Man buys bank where he was refused a start-up loan 18 years ago
A man who was refused a start-up bank loan for being ‘too young’ has had the last laugh — by buying the bank building for himself 18 years later.
Adam Deering, 39, was denied a £10,000 business loan in 2002 but went on to build a successful debt management company, which he sold for £5million in 2014.
Now the head of five multi-million pound businesses, Adam has got ultimate revenge by splurging £450,000 on the premises where his dreams were once dashed.
He said: ‘I’ve always firmly believed that if you work hard enough to achieve your dream, then anything is possible.
‘I quit my job as a salesman aged 21 because I knew I had it in me to create a successful business, but I didn’t have a penny to my name so I needed a bank loan.
‘I presented them with a comprehensive business plan and asked for £10,000 but the bank manager didn’t seem to take me seriously at all.
‘I’d put my heart and soul into the business plan and I remember having my fingers crossed under the table as I nervously waited for the manager to go through it.
‘I was devastated when she told me I was too young and inexperienced and there was no way they could take a risk on me.
‘Without the money I spent four months cold calling people from the floor of a small office because I couldn’t even afford a desk and a chair.
‘Those early months were so difficult, not knowing if I was going to be able to make it work and not knowing if I’d be able to pay my bills.
‘There were lots of times where I thought it was the end, but I refused to give up and it paid off.’
After being turned away from the Royal Bank of Scotland in his hometown of Urmston, Greater Manchester, Adam spent the last of his sales salary on renting a small office in Stretford.
Using a phone he secured on credit, he used a telephone directory to cold call potential clients while sitting on the floor of his cramped office for the first four months.
Adam’s hard work and determination paid off and he watched the business flourish over the next decade, before cashing in six years ago.
His current portfolio includes debt management firm Hanover Insolvency and funeral company Pride Planning.
Adam also uses his rags to riches story to inspire others as a motivational speaker, as well as holding a property portfolio worth millions of pounds.
He will now oversee a £500,000 renovation of the former bank to convert it into eight apartments and a retail unit.
Adam said: ‘Building a business from scratch certainly isn’t easy and there are always times when you wonder if it is going to work out.
‘The key is to stay true to your vision and keep going, there will always be hurdles to overcome.
‘When I was turned down for the loan, it was tough but because I had a dream and I was so focussed on achieving it, I made it happen anyway.
‘To me, buying the bank building brings things back full circle and it shows that I was right to keep believing in myself.’
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