The OP asked for "a quick way", so here is my one-liner:
perl -ape 'substr($_,0,length $l) =~ tr/ / /c if $F[0] eq $l;$l=$F[0]' + <<END GEORGE 21 GEORGE 45 NICK 12 PETER 27 JIM 18 JIM 87 CHRIS 33 END
prints:
GEORGE 21 45 NICK 12 PETER 27 JIM 18 87 CHRIS 33
On review, I see that my solution is practically the same as CountZero's $saved_name algorithm, but needs no pre-calculated size for the 'name' field.

In reply to Re: Any hints on how to do this? by Util
in thread Any hints on how to do this? by Anonymous Monk

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