Interior expansion leads to successful flotation

£90 million by 1995. Stanhope was then bought by British Land, a condition of the deal being that Stanhope Interiors was sold to its management.

Led by King, the management team raised £500,000 and took on bank debt to win control of a company with a sticker price value of £1.8 million.

In April 1996, construction group Sir Robert McAlpine came on board, taking a 24 per cent stake. "They had contacts, especially in areas where we had no presence," explains King.

Expansion in recent years has seen Interior move into management contracting and fixed-price work. A Frankfurt office has given it a foothold in Europe, while a base in Manchester opened up the north of England. A fit-out business was set up in Kuala Lumpur for a cost of just £70,000.

Other extras added on have been a furniture business and a building refurbishment business.

The floatation raised £7.25 million. After paying £6.25 million to existing shareholders in exchange for some of their holdings, there was £1m left to put into the company. Today, managements hold 44 per cent of shares and staff have 11 per cent, leaving McAlpine with 17 per cent, the balance trading on the open market.