Maesbrook

Millionaire Christopher Foster let fortune slip from his grasp - Times Online

August 31, 2008
Millionaire Christopher Foster let fortune slip from his grasp
Our correspondents unravel the tangled affairs of the man at the centre of the Shropshire arson

Striding across the rolling fields of Shropshire, shotgun slung across his
arms, Christopher Foster radiated the winning confidence of the self-made
businessman. To those who knew him, his marksman’s eye and sharp clothes
appeared to be matched by an equally keen business sense.

“He was very well turned out and always had the best gear,” said Graham Evans,
chairman of the Shropshire Clay Pigeon Shooting Association, who regularly
met Foster at shooting events. “He was a good shot. He would wear shooting
suits, tweeds, but was casual if we were just going clay pigeon. He was a
millionaire and lived the lifestyle.”

On bank holiday Monday, Foster, 50, seemed in typically relaxed mode at a
friend’s barbecue, apparently enjoying the fruits of a successful business
career: the country house, luxury cars, horses for his wife Jillian, 49, and
the £16,000-a-year private education for his daughter Kirstie, 15.

Yesterday, as police confirmed that two bodies had been found in the charred
remains of Foster’s £1.2m mansion, the image of the wealthy entrepreneur
with the deft touch was exposed as a charade. The mansion had been torched
hours before bailiffs were due to arrive to seize Foster’s prized
possessions.

In the maelstrom of arson and violence that engulfed the Fosters’ home on
Monday night, three horses and two family dogs are believed to have been
shot dead. To those who knew how much the family loved their animals, it
seemed an abhorrence.

Anne Giddings, Foster’s sister-in-law, said: “This just doesn’t happen to your
own family. It’s like something you see on TV. It’s horrendous. We just
can’t believe it.”

To friends it seemed impossible that Foster could have been responsible for
the grisly sequence of events. John Hughes, who hosted Monday night’s
barbecue, said: “Chris was fine, just his normal self — they all were. They
are very nice and a very close family. Chris is very much a family man who
loves animals and children; he supported his daughter in her horse riding.”

However, inquiries by The Sunday Times have established that the smiles at the
barbecue hid the torment of imminent ruin. Foster was facing the destruction
of his family’s meticulously cultivated country lifestyle.

His standing in the community has been traced back to the late 1990s, when
Foster, a salesman, had a brainchild that he hoped would make his fortune.

In the prosaic but profitable world of pipe insulation, he invented a new type
of cladding for the oil industry. It was a quick-fitting and effective
insulation that prevented pipeline corrosion and splits on oil rigs and
refineries. He created a company, Ulva. Soon the money was rolling in.

Based at a business park in Rugeley, Staffordshire, Ulva won a £500,000
contract with Petro-Canada, the Canadian oil company. Foster, from Burnley,
was cock-a-hoop, claiming that he was winning every offshore construction
project that he targeted in Britain.

Giuseppina Beardsmore, who worked with him at the fledgling company, said:
“About 12 people worked for the company. He was hard-working and very
hands-on in those days. He wasn’t afraid of getting his hands dirty.”

Those who had known Foster as a competent fire safety salesman were taken
aback by his ingenuity in creating the new product, UlvaShield.

Dan Sherrill, a Texas businessman and former partner of Foster’s, said: “He
appreciated a good sale, but I’m surprised he made it so big. But he did
come up with a very good product.”

The problem was that Foster’s entrepreneurial skills do not seem to have been
matched by all-round business acumen. Foster was disorganised in his
business affairs and his personal spending quickly outstripped his income.

Terrence Baines, from Tamworth, Staffordshire, Foster’s former accountant,
said he was ostentatious with money but was drawing a salary of only £25,000
when Ulva was founded. “He liked to be the big man in some way,” Baines
said. “He would have told people he was a millionaire. He was not then
personally wealthy but the company was doing okay.”

Despite his modest initial salary, the business was turning over more than
£2.4m by 2005. Foster had quickly swapped the trappings of a moderately
successful business for that of a small business tycoon.

In the 1990s he had moved from his Wolverhampton home to a modern red-brick
house in Telford. He sold that in October 2004 for £700,000 and in the same
month paid just under £1.2m for the mansion at Maesbrook, Shropshire. He
built up a small fleet of luxury cars, including a 4x4 for his wife with a
personalised numberplate, and spent thousands of pounds on improvements for
the home. Kirstie was sent to the private Ellesmere college, a few miles
away.

Ulva seemed to be going from strength to strength. Business associates say
Foster won a lucrative contract to supply insulation to the new 1,100-mile
Caspian pipeline, which runs from the Caspian Sea to the Mediterranean,
through Azerbaijan, Georgia and Turkey.

