What I learned in business (that didn't kill me!)

What happens when you spend 15 years building a business, take it public—and then find yourself leading it into voluntary administration as COVID hit?

Eric Morris has experienced almost every stage of the business lifecycle.

In this episode James H Stewart sits down with one of Australia's most experienced retail executives and advisers for a candid conversation about building businesses, acquisitions, private equity, leadership under pressure and what really happens when a company enters voluntary administration.

Eric's career spans more than three decades in retail and consumer products. After working internationally with Reebok and Disney Consumer Products, he joined Myer, where he helped build its private-label business.

In 2005, Eric founded The PAS Group with private equity backing and embarked on an ambitious buy-and-build strategy. PAS assembled a portfolio that included brands and businesses such as Review, Black Pepper, Yarra Trail, Marco Polo, Metalicus, JETS and Designworks, before listing on the ASX in 2014.

Then came COVID.

In 2020, as the pandemic brought much of Australian retail to a standstill, PAS entered voluntary administration. Eric takes us inside that experience: the circumstances leading to the appointment of administrators, what the process looks like from the CEO's chair, the pressures on directors and management, the things he wasn't prepared for, and what he would do differently with the benefit of hindsight.

PAS's story didn't end there. The business was acquired by Larry Kestelman's LK Group, Eric continued as CEO, and PAS subsequently combined with Brand Collective, with Eric going on to lead the enlarged business.

Today, Eric has moved from the CEO's chair to the boardroom. Through Albany Advisory and his portfolio of board and advisory roles, he now brings the lessons of his operating career—including the difficult ones—to other businesses and their leaders.

We discuss:

Eric's early career with Reebok, Disney and Myer
Building Myer's private-label business
How private equity approached the creation of PAS Group
The acquisition strategy behind PAS's growth
What makes a brand worth acquiring
The economics of owned versus licensed brands
Taking PAS Group public in 2014
What happened when COVID hit Australian retail
The reality of voluntary administration from a CEO's perspective
The decisions Eric would make differently today
What directors should understand before their company reaches a crisis
Eric's transition from CEO to chairman, director and adviser
The lessons he now applies when deciding whether to join a board

It's a conversation about the successes that build a career—but also the setbacks that ultimately shape a leader.

DISCLAIMER
This podcast is provided for general information, education and entertainment purposes only. Nothing discussed in this episode constitutes, or should be relied upon as, legal, financial, investment, insolvency, accounting or other professional advice.The views, opinions and recollections expressed by the host and guest are their own and may be based on their personal experiences, perspectives and recollections of events. References to companies, individuals, transactions, financial performance, corporate restructurings or other events should not be taken as a complete or definitive account of those matters.
Circumstances surrounding corporate decisions, restructurings and insolvency appointments are often complex and may involve information that is confidential, contested or not publicly available. No adverse inference should be drawn about any individual or organisation from matters discussed in this episode.

Listeners should conduct their own enquiries and obtain appropriate independent professional advice before acting on anything discussed in this podcast.
Hosted on Acast. See acast.com/privacy for more information.

From Country Rd & Witchery, to Topshop TopMan Australia, to Hudsons Bay, and now the Cotswold Outdoor Group, James H Stewart sits down with someone who is already a global retail veteran.

Jamie Kristow, is the CEO of Cotswold Outdoor Group, one of the UK's leading specialist outdoor retailers and home to brands including Cotswold Outdoor, Snow+Rock and Runners Need.

Jamie's career has spanned the UK, Australia, South Africa and Canada, with senior leadership roles at House of Fraser, Myer, Country Road Group, Witchery, Woolworths South Africa, Target Australia, Sportsgirl, Hudson's Bay Company and now Cotswold Outdoor Group.

Along the way, he has experienced retail booms, corporate turnarounds, international expansion, the collapse of Topshop Australia, the transformation of department stores and the reinvention of specialist retail in an increasingly digital world.

In this conversation, Jamie shares what he's learned from leading businesses through change, why physical stores remain critically important, and how data, retail media, artificial intelligence and customer experience are reshaping the future of retail.

We also explore the remarkable turnaround of Cotswold Outdoor Group following its 2019 Company Voluntary Arrangement (CVA), the impact of COVID on the business, and what it takes to grow a retailer that has survived multiple crises.

