1. 20 21
I
profile
IF THE GOVERNMENT WANTS A FEW TIPS ’ve just incurred the wrath of the dragon by share in the latter for a reported £100 million in
ON GETTING YOUNG PEOPLE INTO WORK informing Theo Paphitis that, according to Wikipedia, 2006.
IT COULD DO WORSE THAN LISTEN TO A he is a staunch Liberal Democrat supporter. Today we are here to talk about his latest
DYSLEXIC BOY WHO ONCE RAN THE “Don’t be ridiculous! No way! Are you serious? venture, another lingerie brand called Boux Avenue.
SCHOOL TUCK SHOP – OTHERWISE You’re having a laugh. Who put that there? This being the third underwear company he has
KNOWN AS MULTIMILLIONAIRE Someone’s being a comedian,” he splutters, been involved in, some might say he has a minor
ENTREPRENEUR THEO PAPHITIS. KATE switching on his computer and scrolling through his obsession with women’s underwear, I suggest.
WHITE MEETS THE DRAGONS’ DEN STAR Wikipedia page. “That would, of course, be absolutely correct,” he
AS HE LAUNCHES HIS LATEST VENTURE He alights on the offending words. “What that is,” says. “But I promise you I’ve never tried to wear it
he says indignantly, “is I supported Simon Hughes at myself, on the basis that it always looks much nicer
the last election, who was my constituency MP. I on girls.”
stood up at some event and said, ‘I’d love to tell you Discussing Boux Avenue, Paphitis, who
all that I was a staunch Liberal Democrat,’ and they describes himself as “impulsive, compulsive and
all started clapping. Then I said, ‘But I’d be lying, passionate”, uses the word fantastic a lot. “Boux
because I’m supporting this man and I’m not a Avenue is a new concept, a fantastic fit-out, one
member of the party’. So how that goes from not that doesn’t exist on the high street at the moment,”
being a member of the party to … anyway, we’ll get he says. “It’s about giving fantastic services in a
that off straight away, thank you.” fantastic atmosphere with fantastic products at “They keep talking about it, but they need to
The Dragons’ Den star, entrepreneur and affordable, sensible prices.” look at how to encourage small businesses to take
businessman, who is worth an estimated £160 Paphitis set up Boux Avenue, which had a on part-timers. I know so many people who would
million, insists he is not political. “I do not do party launch party at Sketch on Conduit Street, as a love to work part-time. Working mums with great
politics,” he says. “I do have views, but depending “treat” to himself. “A lot of the businesses that I’ve skill sets, who have decided they want to be there
on what my view is, it will relate to one party or fixed were sick companies, so this time I spoiled for their children – and why not? Why not make it
another. I don’t just blindly follow one party.” myself,” he explains. “I treated myself to starting easy for them to work two, three days a week? It’s
But he does, I point out, have a Margaret something from scratch that was absolutely brand- about flexibility in the workplace. And of course you
Thatcher figurine on his desk. “Ah, she’s very special spanking new.” do lose a little bit of protection, but you can’t have it
this one,” he says, grabbing Maggie by the legs and, As well as launching a brand new business, all. It’s about getting the balance right.”
somewhat alarmingly, wrenching them apart. “This is Paphitis is currently starring in new BBC2 series Paphitis, who says he was “pretty crap” at
a nutcracker that was given to me as my Secret Britain’s Next Big Thing, which sees members of the school, insists there is no secret to making millions.
Santa from the girls in the office. I’m a big admirer of public pitch their product ideas to shops including But the self-confessed restless soul – “I’ve got ants
Margaret Thatcher, but I don’t agree with everything Liberty and Habitat. in my pants, I can’t just sit there, I’ve got to do
she did.” Despite the economic climate, Paphitis insists something every day” – attributes his success partly
Born in Cyprus in 1959, Paphitis, the second of the time is ripe to set up a new business. “It’s a to his dyslexia.
five brothers, moved to London aged nine. Running good time, but you really need to be sensible and “When we started to do O-levels at school we all
the school tuck shop at his north London true to yourself,” he says. “If you establish a got streamed, and my friends all went one way and I
comprehensive gave him a taste for business, and business in today’s market then quite honestly went another,” he says. “It was difficult – all of a
he got his first job as a tea boy and filing clerk at a you’ve got a great chance, because things are only sudden the kids you grew up with were in different
London insurance broker, before becoming a sales going to get better.” classes and because they were seeing each other
assistant for Watches of Switzerland on Bond Street. Paphitis, who has five children with his wife all the time, they got friendlier with each other. So it
Aged 21 he joined Legal and General selling Debbie and three grandchildren, is especially was a difficult time. Dyslexia wasn’t really identified
commercial mortgages, and two years later set up a animated on the subject of young people, for whom in those days, you were just labelled as thick.”
property-finance company. Spotting the potential in unemployment is currently at an all-time high. He But those hard times instilled in him the resolve
mobile phones, he bought into NAG Telecom and runs a “pracademic” degree at the University of to succeed. “I was bright and I worked hard and it
became chairman of the group. Huddersfield, where students spend the first year gave me the drive and determination I’ve got today,”
He then bought bankrupt stationery company learning about business, the second year starting a he says. “It allowed me to look at different ways of
Ryman, which has its headquarters in Lower Regent business and the third year off the university doing things, which is something a lot of dyslexics
Street, transforming it back into a profitable campus running that business. have – the ability to work round problems.”
business. He was chairman of Millwall for a time, “The idea is to teach people how to run Could the government be doing more to help
taking the football club out of administration and businesses efficiently and professionally, because 50 young people into jobs? “When I was a
famously tackling the hooliganism with which it was per cent of all new businesses fail in the first couple whippersnapper, the only reason I got my job was
then synonymous. of years,” he says. “Bearing in mind that small because the government was giving credits to
Paphitis also bought stakes in lingerie labels businesses account for 50 per cent of the UK’s companies who were taking on first-time workers,”
Contessa and La Senza, selling the majority of his GDP, if you improve those odds by ten, 15 per cent, he says. “That’s the only reason they took me on –
you’re laughing. So it’s about getting that practical they could claim me back off their tax bill. But that
Fire in education out there.”
How does he think the coalition is tackling the
debt crisis? “I think they’ve attacked it with a huge
amount of confidence,” he says. “There is a danger
that they could move into arrogance – I’m just
flagging it up. It needs to be tackled, and I can
gave me a job, gave me experience – marvellous! It
didn’t cost anything because I started paying tax, I
wasn’t on the dole. It’s not rocket science, but then
governments don’t do the simple things.”
As a whippersnapper, did he ever envisage that
he’d achieve everything that he has? “I was always
the belly
understand why they have to be confident, but you very ambitious – I would have been disappointed if I
still need to listen to the people.” hadn’t,” he admits. “That’s not arrogance. I wouldn’t
Proposals to simplify and remove a myriad of have stopped trying to achieve and I still don’t stop
regulations for companies below a certain size are trying to achieve, so nothing’s changed, basically.”
to be welcomed, he says. “It’s difficult as a small A couple of weeks later, I revisit Paphitis’s
business if you’ve only got two employees, and Wikipedia page. True to his word, the entry has
you’ve got to abide by the same laws as someone been amended to read: “He is also a supporter of
like me who’s got thousands of them. Small Simon Hughes MP Liberal Democrat Party but is not
businesses don’t have in-house accountants to deal a member of the Liberal Party. Theo Paphitis has
with the bureaucracy. stated on many occasions that he is apolitical.”
