Mike Clare: how sweet dreams led to a £200m fortune

When he opened his first business selling beds, Mike Clare was delivery driver, accountant, salesman and store manager. Twenty years later, he's enjoying the fruits of his hard work.

Mike Clare decided from an early age not to become "one of those people who always talk about starting a business but never do". After leaving college at 18 he worked his way up to area manager of a national furniture chain. Then, with more than a decade working in general furniture under his belt, he decided the best bet was to specialise in a particular piece. He chose beds because, unlike, say, carpets, "people always need a bed in a recession they just buy a cheaper one".

Clare estimated that he would need £20,000 to lease a property, buy stock and hold out until sales rolled in. Unfortunately he only had £1,000 saved. So he remortgaged his house, took out a loan for a phantom kitchen refurbishment and sold his car. With £7,000 in his pocket, he approached Lloyds: "in those days it would match any figure you put down".

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James McKeigue

James graduated from Keele University with a BA (Hons) in English literature and history, and has a certificate in journalism from the NCTJ. James has worked as a freelance journalist in various Latin American countries.He also had a spell at ITV, as welll as wring for Television Business International and covering the European equity markets for the Forbes.com London bureau. James has travelled extensively in emerging markets, reporting for international energy magazines such as Oil and Gas Investor, and institutional publications such as the Commonwealth Business Environment Report. He is currently the managing editor of LatAm INVESTOR, the UK's only Latin American finance magazine.