Pension Scandal: Rise and fall of an empire founded on ego and expansion: David Bowen examines the dramatic career of a man who personified the Eighties' culture of instant success

FEW people epitomised the get- rich-quick culture of the Eighties better than John Ashcroft. Young, brash, boastful, he assembled a vast industrial edifice which increasingly became a monument to his own ego.

Two weeks after the decade had turned, his Coloroll group admitted it was in deep financial trouble. Six months later it went into receivership - the edifice, it emerged, had been built on sand.

Mr Ashcroft was born in 1948 in Wigan, the son of a quarry worker. He went to grammar school and then to the London School of Economics. After a training scheme at Tube Investments, he moved to Crown Wallcoverings, where he showed his unusual turn of mind by conducting unprecedentedly complex analysis on export markets.

He joined Coloroll in 1978 as export manager. The group was already making a name for itself under the leadership of John Bray. Mr Ashcroft became managing director when he was 30 and set about installing computer systems that analysed every possible facet of the business. In 1982 he became chief executive and two years later floated Coloroll on the stock market. He used the ever-increasing share price to snap up company after company.

He bought makers of mugs, duvets, curtains and carpets - suppressing the original brand names and applying the Coloroll look and management style to each. His own ego was always evident: a mug, including a picture of himself, was handed out internally. He applied the same techniques to his flock of sheep - working out their diet on computer.

The Guardian made him Young Businessman of the Year in 1987, but even as the City feted Mr Ashcroft, there were those who had doubts. Rival wallpaper makers believed Coloroll was buying business with unfeasibly low prices, while John Bray was surprised to find that he had been written out of the company history. Coloroll was brought down by the 1988 purchase of John Crowther, a group that had grown even more rapidly than itself. Worms emerged from both cans: it emerged that real losses were being concealed by clever accounting.

Mr Ashcroft's powers of analysis, it appeared, were no longer being applied. This was in part because he had been spending more time becoming one of the great and the good, and winning a CBE in the New Year's Honours list of 1990. He resigned three months later, and after a period in hibernation emerged to take control of an outdoor clothing company, Survival Aids. In March last year the group, inaptly renamed Survival Group, went into receivership.

He is now living in his Lancashire farmhouse, doing a PhD in economics at Manchester university - but it would be foolish to believe Dr John will keep his head down forever.

News
Brand said he
people
Sport
Adam Lallana, Juan Cala, Andy Carroll and Cameron Jerome
sportThe latest news and scores
Voices
Actor Zac Efron
voicesTopless men? It's as bad as Page 3, says Howard Jacobson
Life & Style
Sampling wine in Turin
food + drink...and abstaining may be worse than drinking too much, says scientist
VIDEO
Have you tried new the Independent Digital Edition iPad app?
Arts & Entertainment
tvGrace Dent on TV
Arts & Entertainment
The monster rears its head as it roars into the sky
film
Voices
For the Love of God (2007) The diamond-encrusted skull that divided the art world failed to sell for
its $100m asking price. It was eventually bought by a consortium
which included the artist himself.
voicesYou can shove it, Mr Webb – I'll be having fun until the day I die, says Janet Street-Porter
Sport
Mercedes driver Lewis Hamilton of Britain drives in the rain during the qualifying session of the Chinese Formula One Grand Prix in Shanghai
sport
Extras
indybestFake it with 10 best self-tanners
Arts & Entertainment
Madonna in her music video for 'Like A Virgin'
music... and other misheard song lyrics
News
Much of the colleges’ land is off-limits to locals in Cambridge, with tight security
educationAnd has the Cambridge I knew turned its back on me?
Sport
Steven Gerrard had to be talked into adopting a deeper role by his manager, Brendan Rodgers
sportThe city’s fight for justice after Hillsborough is embodied in Steven Gerrard, who's poised to lead his club to a remarkable triumph
News
peopleOrlando Bloom the pin-up hero is making a fresh start
News
Who makes you happy?
happy listSend your nominations now for the Independent on Sunday Happy List
Life & Style
The North Korean TV advert for Taedonggang beer, that became a YouTube hit
food + drinkAnd what did it take to set up a taste test back in Wiltshire?
Arts & Entertainment
filmLife for Leslie Mann's can be challenging sometimes
Voices
For music lovers: John Cusack with his vinyl collection in 'High Fidelity'
voices...but don't forget rest of the year
Independent
Travel Shop
the manor
Up to 70% off luxury travel
on city breaks Find out more
santorini
Up to 70% off luxury travel
on chic beach resorts Find out more
sardina foodie
Up to 70% off luxury travel
on country retreats Find out more
Have you tried new the Independent Digital Edition iPad app?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Apprentice IT Technician

£150.00 per week: QA Apprenticeships: This company is a company that specializ...

