William Willson (businessman)

Stanley William Willson, MBE (May 1927[1] – 25 December 2003), Chartered Accountant, was chairman of Aston Martin from 1972 to 1975.

In February 1972 Willson, "an ebullient entrepreneur"[2] along with other investors paid £101[3] to buy Aston Martin's business, then reputed to be losing more than £1 million a year, from David Brown Limited which was experiencing its own financial troubles.[1] The new owner was Company Developments his 4-year-old Solihull investment concern chaired by Willson who then became chairman of Aston Martin.[4]

He appointed one of his co-directors of Company Developments, Geoffrey Fletcher, a property and building expert, as managing director and mechanical engineer, Harry Pollack, as technical director. Mr David Brown accepted presidency of Aston Martin with a seat on the board of directors. At the time Aston Martin had 500 employees.[1] David Brown was later reported to have paid off Aston Martin's debts thought to be about £5 million.

Three months after Willson's firm took control a re-invigorated Aston Martin brought out two new models and the business was recovering. But in July 1974 a request for state aid of £500,000 was turned down. Mr Robert Maxwell offered to provide £100,000 of the required funds. Aston's 500 workers agreed to forgo wage rises for 12 months and they were given the opportunity to participate in a share-buying scheme. The shop floor gave management a unanimous vote of confidence. The reason for cash flow difficulties was given as California's stringent exhaust emission tests halting Aston Martin's US sales.[5] Owners were reported to have sent in cheques for £1,000 and more. Mr Robert Maxwell, again contesting (unsuccessfully) the local seat in Parliament, was reported driving a newly acquired Aston Martin.[6]

A few days later it was revealed another, second, request for government funds had been for £1,250,000[7] but three months later on New Year's Eve it was announced on the front pages of national press that while a much smaller government loan of £600,000 had been approved besides being inadequate it had been offered on the unacceptable condition that US sales would be handled by British Leyland's distributors. The same front-page report noted directors had requested the appointment of a receiver and Aston Martin would cease production and go into voluntary liquidation.[8][9]

The receiver sold the business as a going concern in March 1975 for about £1,050,000 to a consortium led by Californian Peter Sprague (chairman of National Semiconductor) with Canadian George Minden and Jeremy Turner a London businessman.[10][11]

Lengthy and public wrangling with Sprague over price arose from Willson's concern, over-ridden by the receiver, to achieve a better price for the Aston Martin business. At the offer price of £1,050,000 unsecured creditors would (and did) receive less than 10 pence in the pound and his own Company Developments would receive only £500,000 in repayment of a £750,000 loan.[12]

Himself and his wife Rachel Willson were two of only 10 survivors of the 1957 Aquila Airways Solent crash Near Chessell, Isle of Wight, England.