Whether you're a business owner, retailer, investor, director or simply fascinated by leadership and transformation, this episode is packed with practical insights from someone who has spent his career navigating change at the highest level.

In this episode we discuss:
• Jamie's international retail career across four countries
• Lessons from the collapse of Topshop Australia
• The turnaround and growth trajectory of Cotswold Outdoor Group
• Why physical stores still matter in an omnichannel world
• Retail media and the next generation of customer engagement
• AI, data and the future of retail
• Sustainability, premiumisation and changing consumer behaviour
• Leadership lessons from more than 30 years in retail

If you enjoy conversations about leadership, retail, strategy, private equity and business transformation, don't forget to follow the podcast and leave a review.

Connect with James Stewart
LinkedIn: https://www.linkedin.com/in/james-h-stewart-gaicd-83b46a9/
Website: https://jameshstewart.com

Disclaimer
The views expressed by guests on What I Learned in Business (That Didn't Kill Me!) are their own and are provided for general information and discussion purposes only. They do not necessarily reflect the views of the host and should not be relied upon as financial, legal, investment or professional advice. Listeners should seek independent professional advice before making decisions based on the matters discussed in this episode.
Hosted on Acast. See acast.com/privacy for more information.

Brown Brothers is one of Australia's famous wine brands. So, What does it take to steward a family business through generations while the industry around you is undergoing profound change?

In this episode James H Stewart sits down with Angela Brown, fourth-generation shareholder and director of the Brown Family Wine Group and Sales and Marketing Director and co-owner of All Saints Estate in Rutherglen.

The Brown family's involvement in Australian wine stretches back more than a century. Today, the Brown Family Wine Group has a portfolio that includes Brown Brothers, Devil's Corner, Tamar Ridge, Pirie and Innocent Bystander, while Angela and her siblings separately own the historic All Saints Estate.

Angela shares the story of growing up in a wine family, the sudden death of her father in 2005, and the challenges of succession, governance and maintaining family relationships while running businesses together.

James and Angela explore the commercial realities facing Australia's wine sector, including falling consumption, changing drinking habits among younger consumers, low- and no-alcohol alternatives, excess wine production and inventories, pressure on grape growers and margins, climate change and the impact of geopolitical and trade disruption.
They also discuss the recently agreed Australia–European Union Free Trade Agreement and what greater access to European markets—and potentially greater competition from European wine in Australia—could mean for local producers.

The conversation goes inside the Brown Family Wine Group's multi-brand model, including how the business thinks about vineyards, sourcing fruit, different wine regions, direct-to-consumer sales, wholesale distribution, brand positioning and the role of Innocent Bystander.

It's a conversation about much more than wine. It's about succession, resilience, brand building, adapting to structural change and the responsibility that comes with handing a family business from one generation to the next.

This episode forms part of a special series produced with the support of the Family Business Association Australia & New Zealand.

Connect with James Stewart
LinkedIn: James H Stewart GAICD
Website: jameshstewart.com
Follow What I Learned in Business (That Didn't Kill Me!) on your favourite podcast platform, Instagram and YouTube.

IMPORTANT DISCLAIMER
This podcast is produced for general information, education and entertainment purposes only. Nothing contained in this episode constitutes, or should be relied upon as, financial, investment, legal, taxation, accounting, business or other professional advice. The views and opinions expressed by guests are their own and do not necessarily represent those of James H Stewart, the podcast, the Family Business Association, the Brown Family Wine Group, All Saints Estate or any other organisation referred to in the episode.

The discussion may include commentary about companies, industries, markets, government policy, international trade arrangements and economic conditions. Such matters may change over time, and information discussed was believed to be relevant at the time of recording but may subsequently become outdated, incomplete or inaccurate.
References to particular companies, brands, individuals, transactions or industry events are for discussion purposes only and should not be interpreted as an endorsement, criticism, recommendation or representation as to their current or future financial or commercial performance.

Listeners should undertake their own enquiries and obtain appropriate independent professional advice before making any financial, investment, business or other decisions based on matters discussed in this podcast.
Hosted on Acast. See acast.com/privacy for more information.

