Joaquín Franco Muñoz, co-founder of one of the largest amusement and gaming groups in the world, died in Madrid last Monday at the age of 70.

He was one of the most outstanding members of the business world in Spain. Born in Ajofrín, in the province of Toledo, on December 29th 1938, he was one of the most enterprising businessmen in modern economic history. With no more than a basic formal education, he founded Recreativos Franco in 1975 in Madrid, together with his brother Jesús. In the 34 years that followed they presided over the Group, which is currently one of the most important in both Europe and America.

Numerous personalities of the business and public administration arenas expressed their deepest condolences on hearing the news of his death yesterday. His passing away means the loss of a great businessman, a master of the business world and, above all, of a great person. His greatest virtues include having anticipated the economic events, turning his company into something more than a mere factory, and undertaking an expansion that few business groups have succeeded in doing.

An untiring spirit working to create new models and to be side by side with operators has accompanied him until his last days.

He was founder of the Codere Group, together with his brother and José Antonio Martínez Hidalgo, father of the current CEO. It was the first gaming company to be listed with the stock exchange. The Franco Muñoz brothers founded, together with the Orenes brothers –Eliseo and Ángel– the Orenes Group, one of the most important nation-wide companies in the gaming world.

The R. Franco Group is established in the global market as a model of management and innovation, two ideas advocated by Joaquín Franco. Long gone is the era when, together with his brother Jesús, he founded Hermanos Franco with scarce resources. The first workshop was located at Hilarión Eslava street in Madrid. The Company, born as a business engaged in maintaining and operating pinball machines, is considered an example for many generations of entrepreneurs.

Joaquín Franco, together with his brother Jesús, will pass into history as one of the greatest entrepreneurs of our country, as he made a remarkable contribution towards the economic development of Spain with his company being present in more than 50 countries. He always kept an exemplary relationship with his brother, something hard to comprehend in such a high-level business environment.

He leaves a legacy of entrepreneurial experience for his brother and the rest of the family to keep on with the business started with such a tremendous effort more than 40 years ago. (E-11.11.09)

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