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Businessman Who Was Refused £10,000 Loan At 22 ‘Buys The Bank’ That Turned Him Down At 39

 

A businessman who was refused a loan for being ‘too young and inexperienced’ when starting out as a young man has had the last laugh 17 years later – by buying the same bank’s building, safe and all.

Adam Deering, 39, overcame the rejection of his £10,000 ($12,800) business loan application in 2002 to build a successful debt management company, which he sold for £5 million ($6.4m) in 2014.

 

 

Now at the head of five different multi-million pound businesses, he has had his revenge after splurging £450,000 ($580k) to buy the bank premises where his dream was belittled by staff.

Adam 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.”

Adam spent the last month’s salary of his salesman job on the 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 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.

But his hard work and determination saw the debt management firm take off and he sold it for £5m in 2014.

Today, Adam is a widely respected businessman who has built a series of multi-million pound companies, including debt management firm Hanover Insolvency and funeral company Pride Planning.

He uses his rags to riches background to inspire others as a motivational speaker, while he also holds a property portfolio worth millions of pounds.

Buying the bank building in Urmston carries a degree of emotional significance, but Adam has exciting plans to turn it into a mixed retail and residential scheme.

Having spent £450,000 to purchase the premises, he will spend another £500,000 ($643k) to develop eight apartments and one retail unit.

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Hustle so hard that one day your whole life becomes a flex! 💪🏻😎 . . I remember being 19 years of age and after getting knocked back from an interview for a job at Kellogg’s I was selling Manchester United shirts out of the boot of a car and anything else I could hustle to make some money. 💰 . . My family didn’t understand and thought I was a bum, my friends were all starting real jobs and careers, girls thought I was just a loser with no future. 🤦🏻‍♂️🤷🏻‍♂️ . . They were wrong! They underestimated me! I knew who I was and I believed in me! I wasn’t a bum at all I was hustling HARD every f*cking day, I just hadn’t hit on the right wave yet! Fast forward the tape a few years and the tables can easily turn on the people who don’t believe in you! 💯 . . You see at a young age I was unruly and unemployable, I knew the only way I was ever going to get anywhere in life was by doing something for my damn self! . . Don’t ever worry about other people’s judgements. Let them be busy judging with other small minded folks whilst you are busy hustling hard for a better life!👍🏻 . . You see I believe those who judge are simply holding up a mirror to their own failures, their own insecurities, their own limitations. 💯 . . Trust me when I say this one day those very same people when they see you doing well will crawl back out and want to see you again and tell people how they know you. 🤪 . . Never ever underestimate a broke as shit kid with a fire in his belly! 🔥 He already knows where he wants to go and that’s a f*cking powerful thing! ✊🏻 . . #findtheaction

A post shared by Adam Deering (@adam_deering) on

He 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.”

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Written by PH

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