The “Mick Jagger of US bankruptcy”. That's Jamie Sprayregen's nickname, and after more than 35 years at the centre of some of the world’s biggest corporate crises, it’s not hard to see why.

Jamie built the restructuring practice at Kirkland & Ellis into a global powerhouse, advised on landmark restructurings including United Airlines and the City of Detroit, spent two extraordinary years at Goldman Sachs as the Global Financial Crisis unfolded, and was named by the National Law Journal as one of the decade’s most influential lawyers.

After leaving Kirkland in 2024 and joining Hilco Global as Vice Chairman, Jamie has now returned to law as Co-Head of Restructuring & Debt Capital Solutions at Paul, Weiss.

Jamie discusses the inside story of some of America’s largest bankruptcies, what he witnessed during the Global Financial Crisis, why Chapter 11 remains such a powerful restructuring tool, and how private credit, cross-border insolvency and AI are changing the profession.

After decades advising CEOs, boards, creditors and investors when billions of dollars — and sometimes thousands of jobs — are on the line, Jamie also shares what he has learned about decision-making, negotiation and the human side of corporate failure.

Connect with James H. Stewart
LinkedIn: https://www.linkedin.com/in/james-h-stewart-gaicd-83b46a9/
Website: https://jameshstewart.com
Follow What I Learned in Business (That Didn’t Kill Me!) on Apple Podcasts, Spotify, YouTube and your favourite podcast platform.

Disclaimer
This podcast is provided for general information and entertainment purposes only. Nothing discussed in this episode constitutes, or should be relied upon as, legal, financial, investment, insolvency, restructuring or other professional advice.The views and opinions expressed by the host and guest are their own and do not necessarily represent the views of any current or former employer, client, firm, organisation or other person with whom they are or have been associated.

The discussion of companies, restructurings, insolvencies, litigation, transactions and other matters is based on publicly available information and the participants’ personal perspectives and recollections. References to allegations, disputes or claims should not be taken as findings of fact or wrongdoing unless expressly stated as such. Some matters discussed may have involved contested facts, confidential information or subsequent developments that are not addressed in this episode.

Listeners should undertake their own enquiries and obtain appropriate independent professional advice before making any business, legal, financial or investment decision.
Hosted on Acast. See acast.com/privacy for more information.

Why do some iconic businesses survive disruption while others disappear forever?

In this episode James H Stewart sits down with Ian Fredericks, CEO of Capital Solutions (Americas) at Hilco Global, Global Head of Data & Innovation, and one of the world's leading experts in corporate restructuring, distressed investing and retail turnarounds.

Having advised on some of the largest retail restructurings in the United States, Ian provides a rare insider's perspective on what really happened behind the collapses of Circuit City and Toys "R" Us, and why many great companies fail long before they run out of money.

The conversation explores the warning signs of corporate distress, the impact of leveraged buyouts, how investors identify businesses worth saving, the explosive growth of private credit, and how artificial intelligence is reshaping the future of retail.

Ian also reflects on his own journey—from restructuring lawyer to global business leader—and the lessons he's learned from helping businesses navigate their toughest moments.

In this episode we discuss:
• Why Circuit City and Toys "R" Us ultimately failed
• The role debt plays in corporate collapse
• What turnaround investors look for in distressed businesses
• The changing dynamics of the U.S. retail market
• How Amazon, Temu and Shein are reshaping consumer behaviour
• The rapid rise of private credit and what it means for business
• Practical applications of AI in retail and data-driven decision making
• Leadership lessons from decades of restructuring and business transformation

Whether you're a business owner, retailer, investor, lender or simply fascinated by how companies succeed and fail, this episode offers practical insights from someone who has spent his career helping organisations navigate uncertainty.

Connect with James Stewart
LinkedIn: https://www.linkedin.com/in/james-h-stewart-gaicd-83b46a9/
Website: https://www.jameshstewart.com

Disclaimer
The views expressed by guests on What I Learned in Business (That Didn't Kill Me!) are their own and are provided for general information and discussion purposes only. Nothing in this episode constitutes financial, investment, legal or professional advice. Listeners should obtain independent advice before making any business, financial or investment decisions.
Hosted on Acast. See acast.com/privacy for more information.