Slater returns to his roots

JIM SLATER, stock market darling of the 1960s and early 1970s, has gone back to his first love of taking big stakes in tiny companies - only this time the 65-year-old former whizz kid is in league with his son, Mark, writes William Kay.

They have lit on a pounds 6m tiddler called Azure, which is listed on the Stock Exchange only through Rule 4.2, which permits matched bargains rather than a continuous price quote.

'It's a very interesting story,' said the elder Mr Slater, confirming that he had bought 600,000 shares, or 2 per cent. Mark, and clients of the Slater Investments securities firm he runs, own another 11 per cent.

Azure, which landed on the market only in July, was formed by Jim Seligman, a former executive of Pentland Industries, the Speedo swimwear and Kicker shoes group.

The new company's plan is to target the Middle East and north Africa with a range of leisure goods, starting with Speedo, and Pro-connect golf and tennis equipment. 'It's not a very competitive market,' said Mark Slater. 'It's surprising how many people out there swim and play golf and tennis.'

Last week, Azure launched a pounds 825,000 rights issue, which will increase its coffers to pounds 2m. Turnover is running at pounds 4m a year to produce operating profits of around pounds 400,000.

The Slaters expect growth of 50 per cent this year, and possibly a full listing by the end of 1995.