I found a bit more info, although it's not completely the way I remember it...

"Bill Drummond isn't a newcomer to the British music scene by any means. The short list: member of the late-'70s Liverpool band Big In Japan (with later-to-be-frontman for Frankie Goes To Hollywood, Holly Johnson). Founding partner with David Balfe of the Zoo record label (releasing early efforts by friends that included Julian Cope and Echo And The Bunnymen; Balfe's Food Records is now home base for Jesus Jones). Former manager for Echo And The Bunnymen and The Teardrop Explodes. Former A&R man for WEA records, where he signed Brilliant (June Montana, Killing Joke's bassist Youth, and a guitarist named Jimmy Cauty ;) )"