Latest news with #HomeServe
Daily Mail
3 days ago
- Business
- Daily Mail
How To Make A Billion In Nine Steps by Richard Harpin: Guide to making your first billion
How To Make A Billion In Nine Steps by Richard Harpin (Piatkus £22, 240pp) As it happens, I do quite fancy being extraordinarily wealthy. I briefly toyed with the idea of reading Ten Steps To Making A Million but entrepreneur Richard Harpin's book promises more money in fewer steps. This is an interesting read. Harpin, 60, displayed entrepreneurial skills when still a Newcastle schoolboy, selling conkers to friends. Another business he started as a youngster, tying fishing flies for anglers, was so successful that when he sold it, straight after university, he made enough money to buy a car and put down the deposit on his first house. He worked in marketing for Procter & Gamble for a few years and then he and a friend, Jeremy Middleton, set up HomeServe with £50,000 in 1992. HomeServe, which provides home emergency repair cover, was sold in 2023 for £4.1 billion. His first lesson is that you have to 'copy and pivot'. In business, copying is good. There's no point in reinventing the wheel. HomeServe was a copy of a water company's plumbing insurance offer and a pivot from his loss-making emergency plumbing business. Similarly, in his earlier days, when he realised that the feathers he used to make his flies could be used to make earrings, he pivoted, calling the business 'Hookers'. Is it better to enter a marketplace in which there are no competitors? Harpin argues that it's a good thing if there is a competitor: 'It proves my idea is already working and there is potential for growth.' He also places great store in coaches and mentors. People think successful business people to be visionary loners but Harpin values advice. He's not above showing off occasionally. When he had set his mind on hiring a particular executive, he flew her from Buenos Aires to Miami 'and put on quite a show, hiring a big motorboat, and even a helicopter so I could fly her around Miami and over Gloria Estefan's house'. Oh, yes, he flies helicopters. Remember when Rishi Sunak was prime minister and flying around the country in a chopper? Sometimes he was using Harpin's. However, he doesn't gloss over his mistakes. In the very early days he and Middleton were operating on maxed-out credit cards and had bailiffs on the doorstep. Harpin also discusses the fact that HomeServe fell foul of the Financial Services Authority (now the Financial Conduct Authority) and was fined £30.6 million. He even quotes colleagues' criticisms of him. 'A lot of his ideas are good, but they're mixed in with a good amount of garbage,' says one. He eats, sleeps and breathes business. He listens to books at 1.4 speed so he can get through them quicker, and spends two hours on a Sunday evening planning the week ahead and reviewing the previous one. What this book is not is a get-rich-quick manual. The truth is – and we all know it really – that there is no magic formula. You need a great business idea and you need the sort of drive and resourcefulness that Harpin has in spades. He even suggests that half of all entrepreneurs are born rather than made. Some of us are never going to be billionaires, no matter how many books on the topic we read.
