Luke Johnson (businessperson)
Encyclopedia
Luke Oliver Johnson is a British
serial entrepreneur
, best known for his involvement with Pizza Express
. He is chairman of the Royal Society of Arts
and a former chairman of Channel 4
. He writes regular columns for the Financial Times
newspaper and Management Today magazine. Johnson calls himself a "projector", in line with the 17th century term for a man involved in many different businesses. He is the part owner and chairman of Patisserie Valerie, Giraffe Restaurants, Gail's Artisan Bakery and Feng Sushi, among other businesses, and is the former owner of The Ivy, Le Caprice and J Sheeky restaurants.
, he spent his early years in Iver
, Buckinghamshire
, and was educated at the state-owned Langley Grammar School
in Langley, Berkshire
, and at Magdalen College
, Oxford
.
Whilst at university Johnson together with fellow student Hugh Osmond
(later founder of Punch Taverns
) interviewed Richard Branson
on his houseboat in London
for the student newspaper. This gave the pair the inspiration to go into business and they began running the Era nightclub in Oxford
. By the time of graduation he and Osmond were running businesses from software to clubs.
He initially studied medicine but then switched courses to Physiological Sciences, graduating from Oxford University in 1983. He started his career as a media analyst at stockbroker Grieveson Grant (subsequently Kleinwort Benson
Securities).
, with Johnson becoming chairman. They expanded the business from 12 owned restaurants to over 250, and the share price from 40p to over 900p. After selling the business in 1999 Johnson started Signature Restaurants, a ‘crown jewels’ collection of London restaurants which included The Ivy
and Le Caprice, as well as the Belgo
chain. He also started Strada
restaurants from scratch, taking the chain to 30 units. He sold both businesses in 2005; the total proceeds from these two disposals were in excess of £90 million.
As a result of these activities Johnson is best known for his investments in restaurants, though he has wide portfolio of investments in other industries. Peter Harden (of the celebrated Harden restaurant guides) stated, when commenting on the history of London restaurants, “there are very few people who have had more impact than Luke Johnson”.
Whilst chairman of the Belgo group Johnson took part in the BBC programme "Back to the Floor", a programme in which top executives spent a week at the "coal face" of their business. Some reviewers of the programme were uncomplimentary about Johnson.
From 1993 to date, Johnson has been involved as director and/or owner of various companies in retailing, pubs and bars, including Whittard of Chelsea
, My Kinda Town and the private companies Giraffe, Patisserie Valerie, Druckers
and Baker & Spice. In December 2009, Johnson's investment partnership Risk Capital Partners Ltd acquired the Tootsie's restaurant chain, for which it was awarded the "Deal of the Year" prize at the 2010 Retailer's Retailer Awards ceremony. Johnson also purchased in 2010 a stake in artisan bakery Flour Power City, which supplies restaurants, hotels, and caterers. Flour Power City also operates stalls in locations such as Borough Market in London.
September 2010 saw Johnson purchase Feng Sushi, a London-based chain of Japanese restaurants specialising in home delivery. In the same month he also purchased a majority stake in casual-dining firm Ego Group, which was merged in April 2011 with pizza business Rocket Restaurants to form 3Sixty Restaurants, with Johnson as chairman.
In May 2011, Risk Capital Partners assumed a shareholding in Bread Ltd, a leading artisan baker. The group includes retail bakery and cafe Gail’s, which has eight bakeries in London and sells its products through Waitrose, Harvey Nichols and Ocado.
In May 2010 Johnson became a strategic investor in Beer & Partners, the UK's largest business investment agency. In August 2010 he joined the board of art publisher Phaidon Press as a non-executive director. He is also a director of two theatre production partnerships, Playful Productions and Fiery Dragons, as well as director of AKA UK, a marketing agency to the live entertainment industry. In Oct 2011 Johnson became a non-executive director of Metro Bank plc.
traded corporation with $80m EBITDA
. He was involved in parcel delivery and maritime commerce through Nightfreight and American Port Services.
He served as a non-executive director of Elderstreet VCT plc for ten years. Through Risk Capital Partners, Johnson was a founder, part-owner and director of recruitment business InterQuest Group plc
. Risk Capital Partners is also a former investor in advertising and design group Loewy, which was sold in 2006, and formerly a part-owner of fresh fish distributor Seafood Holdings, sold in 2010 for £45m in total.
Television Corporation from January 2004 to January 2010, during which time he appointed a new CEO, restructured the board and saw the organisation enjoy record ratings, revenues and surplus.
