Poland’s prime minister once joked that Rafal Brzoska is “a dangerous guy”, says Bloomberg. The entrepreneur known locally as “the Locker King” is certainly a changemaker. Having revolutionised parcel delivery in Poland with its automated lockers, his company, InPost, is now planning rapid expansion across Europe – with a particular focus on the UK. In the process Brzoska, 44, aims “to steal Amazon’s parcel crown”, says The Times. One gets the impression that the pugnacious Pole is relishing the prospect of a fight.
A simple but effective idea
Brzoska’s idea is simple. “I took something as simple as a PO box… and automated it,” he says. But the result is both more efficient and greener than door-step parcel delivery. The concept has proved a hit in Poland where InPost’s smart lockers – which allow customers to open boxes by digital keypads or via an app on their phone – have become “the default delivery method”. The aim is to place the lockers within “slipper distance” (say, 350 metres) of shoppers’ homes, to prevent an unappealing trek. But the logistical advantage of banking them together is clear. “The average parcel home-delivery driver will maybe deliver 70-80 parcels during a daily shift,” says Brzoska. “Ours will do 1,000 parcels a day.”
To his admirers, Brzoska epitomises the “crafty spirit” and “sheer bullheadedness” upon which Poles pride themselves, says USA Today. He has long been “a poster child” for the nation’s startup scene. Still a child when the country’s Communist regime fell, he was swept up in the ensuing “disorienting mix of optimism and tumult” as a teenager. In 1993, his parents gave him cash to invest in the Warsaw Stock Exchange; two weeks later, the fledgling bourse nose-dived. “I lost 90% of my family’s money,” recalls Brzoska. But within years, he had rebuilt the nest egg.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
During his third year at Krakow University of Economics in 1999, Brzoska ploughed $6,000 of his own money into a bulk mail business (known as Integer) that later evolved into InPost. The company flourished so quickly that he was soon taking on Poland’s state postal service, offering cheaper delivery of phone and electric bills. In 2006, he floated the company; by 2012, it had grabbed a 35% share of Poland’s letter business and had become the fastest-growing private postal operator in Europe. Yet, within four years, “the walls were closing in on Brzoska”, says Forbes. Overstretched, “he had $65m in debt and was frantically trying to find new investors while staving off the repo man”.
The white knight that turned up – the US private-equity group Advent – was more interested in InPost’s new locker venture than its dying postal business, and the revitalised company has never looked back. Refloated in January on Amsterdam’s Euronext exchange, it was valued at €8bn, raising Brzoska’s private fortune to around $1.1bn, says The Times. The race is now on to conquer Britain, where Amazon has already installed boxes in around 5,000 locations. InPost is initially targeting denser city areas such as London, Manchester and Birmingham. The company has signed deals with Tesco, Lidl and Morrisons, to promote “twin-tripping” (shop and pick up your parcel) and with TfL for installations at London Tube stations.
Brzoska’s attitude to competition – inspired by previous fights with postal heavyweights – is bring it on, observes Forbes. “I told my team: ‘I am a Scorpio. I will survive… because Scorpios are always like this, fighting until the very end.’”
-
Divorce financial settlement fights surge – why it pays to agree terms earlyLawyers expect more court battles as tax rises and sharp falls in asset values make divorcing financially more difficult.
-
Emotional investing: what is it and how you can avoid itAre you an emotional investor? Your feelings could be damaging your long-term investments, but here's how to stay rational when the markets are turbulent.
-
Mohammed bin Salman: The new face of Saudi ArabiaUnder the crown prince Mohammed bin Salman, Saudi Arabia's de facto ruler, the kingdom has pursued ambitious reforms to transform itself into a thriving 21st-century economy
-
Can Pope Leo plug a worrying black hole in the Vatican’s finances?Pope Leo, the new head of the Catholic Church, takes responsibility not just for 1.4 billion souls, but also for a complex multinational business in deep financial trouble.
-
Doug and Mary Perkins: Specsavers’ clear-sighted foundersHelped by the deregulation of the sector in the 1980s and brilliant advertising, Mary Perkins and her husband Doug have taken Specsavers to the top of the optometry market
-
Greg Abel: Warren Buffett’s heir takes the throneGreg Abel is considered a safe pair of hands as he takes centre stage at Berkshire Hathaway. But he arrives after one of the hardest acts to follow in investment history, Warren Buffett. Can he thrive?
-
Who will be the next Warren Buffett?Opinion There won’t be another Warren Buffett. Times have changed, and the opportunities are no longer there, says Matthew Lynn.
-
Lorne Michaels: the ringmaster at Saturday Night LiveLorne Michaels created Saturday Night Live, a cultural phenomenon that launched the careers of countless stars in America.
-
'Rachel Reeves' plan to force pension funds into UK assets won't work'Opinion Hustling pension fund cash into British assets sounds like a good idea. It would be better to make Britain an attractive place to invest, says Matthew Lynn
-
Elliot Grainge: the music mogul of the TikTok age who will now helm Atlantic RecordsElliot Grainge, the entrepreneur behind the upstart music producer 10K Projects, has taken over the top job at Atlantic Records, the label synonymous with musical greats. Can he transform its prospects?
