Banking On Furniture

The recent crisis in the Banking world reminds me of a very similar crisis that started almost exactly twenty years ago, just before Christmas 1989. Personally for me, it was the best thing that ever happened, although I didn’t know it at the time. You see I was running a fairly successful interior refurbishment company. Specialising in the refurbishment of luxury properties in the west end of London; with shared offices just off Bond Street, we also managed to provide a living for thirty people.

As we approached Christmas we were aware of some rumblings in the stock market, but we were happy and confident. We had a full order book with five contracts worth several hundred thousand each, this in addition to some smaller jobs. Life felt good and that Christmas we bought all the staff large hampers. Returning to work directly after the holidays, the phone kept ringing as usual, not with more orders, this time it was cancellations. By mid January the order book was down to a few shelves in Hampstead. So began my law career, or this is what it felt like after five years of endless court cases. Some said we were foolish, spending more money to chase debts and not just declaring bankruptcy, it certainly would have been the easier option, but who then would have paid all the smaller subcontractors whose familys depended on these payments? Sleeping soundly for me is more important than easy.

It was clear, well to me at least that the this recession was deep rooted and would take at least 10 years of recovery I got, phoo-hood for this. Subsequently I was proven right and this was achieved by innovative business and not the Government as they would have you believe.

Anyway, it was 1990 and I was taking a good look at myself and what I wanted to do, I had been given a clean slate and a chance to start over. I realised that I didn’t really like what I had been doing. Contracting at this level was so confrontational and it required one to compromise on principals. I decided to go back where I’d started, to making furniture again and the way of life before I was seduced away from my bench. I thought I was going to miss the lifestyle, but as it turned out I didn’t miss it that much and I have gained so much more in the process. Now I invest my money in timber, as a matter of fact, yesterday I went to negotiate on a large Walnut tree. You know what, it feels a lot safer.