AO.com founder John Roberts’ rise began with pub bet
February 9, 2014 Leave a comment
February 7, 2014 11:27 pm
AO.com founder John Roberts’ rise began with pub bet
By Duncan Robinson
John Roberts founded AO.com, the online electricals retailer, after a bet in a pub.
Fed up with his job as head salesman at the now defunct Moben Kitchens, the then 26-year-old moaned to a friend about wanting to set up his own business. The friend bet him £1 he would not do it.
Fourteen years later, the business has pre-tax profits of £7.2m and is set to float at a £1bn valuation.
AO’s progress was not always smooth and Mr Roberts will regale anyone willing to listen with tales of tight cash flow situations in the noughties, or how he would make sure there was noise in the background when a client rang so that the company sounded busy.
Now 40, Mr Roberts stands to make a lot of money from any float. With about 40 per cent of the group he will be catapulted into the upper echelons of self-made men at the top of the rich lists.
It will cap a remarkable career for a lad from Bolton who left school with few qualifications. The energetic salesman has a knack for convincing people to back schemes that would make some investors blanch.
On the way up he has encouraged sales staff to send flowers to aggrieved customers and offered same-day delivery on a fridge for £30.
His competitive spirit explains his view on the IPO and how he intends to use the £60m he hopes to raise: “I’m going to the arms store and buying a huge amount of ammunition for our growth.”
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