A 39-year-old businessman whose loan request to invest in his business idea was declined by a bank has reportedly bought the said bank 17 years later.
According to reports, Adam Deering was 22 years old when he needed a loan of £10,000 to invest in his business idea but the bank thought he was too young and inexperienced at the time of the request, so it refused to grant him the loan.
Despite the rejection, the Manchester businessman did not give up on his business idea; he persevered and succeeded without the bank’s help.
17 years later, the young man reportedly now leads five multi-million businesses in the United Kingdom and according to Elite Readers, he has bought the bank that refused to give him a loan to become who he is today.
He has reportedly paid a sum of £450,000 to purchase the bank, the building of which he reportedly intends to turn into a mixed retail and residential unit.
Adam Deering said taking the bull by the horns and starting his business without the help of the bank was difficult but determination made him sail through.
“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,” the successful young man recalled.