He failed to consult the board before embarking on some of his more controversial plans. The Exchange backed down eventually, but only after reaching the writ-flinging stage and looking very silly.Number four? Mr Lawrence's decision to publish his letter to the Treasury after the generators' share sale last year, in which he came close to accusing the Government of issuing a false prospectus.Number five? His agreement to modify the Yellow Book rules governing quoted companies in the wake of the Greenbury report on top pay. In effect, say his critics, he has taken on the burden of enforcing Greenbury.His sixth black mark was less definable, but it was his inability to deal comfortably with the clubby ways of the City. Exchange members were also furious about extra costs to them from dual reporting made necessary by the reforms.Number three was the absurd row with ShareLink last autumn over its plans to introduce a rival share-dealing system on the Internet. But behind them stood a long queue of City folk only too anxious to see the blade go in.As Mr Kemp-Welch, the Exchange's diplomatic chairman, put it, there was no single reason for Mr Lawrence's sacking, but "an accumulation of incidents".

He refuses to go into details, but my soundings of City bigwigs elicit an easy half-dozen grouches against Mr Lawrence.Black mark number one was his enthusiasm to introduce an order-driven dealing system; one that does away with the need for the market-makers or share wholesalers, the Exchange's most powerful and most entrenched members.Black mark number two was his deteriorating relationship with the Bank of England over Crest, the move to electronic share registration. Mr Lawrence was chief executive of the Stock Exchange for only 23 months, but he accumulated enemies like Hercule Poirot collected clues. With hindsight, the only surprise was that he survived so long. In the end, it appears that the actual deed was done by Lord Rockley, chairman of Kleinwort Benson, and Martin Owen, chief executive of NatWest Markets, who together went to see the Exchange's chairman John Kemp-Welch last month and demanded Mr Lawrence's head on a plate. Everyone had some motive for inserting the pearl-handled dagger. THE Michael Lawrence affair is a bit like one of those Agatha Christie country house murders. It gradually unfolds that the victim was so widely loathed that suspicion falls on each and every one of the guests in the house. "He has this intense desire to prove himself to the City after what they did to him at Lynx Holdings and James Wilkes," says Mr Butterick.What sort of reception he will receive from investors, should that day ever come to pass, remains to be seen..

"But the company is moving and developing so rapidly it will be difficult for them to be meaningful."Perhaps the only way Mr Hinchliffe can bridge the credibility gap is to open up the books by floating Facia on the stock market It is certainly a long-term goal. If the big boys can't make it pay, how can he? We all give away the bad parts of our businesses and leave someone else holding the rubbish. He's obviously taking on some horrendous leases, but maybe he will prune out the bad ones."Not content with bedding down the existing stores, Mr Hinchliffe plans to push ahead by clinching even more deals "He's not going to stop here," says a Facia insider "There are other things he is looking at It won't be a chain that will cost him too much money. He's a pretty shrewd negotiator."Speculation has centred on his interest in buying another womenswear chain, and talks may resume with Sears over its Wallis subsidiary, which analysts believe is earmarked for disposal.Whatever deal Mr Hinchliffe lands, not even the filing of Facia's first set of accounts at Companies House later this year will appease his critics.

He reportedly said they will show a substantial profit but last week he seemed to be back-tracking even on that claim. "It will be interesting to see some numbers," says Mr Richards. "It's not a compulsive story."Mr McDonald is also at a loss to explain what Mr Hinchliffe is up to. "I understand he is buying businesses that are thought to be old dinosaurs. "There is no history of other retailers achieving what Facia is trying to do," argues NatWest's Mr Richards.