David Jones puts his foot to the floor to get the deals done. Words by: Lauren Mills.
For a man who loves his cars, Deloitte's corporate financier David Jones is oddly at home in the passenger seat. But then not every car buff navigates for a team that has been placed third in class at Rally GB, a World Championship event. As an example of what the combination of dedication and talent can achieve, it takes some beating.
But then ones has never been one to hang around. His CV reads like a textbook guide to rising through the ranks in the world of accountancy. After leaving school in Dublin with a Leaving Certificate, the Irish equivalent of 'A' levels, he shunned university in favour of getting stuck into work so he could start earning money as soon as possible.
So does he regret missing out on a university education? "I missed out on a lot of wild parties. But I qualified a lot faster than my friends. They were living off baked beans while I was dining out on corporate lunches," he laughs.
After qualifying as an accountant at a Dublin firm, he joined Ernst & Young in Bristol. Then came a stint in corporate recovery, after which he joined Solomon Hare, another Bristol firm, as a manager in the corporate finance department.
But his itchy feet made for a restless soul.
So he quit his role as an adviser to join Westminster Healthcare, where he cut his teeth in the healthcare industry. He spent four years at the company - first as an acquisition analyst and later as director of corporate development.
In January 2004, 3i decided to sell Westminster Healthcare to rival Barchester for £525 million. Having joined Deloitte in 2001, Jones advised 3i and his former colleagues on their buy-out of the business. By all accounts he did a great job. The deal allowed 3i to walk away having quadrupled its original investment in just two-and-a-half years. Jones's advice on similar deals, such as Electra Partners' (now Cognetas) purchase of Ashbourne Healthcare, generated even more impressive returns.
Jones got to know the team at August Equity when, in April 2005, he advised Nuffield Hospitals in its acquisition of August Equity-owned Sona Group. Sona runs in-house gyms, together with physiotherapy and health screening for corporate clients including HSBC, Goldman Sachs, Freshfields and GlaxoSmithKline.
Following August Equity's investment in the business, Sona's turnover increased by more than 75 per cent. Jones brokered a deal which finely balanced the competing interests of August Equity, Nuffield and senior management, which was key to a swift transaction and the continued growth of the group.
Philip Rattle, a director at August Equity, was impressed by Jones from the outset. "David comes from the healthcare industry, so he is an operator who has chosen to work on the advisory side in corporate finance," he says. "This means he understands the business issues, which is very important. And he is a good bloke. He is very open so we feel very confident when we talk to him."
Jones is keen to do business with August Equity again. "They are pretty user-friendly," he says. "They are easy to get on with. I can always get through to Phil [Rattle] on the phone knowing he will be quick to cut to the chase. They are very quick decision-makers at August Equity - which is refreshing, because with some firms it is difficult to get a dialogue going."
Jones arrives at his office at 8.30am on the dot and rarely leaves before 7pm. On top of that, he is frequently out networking at industry events. But when it is time to go home to wife Francesca, whom he married in August this year, he is careful to switch into domestic mode. "Getting the work-life balance right is an issue," he says.
Like many Irishmen, Jones has the gift of the Blarney. Not that he uses it to pull the wool over clients' eyes. Instead, he uses his honest, straight-talking style to give buyers and sellers his view of things, even if this means steering them away from over-priced deals.
"We've looked at lots of opportunities together," he says of August Equity. "I am motivated to get deals done, because only then do I get paid. But a long-term relationship has to be built on trust and I won't be asked back if I advise someone to overpay."
Jones cherishes time spent with Francesca. When we meet he is about to jet off to Washington DC - where his wife has been working - for a short break before returning to their riverside home. Despite its riverside location, his apartment does not have a view of the Thames. "I've got a cheap flat in an expensive block. A river view is next on the shopping list," he says.
With a fourth place to his name in the recent Tour of Mull rally event the latest in a list of accolades, you might think Jones dreamt of taking his team to the top of the podium - but his ultimate ambition has nothing to do with cars. "I want to build the team at Deloitte and expand the European network for the business," he says.
Given his love for his Mini Cooper, you can't help wondering if he also has half an eye on Europe so he can take his little car for a spin on the Continent's less congested roads.
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