1st Line Technical Service Desk Analyst IT Apprentice

£153.75 per week: QA Apprenticeships: This company is an innovative outsourcin...

1st Line Helpdesk Engineer Apprentice

£150.00 per week: QA Apprenticeships: This company has been providing on site ...

Sales Associate Apprentice

£150.00 per week: QA Apprenticeships: We've been supplying best of breed peopl...

Day In a Page

How I brokered a peace deal with Robert Mugabe: Roy Agyemang reveals the delicate diplomacy needed to get Zimbabwe’s President to sit down with the BBC

How I brokered a peace deal with Robert Mugabe

Roy Agyemang reveals the delicate diplomacy needed to get Zimbabwe’s President to sit down with the BBC
Video of British Muslims dancing to Pharrell Williams's hit Happy attacked as 'sinful'

British Muslims's Happy video attacked as 'sinful'

The four-minute clip by Honesty Policy has had more than 300,000 hits on YouTube
Church of England-raised Michael Williams describes the unexpected joys in learning about his family's Jewish faith

Michael Williams: Do as I do, not as I pray

Church of England-raised Williams describes the unexpected joys in learning about his family's Jewish faith
A History of the First World War in 100 moments: A visit to the Front Line by the Prime Minister's wife

A History of the First World War in 100 moments

A visit to the Front Line by the Prime Minister's wife
Comedian Jenny Collier: 'Sexism I experienced on stand-up circuit should be extinct'

Jenny Collier: 'Sexism on stand-up circuit should be extinct'

The comedian's appearance at a show on the eve of International Women's Day was cancelled because they had "too many women" on the bill
Cannes Film Festival: Ken Loach and Mike Leigh to fight it out for the Palme d'Or

Cannes Film Festival

Ken Loach and Mike Leigh to fight it out for the Palme d'Or
The concept album makes surprise top ten return with neolithic opus from Jethro Tull's Ian Anderson

The concept album makes surprise top ten return

Neolithic opus from Jethro Tull's Ian Anderson is unexpected success
Lichen is the surprise new ingredient on fine-dining menus, thanks to our love of Scandinavian and Indian cuisines

Lichen is surprise new ingredient on fine-dining menus

Emily Jupp discovers how it can give a unique, smoky flavour to our cooking
10 best baking books

10 best baking books

Planning a spot of baking this bank holiday weekend? From old favourites to new releases, here’s ten cookbooks for you
Jury still out on Manchester City boss Manuel Pellegrini

Jury still out on Pellegrini

Draw with Sunderland raises questions over Manchester City manager's ability to motivate and unify his players
Ben Stokes: 'Punching lockers isn't way forward'

Ben Stokes: 'Punching lockers isn't way forward'

The all-rounder has been hailed as future star after Ashes debut but incident in Caribbean added to doubts about discipline. Jon Culley meets a man looking to control his emotions
Mark Johnston: First £1 million jackpot spurs him on

Mark Johnston: First £1 million jackpot spurs him on

The most prize money ever at an All-Weather race day is up for grabs at Lingfield on Friday, and the record-breaking trainer tells Jon Freeman how times have changed
Ricky Gervais: 'People are waiting for me to fail. If you think it's awful, then just don't watch it'

Ricky Gervais: 'People are waiting for me to fail'

As the second series of his divisive sitcom 'Derek' hits screens, the comedian tells James Rampton why he'll never bow to the critics who habitually circle his work
Mad Men series 7, TV review: The suits are still sharp, but Don Draper has lost his edge

Mad Men returns for a final fling

The suits are still sharp, but Don Draper has lost his edge
Google finds a lift into space will never get off the ground as there is no material strong enough for a cable from Earth into orbit

Google finds a lift into space will never get off the ground

Technology giant’s scientists say there is no material strong enough for a cable from Earth into orbit