Telegraph
5 days ago
- Business
- Telegraph
‘I gambled my last £10k to set up my company, and sold it for £4.1bn'
In this series, Telegraph Money speaks to millionaires to find out how they made their fortunes. How did you make your first million? If you'd like to share your story, email money@ Running rabbit kennels, selling conkers, becoming a magician: Richard Harpin's entrepreneurial prowess began in primary school, with each path yielding its own particular charm. 'I don't think I ever had a long-term plan other than: I do want to one day run my own proper business,' the 60-year-old reflects. 'I'm looking for that big idea.' It's fair to say that he got there in the end (and then some), selling HomeServe, his home assistance service business, to a Canadian asset management firm for £4.1bn in 2023. The sale has prompted the writing of his upcoming book, How to Make a Billion in Nine Steps. Part memoir, part business toolkit, it charts the wins and inevitable failures that made HomeServe a multi-billion pound British success story, and secured Harpin a spot on the Sunday Times Rich List with an estimated personal wealth of £700m. Harpin never set out to make so much as £1m, he says. Born in Huddersfield and raised in Northumberland, business was just part of who he was. 'As a boy, I built businesses the way my school friends built Airfix kits,' he says. The most successful of these was a fly-tie fishing company he started in his teens, which had staff in Kenya and Newcastle, where Geordie housewives would package the goods. It gathered enough profit for a car and a 10pc deposit on his first house by the time he left university. He later landed a graduate role at Procter & Gamble, working as a brand assistant for Fairy Liquid (the reason, he says, that his hands remain soft even now) – but doing a day job alone didn't cut it. Harpin began shifting Christmas trees in pub car parks to make extra cash. Once other vendors who were paying rental rates realised he was selling his wares without such costs, however, they complained, and Harpin was left with a vast – and dying – inventory. 'I lost a couple of my selling sites and ended up with about 1,000 trees that I wasn't going to be able to sell, so I got up at 4am and sold them at the fruit and veg market every morning,' he says. 'I managed to get rid of every tree and worked so hard. [I] made no money that year, but [it was] a big learning point.' Another would come a few years later. He had met Jeremy Middleton, who would become his business partner, at Procter & Gamble in the early 1980s, with the pair going on to start up a lettings agency, ironing service and decorating company along with a string of other ventures. They egged each other on in search of the 'big idea' and undertaking the unusual strategy of attending prospective staff's homes to interview them, so they could eye up their kitchen table (with a view to choosing an employee based on one they wanted to work from). Their first member of staff was hired on that basis; their weekly tête-à-têtes and meetings with prospective renters were held at that kitchen table, too. Pivoting to property management gave Harpin his next step – a home repair and maintenance business, funded by his and Middleton's life savings. But trouble struck when FastFix (then renamed A1 FastFix, to get it to the top of the Yellow Pages) expanded. They had secured investment from South Staffordshire Water. 'I thought that we'd get economies of scale and therefore the business would get to profit – it didn't,' Harpin says. 'The losses got bigger because it was the wrong model, so I became increasingly unconfident, and thinking: 'how am I going to find a way through this?'' The business lost half a million in its first year, leaving Harpin down to his last £10,000. Even Middleton told him: 'You've got to admit your life's dream of becoming a successful entrepreneur is over, you better go back and work for Procter & Gamble.' He had other ideas. With that final chunk of cash, he devised a new company, inspired by the plumbing insurance cover he had seen offered by Sutton Waters, a water company in Surrey. He mailed an offer for an equivalent service to 1,000 of his customers, 38 of whom sent back a cheque for £50. 'That was the magic moment. I got on my desk in front of those 23 [staff] who thought they were going to lose their job,' he says. He told them: 'We made it.' Harpin was convinced that if this take-up rate within 1,000 households could be replicated at scale across 100,000 households, the business could work millions of times over. By the end of the company's second year, it had more than 100,000 customers pumping turnover up to £3.67m, that first-year loss becoming a profit of £700,000. The following year, with an affinity partnership signed with Anglian Water, turnover had doubled, doubling again by the end of the 1997-98 financial year to £14m. Harpin is loath to dwell on the negatives in his business past – which may well include the £30m fine HomeServe was issued by the Financial Conduct Authority (FCA) in 2014 for mis-selling insurance policies and failing to properly investigate complaints. 'Mistakes are fuel,' he believes. 'I'm resilient and determined, and I knew that I'd find a way through because that was my life's dream, and nobody was going to stop me.' According to Harpin, 50pc of entrepreneurs are struck by their big idea later in life, while '50pc of entrepreneurs are born entrepreneurs, and that was definitely me'. That hardwired drive explains why Harpin isn't sitting back and enjoying the spoils of his sale. He stayed on for two years as non-executive chairman of HomeServe (he says sacking himself as CEO was 'the best business decision I ever made'); has invested £150m of his own cash into different ventures – including a Yorkshire pub, and Checkatrade. He's also acquired a business magazine and podcast, written a 25-year business outline (HomeServe's chairman told him: 'I don't know of anybody else in the whole world that, after they've just sold the business, would have then written a career plan for the next 25 years'), and written the book. He is also on a mission to double the number of large companies in the UK, which he believes is a vital step in stimulating the economy. Taking his foot off the pedal is clearly not on the cards for Harpin, who was a major Conservative party donor until earlier this year (he'd given the party more than £3.5m since 2010; Rishi Sunak used Harpin's helicopter for campaign stops ahead of last year's election). He will not be spending his days troubling local golf courses or seeking out 'sun-drenched tax exile,' but instead splits his time between homes in Marylebone and a property close to York, spending non-work hours on pursuits like half marathons and triathlons with his children, skiing, and going on a selection of bucket list holidays. I ask Harpin what the word 'retirement' means to him. 'Death,' comes the response. 'The day that I die will be the day that I've retired.' 'How to Make a Billion in Nine Steps' is out now.
