was a GP, and from an early age he hoped I would follow in his footsteps. I did well enough at school to be offered a place to study medicine at University College Hospital, which pleased my father. But it didn’t take me long to realize I wasn’t cut out to be a doctor. So, much to his disappointment, I hung up my short white coat in exchange for a long black gown and transferred to the LSE to study economics, which I enjoyed from the opening lecture.
“After I’d graduated, I joined Barclays Bank as a trainee, but once again I quickly realized I wasn’t by nature a corporate animal. So in the evenings I returned to the LSE and took a business degree, which was how I finally discovered my natural vocation. With too many letters after my name and too little income, I joined a merchant bank in the City.”
“Which one?” asked Sir Julian.
“Kleinwort Benson. I began life in their small business division, and spent the next three years helping the bank’s customers to expand their companies. Nothing gave me greater pleasure than to see them become larger businesses.
“I had two close friends at the time, Hamish Galbraith, an old school chum, and Gary Kirkland, whom I’d met at the LSE. Hamish joined John Lewis as a trainee manager after he left school. He had a natural flair with people, and the gift of getting the best out of them. Gary was far brighter than both of us, but spent most of his time as an undergraduate drinking and socializing. Frankly I was surprised he got a degree, let alone came out near the top of his year. He became an accountant in the City and enjoyed reading spreadsheets more than novels.
“One Friday night when we’d all had a little too much to drink, Hamish suggested we should set up our own business. I spent the rest of the weekend wondering if he could be right. After all, I’d spent the past three years advising others on how to expand their companies, so perhaps I was ready to set up one myself. I prepared the same detailed proposal I would have expected from any prospective client, with myself as the salesman, Hamish as the company’s office manager, and Gary as the accountant. I then presented my thoughts to my would-be partners.”
“With what result?” asked Sir Julian.
“They both naturally wanted to know what the company would do. I told them we should open a boutique investment business and take advantage of my knowledge of and contacts in the field of medicine. Some exciting discoveries were being made in that area at the time, which offered promising investment opportunities.
“It was another six months before the three of us had the courage to hand in our resignations, and I might not have done so even then if my boss at Kleinwort’s hadn’t encouraged me, and offered to put up the initial seed capital in exchange for fifty percent of the company.”
Grace was busily taking notes; William wanted to ask several questions; while Sir Julian, sphinx-like, sat and listened impassively.
“We set up RGK Ltd. in 1961, and rented a couple of rooms in Marylebone, but could only afford one secretary between the three of us. I traveled around the country visiting doctors and hospitals, while also attending medical conferences. The company just about broke even during our first five years, but all that changed overnight when I invested some of our clients’ money in a small pharmaceutical company not long before it developed beta blockers. The following year we made a fourteen percent profit for our backers, and suddenly we were flavor of the month, with potential investors as well as with researchers in need of capital.
“We celebrated our tenth anniversary by buying back our fifty percent shareholding from Kleinwort’s and renting another floor in Marylebone.”
William now had several questions he was desperate to ask, but one look at his sister reminded him that it would be unwise to go down that path.
“Over the next few years, Beth was the only thing that was growing faster than the company. Despite the economic uncertainties of the seventies, we still felt confident about the future. However, I didn’t see the problem coming, even when it was staring me in the face. I knew Gary’s marriage was in trouble, and shouldn’t have been surprised when it ended in an expensive divorce. In the years that followed I saw so many women come and go that