He now writes a weekly column on entrepreneurship for the Financial Times
. From 1998 to 2006 Johnson wrote “The Maverick”, a weekly business column for The Sunday Telegraph
. An anthology of "The Maverick" columns was published by Harriman House in 2007.
Johnson serves on the advisory board of the Atlanticist magazine Standpoint
.
in 2009. He was governor of The University of the Arts
between 2000 and 2006.
With Stephen Lambert and Christopher Hird, Johnson co-produced The Flaw, a 2007 documentary film detailing the events leading up to the financial crash of 2008. The film takes its title from Alan Greenspan's admission to US Congress that he had been mistaken to put so much faith in the self-correcting power of free markets.
, Johnson quotes the advice financier JP Morgan gave to a frantic man who asked him what the markets would do: "Young man, the market will continue to fluctuate." Johnson says: "It's a great piece of advice because if you're involved in the stock market you should never worry about the day-to-day price of your shares. What's more important is the reality of your day-to-day business."
Johnson's business philosophy is: "Not to dwell on mistakes and not to get overwhelmed with regret. When things go wrong you have to move forward and look at each week afresh."
"Brilliant. It's all here: the triumphs and disasters, the iron law of the business cycle and the timeless wisdom of those who've gone before him" (Brent Hoberman, founder of lastminute.com )
'Clear, thoughtful and passionate' (The Economist)
"Nine out of ten How-To books are a bore. This is the one out of ten. It's easy to read, with original ideas and useful advice for wannabe tycoons" (Jeff Randall, Sky News presenter and Daily Telegraph columnist )
, founder and Chief Executive, ICAP
"Independent, unorthodox, even bloody minded - Johnson can be all these and it's what makes him worth reading. The Maverick amounts to an analysis of how we've done business this past decade and holds valuable lessons for the next one." Peter Bazalgette
, Chairman Endemol UK
(producer of the Big Brother
reality TV show)
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
serial entrepreneur
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
, best known for his involvement with Pizza Express
Pizza Express
PizzaExpress is a restaurant group with over 400 restaurants across the United Kingdom and 40 overseas in China, Europe, Hong Kong, Japan and the Middle East. It was founded in 1965 by Peter Boizot.In Ireland, PizzaExpress trades under the name Milano....
. He is chairman of the Royal Society of Arts
Royal Society of Arts
The Royal Society for the encouragement of Arts, Manufacturers and Commerce is a British multi-disciplinary institution, based in London. The name Royal Society of Arts is frequently used for brevity...
and a former chairman of Channel 4
Channel 4
Channel 4 is a British public-service television broadcaster which began working on 2 November 1982. Although largely commercially self-funded, it is ultimately publicly owned; originally a subsidiary of the Independent Broadcasting Authority , the station is now owned and operated by the Channel...
. He writes regular columns for the Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
newspaper and Management Today magazine. Johnson calls himself a "projector", in line with the 17th century term for a man involved in many different businesses. He is the part owner and chairman of Patisserie Valerie, Giraffe Restaurants, Gail's Artisan Bakery and Feng Sushi, among other businesses, and is the former owner of The Ivy, Le Caprice and J Sheeky restaurants.
Early years
The son of historian Paul Johnson and brother of Daniel JohnsonDaniel Johnson (journalist)
Daniel Benedict Johnson is a British journalist who is the founding editor of Standpoint.- Biography :After graduating with a First in Modern History from Magdalen College, Oxford, Johnson was awarded a Shakespeare Scholarship to Berlin...
, he spent his early years in Iver
Iver
Iver is in the south-east corner of the English county of Buckinghamshire and it forms one of the largest civil parishes in the South Bucks district.Iver railway station is in Richings Park.-Etymology:...
, Buckinghamshire
Buckinghamshire
Buckinghamshire is a ceremonial and non-metropolitan home county in South East England. The county town is Aylesbury, the largest town in the ceremonial county is Milton Keynes and largest town in the non-metropolitan county is High Wycombe....
, and was educated at the state-owned Langley Grammar School
Langley Grammar School
Langley Grammar School is a co-educational grammar school in Langley, Berkshire, United Kingdom.-Admissions:It has about 1013 pupils of whom 261 are in the Sixth Form. It is situated just north of the A4 next to Kedermister Park...
in Langley, Berkshire
Berkshire
Berkshire is a historic county in the South of England. It is also often referred to as the Royal County of Berkshire because of the presence of the royal residence of Windsor Castle in the county; this usage, which dates to the 19th century at least, was recognised by the Queen in 1957, and...
