Dark Room

City Worries About Franchise Holdings

There was a sharp drop in the value of Franchise Holdings (FH) Ltd. shares yesterday, following the identification of one of the bodies found in Ardingly Woods last Thursday as Leo Wallader. Until recently, Wallader, a 35-year-old stockbroker, was engaged to Adam Kingsley's daughter, Jane, and the market has reacted to press speculation linking this murder to the murder of Kingsley's son-in-law, Russell Landy, ten years ago.

Concerns have been expressed for some time about who will succeed Adam Kingsley to the chairmanship, and it is these concerns that are fueling the present crisis. Adam Kingsley has a reputation for hands-on management and without his driving force, there are doubts about the future of Franchise Holdings.

A spokesman for the Company said this afternoon that investors are being panicked by irresponsible press coverage. "There is no question of Adam Kingsley stepping down," he said. "Our investors have done well by us and will continue to do well for many years to come."

However, City analysts are more skeptical. "Franchise Holdings is a one-man band," said a source. "If Kingsley goes, the collapse in confidence will be catastrophic. Frankly, it will be a miracle if he can weather the present storm. The fear is that any investigation into Kingsley's affairs will uncover financial irregularities. The funding on some of his early acquisitions has never been adequately explained. It would be different if there was an obvious successor."

Kingsley's sons. Miles, 26, and Fergus, 24, were expelled from public school for possession of drugs, and have been cautioned in the past for vandalism and theft. They are regulars at the various London casinos and at race meetings. Adam Kingsley's daughter, Jane, who owns and manages a successful photographic studio in South London, was married to Russell Landy for three years before his murder. Police have reopened the file since the death of her fiance.

Daily Mail-29th June