The Sun
06-07-2025
- The Sun
15 danger zones around the home you must check NOW before you go on holiday – or risk being hit with £390 costs
NOT going through these 15 checks before you go on holiday could land you with a huge bill. It's easy to get caught up in the excitement of heading off on a break. 1 But research by BOXT has found one in Brits have returned home to be hit with an unexpected home emergency - with the average repair bill totalling a massive £390. Some of the common culprits include break-ins, boiler problems, mould, flooding and fires. If you want to avoid being landed with a hefty bill, these are the 15 things you should be checking for before you head off on your travels. Check for fire risks An estimated 35,000 house fires happen in the UK every year. Here's how to protect your home while you're away. Look at your electricals Electrical fires are one of the most common causes of house fires in the UK. You're particularly at risk when you go away on holiday, and the main culprits are often tumble dryers, chargers and toasters. Sam Starbuck, home expert at HomeServe, says: "It's worth unplugging things like TVs, audio systems, Wi-Fi routers, kitchen appliances like coffee machines and toasters, dishwashers, and washing machines, all of which can use power when on standby and, in some cases, cause an electrical fire. "Fridges and freezers can usually be left running, unless you're going to be away for an extended period. Just make sure they're working properly before you go." You should also check for overloaded plug sockets and ageing wiring. Move mirrors and glassware Another fire risk is sunlight reflecting off everyday items in your home. Avoid putting magnifying mirrors, mirrored display trays or even glass ornaments near windows as these can concentrate sunlight into a beam hot enough to ignite curtains, furniture or carpet. Kara says: "Before you head off on holiday, it's worth doing a quick sweep of your home to make sure anything reflective is moved away from window ledges or sunlit spots. "It takes just a minute to reposition a mirror, but the damage from a fire could be devastating." Don't leave things charging You should avoid leaving electronics to charge while they're away, especially ones with lithium-ion batteries. This type of battery can be found in most rechargeable devices such as power banks, e-bikes, vapes and smart watches. If left unattended they can overheat and start fires. Kara says you should always store these types of electronics in a cool, dry place away from direct sunlight and flammable materials. Never throw these devices in the rubbish or your standard recycling bins, as these batteries can ignite if they're crushed or damaged. Check your curtains You should avoid draping curtains or blinds over radiators or plug sockets, as this can also create a fire risk. Thief-proof your home Another major risk while you're away is falling victim to a break-in. These are the steps you can take to try to prevent it... Safeguard your garden Stop thieves from being tempted to steal from your garden by storing your tools and equipment in a locked shed or garage. You could also add certain features like a gravel pathway to deter intruders as the sound of footsteps crunching on gravel could alert homeowners. Plus, planting thorny bushes near your fences can act as a natural barrier. Secure your doors and windows Mark Hodgson, chairman of Tremark and vice president of The Association of British Insurers, says you should invest in high-security door locks. You could also consider installing deadbolts. Don't forget about your windows too - you can upgrade your window locks to make it harder for people to enter. You could also apply security film to your windows to make them shatter-resistant. Mark your valuables You can use UV light to mark your valuables and it won't show up under normal lighting. "This technique not only makes it easier to identify stolen items, but