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Man successfully bought the bank that rejected his loan application 18 years ago

His remarkable journey from financial struggle to entrepreneurial success has come full circle with this rare feat.

Man successfully bought the bank that rejected his loan application 18 years ago
Representative Image Source: Pexels | nappy

We all have to come around tough times in our life and those memories last forever. Adam Deering, who never forgot his humble beginnings, vividly remembers the year 2002 when he was financially struggling and attempted to secure a loan of around $13,093 from the RBS branch in Urmston, Greater Manchester. Unfortunately, his request was rejected because he was not old enough and lacked real work experience.

Fast forward two decades and the once financially destitute Deering is now a prosperous entrepreneur, having sold a debt management company for $6.5 million in 2014. As a symbol of the significant changes that time can bring, he has now acquired the very bank that had turned him away, denying him his initial opportunity.


 
 
 
 
 
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Currently leading five distinct multimillion-dollar enterprises, he has exacted his revenge by investing around $588,897 to acquire the physical location of the bank where the staff discredited his aspirations. Speaking to Manchester Evening News, he expressed, "I've always firmly believed that if you work hard enough to achieve your dream, then anything is possible." At the age of 21, Adam made a risky decision to resign from his job as a salesman as he believed that he could establish a profitable business.



 

However, he did not possess any financial resources then, so he needed a bank loan. He recalls, "I presented them with a comprehensive business plan and asked for $13,000, but the bank manager didn't seem to take me seriously at all." The rejection proved to be quite hard for him to cope with, but he was determined to pursue his goals with whatever little he had. Adam leased a small office space in Stretford using his final month's salary from his sales job.

Without any capital, he spent the next fourth months cold-calling people sitting on the floor of his office, as he couldn't afford a desk and a chair. During these early stages, Adam was apprehensive about paying his bills on time. However, he refused to give up on his dreams and kept at it.


 
 
 
 
 
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Through his unwavering dedication and relentless efforts, the debt management firm he started began to thrive, ultimately leading to its sales of around $6.5 million in 2014. Today, Adam is recognized as a highly esteemed entrepreneur who has successfully established a portfolio of multimillion-pound enterprises. Among his notable ventures are the debt management firm Hanover Insolvency and the funeral company Pride Planning. He leverages his rags-to-riches background to inspire others through his work as a motivational speaker.

The acquisition of the bank building in his hometown of Urmston holds deep emotional meaning for Adam. However, he has ambitious plans to transform it into a mixed-use development project encompassing retail and residential spaces, igniting excitement for the property's future. He says, "To me, buying the bank building brings things back full circle, and it shows that I was right to keep believing in myself."

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