17 years ago, a bank rejected his business loan application. Now, he owns that very same bank.
- When Adam Deering was only 22, the bank rejected his loan request, claiming he was too inexperienced.
- Now, at 39, Mr. Deering had bought the building of the very same bank.
- The UK entrepreneur is planning to turn the property into a mixed retail and residence unit.
The businessman and influencer Adam Deering, 39, had his revenge 17 years after a bank refused to give him a loan, deeming him as “too young and inexperienced,” Elite Readers reports.
Deering, who now leads five multi-million businesses in the UK, had his share of hardships when he was making the first steps of his now-successful career path. Amongst the things that motivated him the most was the loan rejection that he received 17 years ago.
The 39-year-old Manchester entrepreneur, then 22, needed money to invest in his business idea. He approached a bank for a £10,000 ($12,800) loan. However, the bank rejected his request, claiming he was “too young and inexperienced.”
Now, Deering finally had his long-awaited revenge.
He spent £450,000 ($580,000) to buy the bank whose staff belittled his dream.
As per LADbible, the businessman 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.”
The head of five different multi-million businesses added that at the time, he would devote his whole energy to the plan he presented to the bank. But when the manager declined his request because “there was no way they could take a risk” on him, Adam was devastated.
In the months following the bank’s rejection, Deering was struggling to make ends meet. He shared:
“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.”
Despite the difficulties, Adam refused to give up on his dream. His hard work started paying off when in 2014, he sold his debt management firm for an impressive amount of £5 million.
After buying the building of the bank that rejected him, Deering plans to turn it into a mixed retail and residential unit.
The UK entrepreneur added:
“When I was turned down for the loan, it was tough but because I had a dream and I was so focused 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.”
Today Adam Deering is a widely-respected businessman who runs debt management firm Hanover Insolvency and funeral company Pride Planning, along with several other multi-million corporations.