also signals to potential thieves that the property is traceable, serving as a strong deterrent," Mark says. "Items such as electronics, tools and expensive garden equipment should be labelled accordingly." Get a security camera Installing a security camera or doorbell device can serve as a deterrent for thieves. Plus, it can let you monitor your home while you're away. You might even be able to use a "decoy" security camera that looks genuine but isn't operational. Avoid plumbing and boiler disasters If you're way from home for a while, it can cause issues with your heating and plumbing. Here's what to do to prevent it... Switch your boiler to 'holiday mode' Some boiler systems have a "holiday mode" or "away mode" that you can use when you'll be out of the house for a few days or more. The setting turns off your central heating to conserve energy but keeps essential heating functions such as frost protection and minimal hot water circulation active. This can stop you having issues like frozen pipes or stagnant water while also saving you from wasting energy. Adam Knight, lead engineer at BOXT, says: "Running the boiler for a short period could help prevent components from sticking or seizing, particularly if you're away for extended periods of time." Turn off your stop tap If you're going away for more than three days, you should make sure to switch off your water supply. This can protect you against surprises such as damp, floor damage or burst pipes. The stop tap is usually located under the kitchen sink but it might also be in a kitchen cupboard, a downstairs toilet, a utility room or garage, basement, or under the stairs. Turn the tap clockwise to switch off the water supply and anti-clockwise to turn it back on again. Make sure you always turn slowly and gently to avoid damaging the valve. Avoid pesky pests The last thing you want is to come home to a pest infestation. You'll want to make sure you do these things... Get rid of food scraps Rats and mice can do a surprising amount of damage to your home - and they love finding food scraps in bins or crumbs under the sofa. Kara Gammell says: "Rats can gnaw through almost anything, including concrete and metal. "They've been known to cause flooding by chewing through pipes." You can avoid this problem by clearing away clutter, getting rid of food scraps, keeping your bins tightly shut and sealing up gaps and holes in your home. Protect your car too Rats can also nibble their way through car engines and fuel hoses and damage headlights. Make sure you park away from rubbish or food sources and use a garage if possible. Also keep your car's interior clean and food-free. Prevent mould Another common issue that can happen while you're away is mould growth. Here are the areas you should keep an eye on... Bathrooms This is perhaps the most obvious area where mould can grow. Check your bathroom for any signs of mould starting to appear before you go, such as black, green or white patches on your walls. Another tell-tale sign is a musty smell. Washing machines Hudson Lambert, mould expert at Dryzone, says there are plenty of "less obvious" hotspots for mould that you might not think to check. For example, if you're washing your clothes at lower temperatures (below 40C) then mould can survive in your machine. Make sure to regularly wash your washing machine and check for signs of mould before you go away. Mould behind furniture can be caused by condensation on the wall.
Daily Mail
06-07-2025
- Business
- Daily Mail
My top tip for how YOU can become a billionaire: Serial entrepreneur RICHARD HARPIN reveals the key secret to business success (and it even saved his local pub)
Richard Harpin is on a mission. The founder of HomeServe built his domestic emergency repairs business into a £4 billion FTSE 100 company. Now he wants to inspire other entrepreneurs to do the same. 'I'm a great believer that you should share secrets,' says the self-styled angel investor.
