The PEP talk that gave Spotless a clean turnaround

PEP's Bruce Dixon spent nearly two years analysing Spotless and - judging by its IPO prospectus numbers - it's paid off. It is doubtful so much change could be effected as quickly and ruthlessly while publicly listed.

When Peter Smedley, the last chairman of Spotless, looks through the prospectus for the refloating of the services group he may not be able to work out whether he should laugh or cry.

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