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Rags-to-riches: Man buys bank that turned down his PHP600K-business loan 18 years ago

A 39-year-old business tycoon has managed to bring things back full circle after buying the building of the bank that refused to give him a loan when he was still young and ‘inexperience’ 18 years ago.

Adam Deering went to his local RBS branch in Urmston, Greater Manchester, in 2002 to seek financial loan worth 10,000 pounds or Php629,000 for his start-up business. However, he said his loan was turned down by the bank manager. At that time, he was only 21 years old.

He told the Daily Mail UK: “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.”

Determined, he turned his business plan into a reality. But it did not come easy. He rented a small office with no proper office tables for months.

“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,” he narrated.

Deering managed to grow a debt management company from scratch, and in 2014, he sold it for £5million (PHP285 million).

Now that he’s leading five multi-million companies including a debt management firm and a funeral company, Deering was able to purchase the bank’s building for £450,000 (PHP25.6 million).

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Big thanks to @ladbible for writing this story. 🙌🏻 . . So last week I bought the bank building where I got knocked back for a loan at 21 years old! 🙌🏻😂 . . So when I was a broke ass 21 year old I had a dream to work for myself and setup my own business! 👍🏻 . . I created a business plan, made an appointment with the bank manager to speak about setting up and account and getting a business loan, before I went into the bank I prayed as I had zero cash and had no idea how I would realise my dream without it. 💯 . . I sat down with my fingers and toes crossed and the woman who was the bank manager took my business plan went through it quickly and in a really patronisingly tone said the problem is Adam you are a bit young and you have no business experience. This isn’t something we can do at this stage. 🤦🏻‍♂️😫 . . My heart sank, I felt humiliated, frustrated and sad. I had no plan B. 💔 😢 . . I had already quit my job and had managed to scrape enough money together to pay the first quarters rent and I got a phone-line off BT which was on 30 days credit terms. . . I didn’t have any money to buy a desk or chair so as a result I spent 4 months on the floor with the phone off BT and the Thompson Local. 😊 . . No marketing budget, no Google or Social media to even advertise in, just a burning desire to succeed! 🔥 . . So I bought the bank building where they declined me for the £10K business loan! 🙌🏻 . . For me this was a great day! 🤩 . . Remember your current situation is never your final destination! ✊🏻💪🏻 . . #findtheaction

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He is planning to have the building renovated and convert it into eight apartments and a retail unit.

“To me, buying the bank building brings things back full circle and it shows that I was right to keep believing in myself,” the businessman said.

Staff Report

The Filipino Times is the chronicler of stories for, of and by Filipinos all over the world, reaching more than 236 countries in readership. Any interesting story to share? Email us at [email protected]

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