, and at Magdalen College
Magdalen College, Oxford
Magdalen College is one of the constituent colleges of the University of Oxford in England. As of 2006 the college had an estimated financial endowment of £153 million. Magdalen is currently top of the Norrington Table after over half of its 2010 finalists received first-class degrees, a record...
, Oxford
University of Oxford
The University of Oxford is a university located in Oxford, United Kingdom. It is the second-oldest surviving university in the world and the oldest in the English-speaking world. Although its exact date of foundation is unclear, there is evidence of teaching as far back as 1096...
.
Whilst at university Johnson together with fellow student Hugh Osmond
Hugh Osmond
Hugh Edward Mark Osmond is the founder of Punch Taverns, one of the United Kingdom's largest chains of public houses.-Career:Educated at Merton College, Oxford where he read Medicine, Hugh Osmond went to America in 1983 and worked in clubs for a while. He then joined a small investment bank in...
(later founder of Punch Taverns
Punch Taverns
Punch Taverns plc is the largest pub and bar operator in the United Kingdom, with around 6,800 leased, tenanted and managed pubs. It is headquartered in the traditional brewing centre of Burton upon Trent in Staffordshire...
) interviewed Richard Branson
Richard Branson
Sir Richard Charles Nicholas Branson is an English business magnate, best known for his Virgin Group of more than 400 companies....
on his houseboat in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
for the student newspaper. This gave the pair the inspiration to go into business and they began running the Era nightclub in Oxford
Oxford
The city of Oxford is the county town of Oxfordshire, England. The city, made prominent by its medieval university, has a population of just under 165,000, with 153,900 living within the district boundary. It lies about 50 miles north-west of London. The rivers Cherwell and Thames run through...
. By the time of graduation he and Osmond were running businesses from software to clubs.
He initially studied medicine but then switched courses to Physiological Sciences, graduating from Oxford University in 1983. He started his career as a media analyst at stockbroker Grieveson Grant (subsequently Kleinwort Benson
Kleinwort Benson
Kleinwort Benson is a leading Private Bank that offers a wide range of financial services to private and corporate clients from offices throughout the United Kingdom and Channel Islands. The bank has its headquarters on St George Street in Mayfair, and is supported by seven UK regional and two...
Securities).
Restaurants and Leisure
In 1993 Johnson and Osmond took control of Pizza ExpressPizza Express
PizzaExpress is a restaurant group with over 400 restaurants across the United Kingdom and 40 overseas in China, Europe, Hong Kong, Japan and the Middle East. It was founded in 1965 by Peter Boizot.In Ireland, PizzaExpress trades under the name Milano....
, with Johnson becoming chairman. They expanded the business from 12 owned restaurants to over 250, and the share price from 40p to over 900p. After selling the business in 1999 Johnson started Signature Restaurants, a ‘crown jewels’ collection of London restaurants which included The Ivy
The Ivy
The Ivy is a restaurant in West Street, near Covent Garden in London. It opened in 1917 and is popular with celebrities and theatre goers. In 2000, the restaurant was awarded the Moët & Chandon London Restaurant Award for excellence....
and Le Caprice, as well as the Belgo
Belgo
Belgo is a small chain of London restaurants specializing in simple Belgian cooking and Belgian beer. Belgo is noted for its uber-cool 1990's design and architecture, including kitchens viewable by customers entering the restaurant , and its waiting staff who dress as monks...
chain. He also started Strada
Strada
Strada is a chain of Italian restaurants in the UK. It was spawned by Luke Johnson. It has 64 restaurants, mostly in the South of England with a few in the Midlands, North of England and in Wales. It is positioned as upmarket of Pizza Express....
restaurants from scratch, taking the chain to 30 units. He sold both businesses in 2005; the total proceeds from these two disposals were in excess of £90 million.
As a result of these activities Johnson is best known for his investments in restaurants, though he has wide portfolio of investments in other industries. Peter Harden (of the celebrated Harden restaurant guides) stated, when commenting on the history of London restaurants, “there are very few people who have had more impact than Luke Johnson”.
Whilst chairman of the Belgo group Johnson took part in the BBC programme "Back to the Floor", a programme in which top executives spent a week at the "coal face" of their business. Some reviewers of the programme were uncomplimentary about Johnson.
From 1993 to date, Johnson has been involved as director and/or owner of various companies in retailing, pubs and bars, including Whittard of Chelsea
Whittard of Chelsea
Whittard of Chelsea are an international retailer of coffee, tea and various items that are used for the consumption of hot beverages. Instant tea, Hot chocolate and Confectionery are also amongst their leading products.- History :...