Daily Mail
05-07-2025
- Business
- Daily Mail
Serial entrepreneur Richard Harpin says copying is the secret of business success
Richard Harpin is on a mission. The founder of HomeServe built his domestic emergency repairs business into a £4 billion FTSE 100 company. Now he wants to inspire other entrepreneurs to do the same. 'I'm a great believer that you should share secrets,' says the self-styled angel investor. His quest is to 'double the number of large companies' in the UK by providing small and medium-sized firms with the money, advice and networking opportunities that they need in order to grow. A consummate marketer, Harpin has used a big chunk of the estimated £500 million he made from the sale of HomeServe to Canadian buyout group Brookfield in 2023 to back businesses 'that have copied a proven model and are improving on that'. His investments include Easy Bathrooms, which is modelled on rival kitchen and bathroom retailer Howdens; a fitness club chain in Spain that Harpin says is 'a twist on PureGym' in the UK; and Passenger, a British version of US outdoor clothing business Patagonia. So it is no surprise that in Harpin's new book, How to Make a Billion in Nine Steps, he lists copying as his top tip. He describes how HomeServe succeeded because 'we constantly learned from others – especially our competitors – and adapted proven ideas to create even better solutions' for customers. For Harpin, being the first to introduce a product or service, or to enter a new market, may bring some advantages, but it is no guarantee of long-term success. He prefers what he calls 'second-mover advantage', noting how streaming giant Netflix began life by copying Blockbuster's video rental model. 'They copied what worked from Blockbuster, and then assessed what the market wanted and how the business could be improved.' The rest is history. Blockbuster went bust, whereas Netflix is worth more than £400 billion. 'We are taught at school that copying is bad,' Harpin notes. 'This is not true in business. Taking credit for someone else's work is bad, obviously, but copying is simply how we learn.' He put this philosophy to good use when he stepped in to save his local village pub in 2013. 'I never wanted to run a hospitality venue, but it's different when you're helping your own community,' he explains. Set in a Grade II-listed building, The Alice Hawthorn is the last pub in Nun Monkton, a picture-postcard village off the beaten track in north Yorkshire with reputedly the tallest maypole in Britain. Like many pubs, it had fallen on hard times and was reduced to serving ready meals before Harpin stepped in with a £525,000 rescue. But with no experience of owning a pub, he struggled at first. 'It took me ages to find the right people to run it,' Harpin recalls. He lent a neighbour £50,000 to run the 172-year-old pub rent-free, but he lost all of the money. A couple who ran a restaurant in York were hired, only to discover they couldn't be in two places at once. Their chef, who took over the pub with his daughter, also couldn't make it work. 'I had to find a proven leader with skills I didn't possess, give them equity in the business and proper accountability, and set them free to make their own decisions,' Harpin recounts. Backed by what he calls 'an uneconomic amount of money', a husband-and wife team have finally transformed the pub's fortunes. But as co-owners with Harpin, they didn't invent a new business – they copied what they saw. Harpin and his family toured the Cotswolds to assess other pubs and hotels, and were inspired by The Wild Rabbit, an inn in Chipping Norton created by Lady Bamford of the JCB diggers dynasty. A dozen Scandi-style guest bedrooms were built, the pub was renovated and the restaurant was turned into an award-winning diner serving superior food. Named after a champion 19th Century racehorse, The Alice Hawthorn is in the Michelin Guide 2025 as one of Yorkshire's best pubs. But Harpin is not aiming for a Michelin star – if only to 'avoid the disappointment of losing one', he quips. The formula seems to be paying off. The Alice Hawthorn now makes around £30,000-£40,000 a month. 'That will never be a sound return on the £5.5 million I've put in,' Harpin says, but he thinks it's been worth it. 'I believe people who've made their money should stay in the UK, pay their capital gains tax and give something back to the community,' he adds. Of course, he is not alone in this type of venture. Fans have flocked to Jeremy Clarkson's renovated Cotswold pub, The Farmer's Dog, after it featured in his hit Amazon Prime TV show about the perils of running a farm. Like Clarkson, Harpin is a Yorkshireman who readily admits to being 'tight' with money. But he is happy to subsidise the beer on tap. The last thing he says he wants to hear from local farmers is: 'They've put the price of a pint up, so I'm not going to The Alice Hawthorn because it's too expensive.'
