By Tara Rippin • Published: 26 Oct 2020 • 11:42
School dropout makes £2.5m in lockdown.
Jack Lear, from Pembrokeshire, South Wales, has made a fortune after investing £500,000 setting up BargainFox.com, an online sales platform which sells cut-price goods.
The entrepreneur, 27, decided to set up the bargain business during lockdown, and is set to make a turnover of £2.5million in just seven months.
As the pandemic started, Jack was already planning for Halloween, having ordered 200,000 costumes.
His market was hit hard by the crisis, but on reading about the boom in online shopping and the success of Amazon, he decided to set up his own business.
He told Wales Online he had already committed to the big order and signed contracts, adding he had dug himself into a “pretty big hole with no market to sell them”.
“I could try and weather the storm, which is what most people have done, or I could gamble and start a new business,” he said.
So he expanded his product range. He started off with beard trimmers – in demand as hairdressers were shut – and now sells more than 50,000 different products.
He has also quadrupled his staff numbers to 35 and is looking to take on 12 more in the run-up to Christmas.
Jack admits it was a gamble, having to take out the biggest loan he could and renting the largest warehouse he could afford, but says while he is a long way off “making it”, he is well on his way.
The Welshman started out buying and selling on eBay when we was still a schoolboy and was making enough money to justify his decision to quit his A-levels.
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Tara Rippin is a reporter for Spain’s largest English-speaking newspaper, Euro Weekly News, and is responsible for the Costa Blanca region. She has been in journalism for more than 20 years, having worked for local newspapers in the Midlands, UK, before relocating to Spain in 1990. Since arriving, the mother-of-one has made her home on the Costa Blanca, while spending 18 months at the EWN head office in Fuengirola on the Costa del Sol. She loves being part of a community that has a wonderful expat and Spanish mix, and strives to bring the latest and most relevant news to EWN’s loyal and valued readers.
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