, My Kinda Town and the private companies Giraffe, Patisserie Valerie, Druckers
and Baker & Spice. In December 2009, Johnson's investment partnership Risk Capital Partners Ltd acquired the Tootsie's restaurant chain, for which it was awarded the "Deal of the Year" prize at the 2010 Retailer's Retailer Awards ceremony. Johnson also purchased in 2010 a stake in artisan bakery Flour Power City, which supplies restaurants, hotels, and caterers. Flour Power City also operates stalls in locations such as Borough Market in London.
September 2010 saw Johnson purchase Feng Sushi, a London-based chain of Japanese restaurants specialising in home delivery. In the same month he also purchased a majority stake in casual-dining firm Ego Group, which was merged in April 2011 with pizza business Rocket Restaurants to form 3Sixty Restaurants, with Johnson as chairman.
In May 2011, Risk Capital Partners assumed a shareholding in Bread Ltd, a leading artisan baker. The group includes retail bakery and cafe Gail’s, which has eight bakeries in London and sells its products through Waitrose, Harvey Nichols and Ocado.
Other Business Ventures
Since 2000 Johnson has run Risk Capital Partners Ltd, focusing on private equity deals. Risk Capital Partner's portfolio includes the directory publisher Superbrands, fashion chain East, car park technology provider APT controls and GRA, the UK's largest greyhound track owner.In May 2010 Johnson became a strategic investor in Beer & Partners, the UK's largest business investment agency. In August 2010 he joined the board of art publisher Phaidon Press as a non-executive director. He is also a director of two theatre production partnerships, Playful Productions and Fiery Dragons, as well as director of AKA UK, a marketing agency to the live entertainment industry. In Oct 2011 Johnson became a non-executive director of Metro Bank plc.
Former Investments
In 1996 Johnson co-founded Integrated Dental Holdings, expanding it to become the UK's largest chain of dental surgeries, with over 500 dentists. The firm was sold in 2006 for over £100 million. From 2004 to 2006 Johnson was director of Dollar Financial Group Inc, a US NASDAQNASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
traded corporation with $80m EBITDA
EBITDA
EBITDA is an acronym for earnings before interest, taxes, depreciation, and amortization. It is a non-GAAP metric that is measured exactly as stated. All interest, tax, depreciation and amortization entries in the income statement are reversed out from the bottom-line net income...
. He was involved in parcel delivery and maritime commerce through Nightfreight and American Port Services.
He served as a non-executive director of Elderstreet VCT plc for ten years. Through Risk Capital Partners, Johnson was a founder, part-owner and director of recruitment business InterQuest Group plc
InterQuest Group plc
Interquest Group plc was founded in 2001 in the UK as a specialist staffing business. Interquest provides both permanent and contract specialist staffing services in the UK and Europe, primarily in the ICT sector....
. Risk Capital Partners is also a former investor in advertising and design group Loewy, which was sold in 2006, and formerly a part-owner of fresh fish distributor Seafood Holdings, sold in 2010 for £45m in total.
Journalism and Media
Johnson was Chairman of Channel 4Channel 4
Channel 4 is a British public-service television broadcaster which began working on 2 November 1982. Although largely commercially self-funded, it is ultimately publicly owned; originally a subsidiary of the Independent Broadcasting Authority , the station is now owned and operated by the Channel...
Television Corporation from January 2004 to January 2010, during which time he appointed a new CEO, restructured the board and saw the organisation enjoy record ratings, revenues and surplus.
He now writes a weekly column on entrepreneurship for the Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
. From 1998 to 2006 Johnson wrote “The Maverick”, a weekly business column for The Sunday Telegraph
Sunday Telegraph
The Sunday Telegraph is a British broadsheet newspaper, founded in February 1961. It is the sister paper of The Daily Telegraph, but is run separately with a different editorial staff, although there is some cross-usage of stories...
. An anthology of "The Maverick" columns was published by Harriman House in 2007.
Johnson serves on the advisory board of the Atlanticist magazine Standpoint
Standpoint (magazine)
Standpoint is a monthly British cultural and political magazine. Its premier issue was published at the end of May 2008 – the first launch of a major current affairs publication in the UK in more than a decade....
.
Other activities
Johnson was appointed Chairman of The Royal Society for the encouragement of Arts, Manufactures and Commerce (RSA)Royal Society of Arts
The Royal Society for the encouragement of Arts, Manufacturers and Commerce is a British multi-disciplinary institution, based in London. The name Royal Society of Arts is frequently used for brevity...
in 2009. He was governor of The University of the Arts
University of the Arts London
The University of the Arts London, formerly known as the London Institute, is a collegiate university comprising six internationally recognised art, design, fashion and media colleges in London, England...
between 2000 and 2006.
