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By 1979 the company had returned to profitability, achieving £3.1m on a turnover of £32m.

During the 1970s and 1980s, Reed donated 1% of its pretax profits to the Charities Aid Foundation.

Naively, I thought that was just normal, so it was quite a shock when I opened another half dozen offices and they all started to lose money.

Reed also experimented with publishing during this time.

Roundabout magazine was designed to be given away free to young women at Tube stations.

Reed’s former colleagues at Gillette provided him with his first few placements.

The firm then expanded to a second branch in Feltham.

REED also offers training, outsourcing and HR consultancy services.

The company’s website, uk, was established in 1995 and doubles as an employment website.Alec Reed used part of his flotation windfall to found Reed Business School in 1972.Alec Reed later described the flotation of Reed Employment as his greatest mistake in business, citing the administrative and financial burdens of running a public company: "Everything you may have heard about the city’s obsession with short-term performance is true..become a metaphorical unpaid greyhound on a racetrack called the stock market." Reed has said that he started his Medicare retail pharmacy business partly to help maintain Reed Employment’s stock price during slumps in the wider economy.Turnover grew rapidly but, as Reed later wrote in his autobiography: "It was not until several years later that I realised that it was not my own genius that was the key to my instant success, but being near Heathrow Airport.It was expanding fast in the 1960s and had a voracious appetite for staff.The majority of its operations are in the UK but the firm also has offices in the Middle East, Asia and continental Europe.

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