However, the debts at Ulva were racking up. In 2005 the company owed nearly
£2.8m to creditors and had lent about £160,000 to one of the company
directors, who is not identified in the accounts.

Foster needed to cut his costs. One of his main suppliers was DRC
Distribution, a Cambridgeshire company owned by the SWP construction group.
Although Foster had a contract with DRC, he decided to use another company
that undercut its price.

This proved to be his undoing. When DRC discovered what was happening, it sued
Ulva in the High Court for breach of contract in September 2006. The case
laid bare the parlous state of Foster’s finances. He owed the taxman nearly
£1m and DRC £800,000.

Desperately, Foster tried to siphon the assets of Ulva into another company.
He failed. A judge later described him as “bereft of the basic instincts of
commercial morality”. Foster’s product — the key to a fortune — was slipping
from his grasp.

The businessman was accustomed to high stakes in the courtroom. He had been
involved in a case in 2006 when he accused two men of trying to blackmail
him over a Cyprus land deal. They were cleared at Shrewsbury Crown Court.

One of the men, Leo Dennis, 42, a former hotel security manager, claimed he
had been offered £50,000 by another businessman to kill Foster, according to
The Mail on Sunday. West Mercia police said the claim would be investigated.

The protracted case in the High Court had in effect ruined Foster. To add to
his misfortunes, SWP bought his business in November 2007 for what it
described as a “nominal” sum. Ulva Insulation Systems is now set to generate
millions of pounds for its new owners.

SWP has told investors that Foster’s former company offers international
“growth possibilities of transformational proportions”. It lists BP, British
Gas, Total and Amerada Hess as clients and has recruited one of Foster’s
former partners as sales director.

“It was always a good business,” said a source close to SWP. “He just screwed
it up.”

It is not clear why Foster was not paid more for the business. Over the past
few weeks he must have dwelt on the loss and the worries that his creditors
were closing in. It would have been particularly galling that his idea was
on the threshold of international success. In May a legal restriction was
placed at the Land Registry on his mansion, stopping him selling it without
authorisation from the corporate liquidators.

The full horror of what unfolded at Foster’s home may never be known, but the
forensic team will provide some explanation of the night’s events. The power
supply to the house is believed to have been cut late on Monday. The gates
were blocked with a horsebox, the family animals were shot dead and the door
of the house was reportedly barricaded from the inside.

Officers are understood to have found no evidence — from traces on mobile
phones or credit card records — that any of the family are alive. But with
one person missing, a number of possible theories remain.

Perhaps Foster had no wish to confront his problems and chose to kill himself
and his family. Keith Ashcroft, a forensic psychologist, said: “It looks
like a man in a state of depression, faced by the threat of his house being
repossessed, deciding to take his family’s lives to protect them from
poverty. That is the fantasy.”

Another possibility is that Foster is somewhere on the run — although the lack
of police appeals suggests this is unlikely. It also seems unlikely that the
Fosters were killed by intruders, because in that case there would have been
no reason to block the gates or kill the family animals.

Whatever the final explanation, hopes of friends that the Fosters might still
be alive were dashed this weekend. The Rev Ruth Shoreman, from Maesbrook
Methodist chapel, said: “Our thoughts and prayers are with those who love
them.”

Families murdered by relatives

The events leading to the discovery of bodies inside the Fosters’ house are
still unclear, but there are examples from the past of families murdered by
a relative.

— In 1986 Jeremy Bamber was convicted of murdering five members of his family
at their Essex home to claim an inheritance of almost £500,000. He shot his
parents, sister and twin six-year-old nephews before framing his sister – a
paranoid schizophrenic – to make her appear the killer.

— Neil Entwistle, a British computer programmer, was convicted of murdering
his American wife and daughter by shooting them in their beds at home in
Massachusetts in January 2006. He claimed to have found them dead and to
have fled to Britain in distress.

— In October 2006 the four daughters of Mohammed Riaz and his wife were found
burnt to death at their home in Accrington, Lancashire. Riaz, who was also
inside, never regained consciousness and died of his injuries shortly
afterwards. The inquest heard that he could not bear the westernised
lifestyle followed by his family.

Comments:

As
soon as someone makes a few bob the pattern is the same. House with
land, flash cars with personal plates, private school, horses, hunting
and shooting. Copying the landed gentry whose wealth has accumulated
over hundreds of years. It doesn't happen in other countries. It's A
British disease.

Francis Cousins, Wrington, UK

Its
not money that is the root of all evil, Its the LOVE of money that is
the root of all evil. Its sad that some people think that when you lose
your worldy possessions its the end of the world. It doesn t matter how
much you own, its never worth the lives of your family. How terribly
sad.

Carol Evans, Hampshire,

No. It is the LOVE of money that is the root of all Evil.

Roger Ferguson, Prenton,