Announcements

**Simon Kennedy** · #1 24 Feb 2007

Stephen Thompson started working as an AA patrolman in April 1985. It was, he says, his perfect job. On several occasions he was named patrolman of the year in his region. But 20 years to the day after joining, he left with a payout of just £18,000. His marriage has since broken up from the stress. Thompson, now 46, has no doubt who to blame - the private equity owners of the AA who bought the business in 2004. "I'm very angry," he says. "All they are here for is for profit making. They ripped the guts out of the AA."

If critics are to be believed many more workers will share Mr Thompson's fate if the private equity juggernaut is not checked. In the past few weeks, this burgeoning but secretive industry has been catapulted out of the shadows and into the political spotlight.

Private equity has become so powerful that a handful of firms own businesses that employ one in every five workers in the private sector in Britain. The firms are largely secretive, rarely give interviews and do not disclose who invests in their funds.

Full article: Corporate buccaneers caught in a political storm | | Guardian Unlimited Business

**andyb43** · #2 24 Feb 2007

? So why did they stop doing Carnets ?

**Simon Kennedy** · #3 24 Feb 2007

Well, as far as I can tell, because they got bought out and the new owners made back their money by stripping out every activity that did not turn a instant profit, shedding workers and goodwill left right and centre.

**moggy 1968** · #4 25 Feb 2007

time to swap my allegiance from the AA to the RAC I think, they offer a better deal anyway. If you have their highest level of cover and join the caravan and camping club they will give you european cover on any age of vehicle free (or they did a couple of years ago when I was previously a member), wheras the AA wanted £300 for a 2 week trip!