Man Set To Turnover £2.5 Million After Setting Up Business In Lockdown
Jack Lear, from Pembrokeshire, had ordered 200,000 costumes for his fancy dress business Bodysocks prior to the pandemic taking a grip of the UK.
The 27-year-old - who dropped out of his A-Levels as a teen - soon realised that his market was shrinking rapidly and he concluded he had a decision to make: either hunker down and wait for the storm to pass, or gamble on a new enterprise.
He plumped for the latter, investing £500,000 ($652,000) to launch BargainFox.com, an online sales platform specialising in discounted consumer goods.
He initially stocked beard trimmers but has now expanded the range to more than 50,000 different products across everything from household goods, to baby products, to sport and leisure gear.
Now, having taken the plunge in March, Jack is expecting to turnover close to £2.5 million ($3.26m).
He said: "I saw a report that Amazon had taken on 10,000 staff. They were doing well - selling costumes wasn't doing well.
"I look at Amazon and I guess that's what we're trying to aspire to.
"It was a bigger risk to do nothing at all. I would rather fail trying than sit back and watch the business die.
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"We haven't weathered the storm yet - we're still in the middle of it."
But while Jack isn't counting his chickens (cash) just yet, it is clear that setting up BargainFox.com has proven to be a shrewd move.
The company has contracts with retailers, taking customer returns and 'liquidation stock' - items that are new or 'as new', but which may have damaged packaging.
On average the thousands of items are sold for 40 percent less than the recommended retail price.
To manage his ever-growing operation, he's more than quadrupled his staff numbers to 35 and is looking to take on 12 more in the run-up to Christmas.
He said: "Lots of people were looking for work. I managed to take on the RNLI lifeguards who couldn't work as usual."
All the items sold on his site come with a 45-day guarantee and there is also a click and collect option for those who wish to pick up purchases from the warehouse in London Road, Pembroke Dock.
Summing up his typical customer, Jack said: "They don't mind a damaged box - they are interested in what is inside and that they are getting it at a heavily discounted price.''
You can visit the site here.
Featured Image Credit: Media Wales
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