in focus away from the UK, where buying opportunities in the core bus and coach market were becoming increasingly hard to come by.Instead Mr Patterson committed National Express to bidding for all 12 remaining rail franchises after landing the Gatwick Express and Midland Main Line licences. National Express is also interested in buying the Welcome Break motorway service stations from Granada, the media and leisure conglomerate.

The coach group also owns East Midlands airport and is seeking links with airlines to provide dedicated airport services.Mr White joined West Midlands Travel in 1994 and became a director of National Express in January 1996. He will continue to have day-to-day responsibility for WMT until the appointment of a new managing director at WMT.In an update on trading,Michael Davies, the chairman, said: "Although the 1996 financial results are not yet available I can confirm that based on our latest estimates the group has traded well across all its divisions in the second half of 1996 and looks forward to 1997 with confidence."The group remained committed to the expansion and development of its businesses and to acquisitions in existing and related areas, he said.. Matthew Clark took a first step towards repairing its tattered reputation in the City yesterday as the Taunton and Gaymer's cider maker accompanied interim results with a blueprint for recovery from last year's dramatic profits warning. Analysts welcomed chief executive Peter Aikens' confident presentation and the shares, which have been bid up on takeover speculation from a low of 258p recently, jumped 28p to 331.5p. They are still less than half the 801p reached last May before Clark shocked the City with a warning that sales of its premium bottled ciders, Diamond White and K, had fallen 50 per cent as its predominantly young, female drinkers turned instead to the new alcoholic "soft" drinks known as alcopops. Mr Aikens said the company had drawn up an action plan that would see advertising spend rise fourfold to between pounds 8m and pounds 10m.

The lion's share of that is to be spent on Clark's Blackthorn brand, which has fallen behind rival Bulmer's Strongbow cider. A "creamflow" version of Blackthorn, with a beer style head, is to be launched as Blackthorn Gold.Other plans include a pounds 2m advertising campaign to boost Diamond White's flagging fortunes and attempt to regain the young women who had turned to alcopops such as Bass's Hooper's Hooch and Merrydown's Two Dogs. A lower alcohol version, Diamond Lite, is to be re-trialed after a previous inconclusive survey. Mr Aikens said Clark was taking the lead in a effort to end the bitter price war in mainstream ciders that has seen it fighting with HP Bulmer for control of a market the two companies dominate.He added that the appointment of a new marketing director was imminent, with a shortlist of five candidates being interviewed. In addition, 40 new vacancies had been created in an expanded sales and marketing department.Clark presented a contrite face to the City yesterday, admitting it had misjudged the need to defend its brands with advertising support. It estimated the full-year impact of declining Diamond White profits at pounds 11m.