The multi-millionaire owner of high street shop Poundland has revealed that when he sold the company for £50 million back in 2000, he gave his parents £25 million.
Not only that, but Steve Smith also revealed that he now lives off £10/£20-a-day pocket money that he gets from his wife.
The 52-year-old lives in a £6.5m 13-bedroom mansion in Shropshire with his family, but insists on living off small handouts from his wife as he ‘cannot be trusted with money’.
The self-made businessman told The Telegraph:
On a day-to-day basis my wife gives me a little pocket money. The problem with me is that if I have any cash on me, I spend it, so she’ll give me about £10 or £20 a day.
Poundland these days has hundreds of stores across the UK, but was originally started as a small market stall in the West Midlands.
Mr Smith opened his first store in West Bromwich when he was just 18 after receiving a £50,000 loan from his parents.
Clearly, Steve is a man of his word, as he repaid his parents for their start up loan with half of the company’s earnings when it sold. Which was a cool £25 million.
Speaking on the success of Poundland, Mr Smith said:
Money gives you lots of different opportunities but it’s important not to forget where you’ve come from.
Fair play to ya, Steve!