Careers - Blow your horn.

(From Financial Director)

Byline: Tom Berry.

Chris Woodhouse, who was parachuted into Homebase as finance director in March 2001 by private equity firm Permira, told Financial Director in February 2003 that management style in a VC-backed deal is based on a simple premise. "Those who are doing well eat well, and those who are doing best eat best," he said.

The risk-and-reward culture worked well for Woodhouse. He helped increase operating profits at Homebase from GBP27m in 2001 to GBP86m in 2002, culminating in the retailer's sale to GUS for GBP900m.

The slice of equity Permira gave Woodhouse and the senior management team was worth millions on his exit in May 2003.

But the Homebase deal was exceptionally successful in a business climate where deal activity has dried into a trickle. Suzzane Wood, head of financial management practice at specialist recruiters Odgers Ray & Berndtson, says that despite the attraction of a position at a private equity-backed company, the sheer number of FDs looking for work means VCs can take their pick.

"There are more FDs looking for work and private equity is a logical place to look given that VCs have the money to spend," Wood says. "The only problem is the deals available. Many FDs have come out of the publicly quoted sector and may have had their fingers burned, so they logically may want to get out of the public arena for a while."