Categories: People

Business Man Buys Bank That Rejected His £10,000 Loan Application 17 Years Ago

They said he was “too young and inexprienced.”

Businessman Adam Deering bought a bank building in Urmston, England.
17 years ago, the same bank rejected him when he applied for a business loan worth £10,000.
He was penniless at the time but is now one of the most respected and most successful businessmen in the UK.

Adam Deering is a successful businessman in his own right. At 39 years old, he leads five multi-mullion businesses in the UK including personal insolvency provider Hanover Insolvency Limited and funeral firm Pride Planning where he is respectively CEO and chief operating officer.

Unknown to some, however, he also had his share of struggle and rejection when he was just starting out. 17 years ago, he approached a bank for a £10,000 ($12,800) business loan and they outright turned him down. The reason? They considered him “too young and inexperienced.”

Adam reflected:

“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 was devastated when she told me I was too young and inexperienced and there was no way they could take a risk on me.”

You see, Adam used to be a salesman and used his last salary to rent a tiny office space in Stretford, Greater Manchester. So with his application disapproved, he had to spend four months “old calling possible clients “from the floor.” He got a phone through credit and he couldn’t even afford to buy a table and a chair at the time.

Despite the hardships, he continued working hard and in 2014, he was able to sell his debt management company for a whopping £5 million.

Fast forward to the present, Adam has decided to buy the bank’s building in Urmston, England for £450,000 ($580k) which he plans to turn into eight apartments and a retail unit.

Adam said:

“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.”