Businessman strikes it lucky with £1 punt
- Credit: Archant
A BUSINESSMAN who bought the same company twice for £1 has made a turnover of almost £500,000 in the past year.
Peter Ellis purchased Accommodation Unlimited in 2001 and 2008 and has overseen massive growth in turnover, despite the difficult financial climate.
On the last occasion, he was given just hours to decide whether to buy the company and the decision has paid off.
Mr Ellis, who lives in Wrington, now has a couple of branches in North Somerset, including Weston, and one in Bristol.
Peter said: “I think I got a great deal when I bought it for £1 as it was a good quality business.
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“I got a call to say I could have the business for £1 if I bought it that day. I picked up the keys just hours later.”
He sold the business to Humberts in 2006 but bought it again two years later when Humberts went into administration. With staff fearing their jobs might be lost, Mr Ellis stuck to his word and kept them employed.
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Mr Ellis has more than 300 properties on his books, making it one of the largest independent letting firms in the area.
Having achieved a 1,500 per cent increase in turnover, he said anyone can be successful if they put their mind to it.
He added: “I believe if you do something you are passionate about it tends to be a success.
“It’s also important to focus on what you’re good at. We decided to go back to basics and concentrate on lettings and maintenance, rather than expand our services.
“Any problems I’ve experienced have been self-inflicted. It’s very easy to believe your own publicity and fuel your business on ego.”