Businessman turned down £ 10,000 loan to 22 bank purchases who turned it down
A businessman who was refused a loan because he was “too young and inexperienced” when he started out as a young man had the final say 17 years later – by buying the same building from the bank, safe and all.
Adam Deering, 39, overcame the rejection of his £ 10,000 ($ 12,800) business loan application in 2002 to create a successful debt management company, which he sold for £ 5million ( $ 6.4 million) in 2014.
Now at the head of five different multi-million pound businesses, he got his revenge after spending £ 450,000 ($ 580,000) to buy the premises of the bank where his dream was belittled by staff.
Adam said: “I have always firmly believed that if you work hard enough to make your dream come true, then anything is possible. I quit my job as a salesperson at the age of 21 because I knew I had in me to build a successful business, but I didn’t have a dime in my name so I needed a bank loan.
“I presented them with a full business plan and asked for £ 10,000, but the bank manager didn’t seem to take me seriously at all. I had put my heart and soul into the business plan and remember crossing my fingers under the table as I nervously waited for the manager to go through it.
“I was devastated when she told me that I was too young and inexperienced and that there was no way they were taking a risk on me. Without the money, I spent four months calling people from the floor of a small office because I couldn’t even afford a desk and chair.
“Those first few months have been so difficult, not knowing if I was going to be able to make it work and not knowing if I would be able to pay my bills. There were many times that I thought it was the end, but I refused to give up and it paid off. “
Adam spent last month’s salary from his sales job on rent for a small office in Stretford, Greater Manchester.
He was determined not to be defeated by the rejection of the loan from the bank, which had a branch in Adam’s hometown of Urmston, Greater Manchester.
Using a phone he got on credit, he used a phone book to cold-call potential clients while he sat on the floor of his cramped office for the first four months.
But his hard work and determination got the debt management company off the ground and he sold it for £ 5million in 2014.
Today Adam is a well-respected businessman who has created a series of multi-million pound companies including debt management firm Hanover Insolvency and funeral company Pride Planning.
He uses his rags to the rich to inspire others as a motivational speaker, while he also holds a real estate portfolio worth millions of pounds.
The purchase of the bank building in Urmston has some emotional significance, but Adam has exciting plans to turn it into a mixed retail and residential project.
After spending £ 450,000 to buy the premises, he will spend an additional £ 500,000 ($ 643,000) to develop eight apartments and a commercial unit.
He added: “Building a business from scratch is certainly not easy and there are always times when you wonder if it is going to work. The key is to stay true to your vision and keep going there will be. always obstacles to overcome.
“When I was refused the loan, it was difficult, but because I had a dream and I was so focused on making it happen, I still realized it.
“For me, buying the bank building brings the loop back and shows that I was right to continue to believe in myself.”