Mirror
A businessman who became so wealthy he bought Clacton Football Club has spoken out of his downfall – which took him from £5million to claiming benefits in the space of a decade.
Jeff Dewing, now 57, quit his day job as an air conditioning manager to start a business in 1992.
The former engineer, who says he was incredibly passionate about his job, had spent the past year building a smart database system for his current employer, all in his own time.
“I spent a month’s mortgage on a computer to build the software and it was a complete game-changer for them,” Jeff, 21 at the time, said.
But when Jeff asked for £900 back to cover the costs of his computer, the company declined.
“I needed that money because I was behind on my mortgage, but despite taking all my hard work, they refused to pay me,” Jeff, who left school at 16 with three GCSEs, said.
So I walked away and started my own air conditioning company instead.”
That was the start of Essex Air Conditioning Ltd – and the next 10 years marked some of the best in Jeff’s career.
“I remember walking into to the bank and asking for a loan,” he recalls.
“HSBC – known as Midland Bank at the time – offered me a government-backed small business loan. They gave me £20,000.
“I teamed up with a friend, spent £10,000 on a van and a sales car and the rest on equipment. The last few thousand went on a basic wage just to cover the mortgage. The office was my kitchen table.
“And the only way was up after that.”
In his first year, Jeff’s business was forecast to turn over £110,000. In reality, it made £700,000. It was booming and demand was rising by the day.