With Stephen Lambert and Christopher Hird, Johnson co-produced The Flaw, a 2007 documentary film detailing the events leading up to the financial crash of 2008. The film takes its title from Alan Greenspan's admission to US Congress that he had been mistaken to put so much faith in the self-correcting power of free markets.
Inspiration and philosophy
As well as the meeting with Branson and an admiration for the durability of Rupert MurdochRupert Murdoch
Keith Rupert Murdoch, AC, KSG is an Australian-American business magnate. He is the founder and Chairman and CEO of , the world's second-largest media conglomerate....
, Johnson quotes the advice financier JP Morgan gave to a frantic man who asked him what the markets would do: "Young man, the market will continue to fluctuate." Johnson says: "It's a great piece of advice because if you're involved in the stock market you should never worry about the day-to-day price of your shares. What's more important is the reality of your day-to-day business."
Johnson's business philosophy is: "Not to dwell on mistakes and not to get overwhelmed with regret. When things go wrong you have to move forward and look at each week afresh."
Publications
- Start It Up: Why Running Your Own Business is Easier Than You Think - ISBN 978-0-670-91941-3
- The Maverick - ISBN 978-1-905-64140-6
- Betting to Win - ISBN 0-948035-31-5
- The Key to Making Money in the New Stock Market - ISBN 0-297-79296-2
- How to get a Highly Paid Job in the City - ISBN 1-85091-474-5
- 30 Ways to Make Money in Franchising - ISBN 0-948032-48-0
- 30 Ways to Make Money in Property - ISBN 0-948032-43-X
Reviews of Start It Up: Why running your own business is easier than you think
"Probably the best book available on the subject." (Management Today)"Brilliant. It's all here: the triumphs and disasters, the iron law of the business cycle and the timeless wisdom of those who've gone before him" (Brent Hoberman, founder of lastminute.com )
'Clear, thoughtful and passionate' (The Economist)
"Nine out of ten How-To books are a bore. This is the one out of ten. It's easy to read, with original ideas and useful advice for wannabe tycoons" (Jeff Randall, Sky News presenter and Daily Telegraph columnist )
Reviews of The Maverick
"The Maverick column displays original thinking that often challenges conventional opinion - Luke Johnson's views are provocative and worth reading." Michael SpencerMichael Spencer
Michael Alan Spencer is a British businessman; the chief executive of ICAP plc, the world's largest interdealer broker...
, founder and Chief Executive, ICAP
ICAP
ICAP may stand for:* Institute of Chartered Accountants of Pakistan* International Center for AIDS Care and Treatment Programs - ICAP* International Computational Accelerator Physics Conference* Internet Content Adaptation Protocol...
"Independent, unorthodox, even bloody minded - Johnson can be all these and it's what makes him worth reading. The Maverick amounts to an analysis of how we've done business this past decade and holds valuable lessons for the next one." Peter Bazalgette
Peter Bazalgette
Peter "Baz" Bazalgette is a British media expert who helped create the independent TV production sector in the UK and went on to be the leading creative figure in the global TV company Endemol....
, Chairman Endemol UK
Endemol UK
Endemol UK plc is one of the largest independent producers in the country. The UK group is part of Endemol, a worldwide network of leading production companies spanning 24 countries....
(producer of the Big Brother
Big Brother (UK)
Big Brother UK is the British version of the Dutch Big Brother television format, which takes its name from the character in George Orwell's 1948 novel Nineteen Eighty-Four...
reality TV show)
External links
- On what makes a successful entrepreneur - We Are Like Minds (video)
- Luke Johnson interview at The Telegraph's Festival of Business (video)
- Guardian interview April 2011: "Capitalism is not a dirty, grubby pastime"
- Sunday Times 2009 news item "Luke Johnson raises £75 million with Risk Capital Partners"
- Grant Thornton's "My Big Decision" interview about the takeover of Pizza Express
- Interview with Management Today 2009: "The multi-talented Luke Johnson shoots from the hip on the City, the BBC, and the evils of red tape..."
- Interview with Exec Digital 2008: "Driven to diversity - meet Britain's busiest entrepreneur"
- Speech given in 2006 to the Bruges Group on British policy towards the EU
- Bookseller editor-in-chief, Neill Denny's blog regarding Luke Johnson and Borders Group
- The Bookseller interviews Luke Johnson about his new book, Start It Up
- Luke Johnson's personal website
- Luke Johnson's Management Today column