August 11, 2017
By Cara Waters
He owned some panel shops but saw the consolidation within the crash repair industry and decided to get on the front foot.
"I approached a roll up group that was listed on the ASX and I rolled my company into it," he says. "These guys mismanaged my company very badly. I was in the middle of it, I had two choices, which were to pull out and go back to being a happy panel beater or to keep it together."...
..."I called an extraordinary general meeting, I sacked the chief executive and I removed the chairman," he says.
Malone replaced the board and removed $20 million in debt by converting some of it into equity. These steps gave him room to shake up the business....
