Man: I’d like to introduce our studio guest, Sally Upton, who was the editor of the magazine ‘Teenage Fashion’ and is now about to produce her own magazines. Welcome Sally.
Woman: Thank you.
Man: Sally, your first idea for publishing needed a one billion pound loan, didn’t it?
Woman: It did. I wanted to buy MPC - the biggest magazine company in the UK. And the bank agreed!
Man: But in fact that deal didn't succeed, so you didn’t borrow the money.
Woman: That's right. Someone made them a better offer and then not long after I just missed another deal with a smaller company.
So, in the end I decided to see if it would be possible to find finance for a completely new company, which I’ve called Close Communications.
Man: Was it easy to find a bank to agree to the idea of a new company?
Woman: It’s harder to get financial support for starting a new company than for buying an existing one, even though I didn’t want nearly as much as a billion pounds.
I tried a lot of bankers, but none wanted to invest in us.
Man: So, what then?
Woman: Well, I got a business partner, and he suggested something really simple.
We rang up six friends we knew had money to invest, and asked them to support us, and they agreed!
Man: Well, they were good friends! And how did you recruit your staff?
I’ve heard you use quite unusual methods ...