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The £1 bet that turned into a £480m fortune
03-03-2014, 01:18 AM #1
The Survivor Truthtard
Posts:5,013 Threads:522 Joined:Sep 2012
Fourteen years ago 26-year-old kitchen salesman John Roberts bet a friend in a pub £1 that he could change the way white goods like fridges and washing machines are purchased. He not only won his bet but Roberts has now joined the ranks of the mega-rich with the stock market floatation of his domestic appliance business.

Roberts is the chief executive of internet retailer Appliances Online (or AO.com as it’s now known). The Bolton-based company, which employs about 1,000 people, made its stock market debut on 26 February 2014 with a £1.2billion valuation and an initial share price of 285p.

The listing saw Roberts take home a £86million fortune from selling part of his stake in the business while the soaring share price (398p by midday on the first day of trading) leaves him with a paper fortune of more than £480 million from his remaining 28.6% stake.

The best ideas happen in the pub

http://uk.finance.yahoo.com/news/applian...45191.html

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Life is like a penny, you can spend it on what you like, but you can ONLY spend it once.


https://twitter.com/NigelLondon2014

03-03-2014, 01:32 AM #2
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
Quote: AO has stuck to its early pledge to concentrate on customer service. When rival electrical retailer Comet went into administration in November 2012 Roberts wrote a blog post for the Huffington Post in which he blamed Comet’s bad customer service, rather than cut-price online rivals, for its downfall.

“In a recession, bad customer service is simply economic suicide,” he wrote, “If anything, it was the company's poor attitude to its customers, deficient delivery service and inadequate aftersales offer that caused it to go into administration. Good old-fashioned customer service needs to be integral to any business whether purchasing in person or through the channels the latest technology offers.”

His business model is built around customer satisfaction. The idea is brilliant but a flop without serving your clientele adequately. I'll take a poor meal over poor service.
03-03-2014, 03:34 AM #3
Octo Mother Superior
Posts:43,017 Threads:1,474 Joined:Feb 2011
It's much cheaper to keep old customers than getting new ones.

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