Dibden Purlieu : a turnaround that trebled the business
A banker by profession, Paul Patel had helped out in his father's newsagents since boyhood. In 2006, he quit banking to run the family business full-time.
It wasn't all plain sailing. To revitalise the business. he borrowed to buy new stock, causing serious cash flow problems. Through prudent financial management. he rescued the situation and paid all their suppliers.
"We stuck to only buying what we could afford."
Paul was then asked to do a presentation about business turnaround at a trade show in Manchester. where the audience included representatives from WHSmith. Afterwards, they told him about their franchise model.
"It was perfect. They're a major high street brand and, like us, strong in news, magazines, greeting cards and stationery."
Its worked out well. "In four years, I've almost trebled my turnover."