With Group Lotus near bankruptcy in 1983, David Wickins, the founder of British Car Auctions, agreed to become the new company chairman, through an introduction from his friend Mark Thatcher. Taking a combined 29% BCA/personal stake in Group Lotus, Wickins negotiated with the Inland Revenue, and then brought in new investors: merchant bank Schroeder-Wagg (14%); Michael Ashcroft's Bermudian operating company Benor (14%); Sir Anthony Bamford of JCB (12%). Wickins oversaw a complete turnaround in the company's fortunes, which resulted in him being called "The saviour of Lotus".