Take advantage of recession says Ainscough
CRANE hire tycoon Martin Ainscough has urged entrepreneurs to use the recession to their advantage.
Addressing leading business people at the Ernst & Young Entrepreneur of the Year award in Manchester, Mr Ainscough described how a mixture of patience, hard work and opportunism took his former business, Ainscough Crane Hire from a small regional player to the UK market leader.
Two years ago he and his brothers James and Brendan sold the company to a Bank of Scotland-backed management buyout for £255m
He said: “Recessions are a time when entrepreneurs shine because they look for opportunities and look for weaknesses in their competitors.It’s maybe an unconventional thing to say, but recessions are a great time for true entrepreneurs.
“It;’s a time to make yourself better than your competitors. You have to be patient and stick through things in the long term, even when it’s tough – and the early 1990s were difficult.”
He revealed that he could have sold Ainscough Crane Hire to a US private equity firm for £5m more than the Bank of Scotland-backed deal, because “Northern Rock had just happened and £255m was sure money and we didn’t want to take the risk. “
Mr Ainscough, who has now has interests in private equity, property development and land, said for him being in business was not about “chasing the dollar/”
“It’s about doing the deal and being in business. If you concentrate on being very, very good at what you do the money will come.”
He urged business people to give their time or money to the Prince’s Trust: “It is a fantastic way of putting something back into the community. My desire with theses young people is to give them the same sort of chance that I did.”
