Businessman Adam Deering finally purchased the bank which rejected his loan 18 years back for being inexperienced.
Adam Deering, 39, was ‘poor’ when denied a loan of £10,000 by the incredulous manager of his nearby RBS branch in Urmston, Greater Manchester, in 2002.
But working from the floor of a little office – he was unable to bear the cost of a work area and office expenses – the dedicated entrepreneur grew his company from rock bottom and sold it for £5million in 2014. Presently leading five multi-million organizations, Adam recently revealed that he purchased the same bank building for £450,000.
Adam stated: ‘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.
He continued: ‘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.’
Mr. Deering spent the last business salary on leasing a little office in Stretford. His hard work and dedication totally paid off and he viewed the business prosper decade, over the next decade, before cashing in six years ago. From his life experiences, Mr. Deering inspires another motivational speaker when Adam was 14 years old he was removed from his all-young boy’s school for vandalizing a vehicle.
He will now spend £500,000 on the renovation of the bank building he purchased and will convert the entire building into a retail unit.
Adam further added: ‘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.’