Reuben Singh
Encyclopedia
Reuben Singh, is a British
entrepreneur, who became well known in the mid-1990s for his Miss Attitude retail chain and then later for his business support services company alldaypa.
He has held many public appointments and was invited by the then Prime Minister Tony Blair to serve on a government advisory panel on small businesses and on the Competitiveness Council. He served on the seven man government task force which was asked to review and then report on the Department of Culture, Media, and Sport. and was appointed as a founding member of the government's Small Business Council. Alongside Sir Alan Sugar and Sir Richard Branson he has also been appointed by Prime Minister Gordon Brown as one of the five UK Ambassadors for Entrepreneurship.
On 26 January 2003 The World Economic Forum
honoured him as one of the "Global Leaders of Tomorrow" (GLT) in Davos. On 13 October 2003 his portrait was included in the UK National Portrait Gallery, which houses portraits of historically important and famous British people
In May 2005 he was invited to Dubai by His Royal Highness Sheikh Mohammed Bin Rashid Al Maktoum
the Dubai Crown Prince to address an audience of over 1000 business leaders and entrepreneurs. In 2003 the MIT Boston Technology Review Magazine voted him one of the World's top Innovators in their prestigious review.
His charitable work includes working to support HRH Prince Charles Prince's Trust working with young entrepreneurs and supporting interfaith partnerships in the UK.
In early 2005 he courted controversy with a high profile court case and newspaper investigations into his business interests.
In October 2007 he was declared bankrupt on the petition of Bank of Scotland further to a dispute over a loan he had personally guaranteed, a case that lasted from 2004 till 2007. Singh was automatically discharged from bankruptcy after one year, as is standard procedure in the UK, in October 2008.
Since 2007 has adopted a much lower profile and withdraw from the media spotlight.
, an affluent village in Cheshire
.
His first business, Miss Attitude, was a retail chain which sold girls' accessories (such as hair clips, cosmetics, etc.) which opened in 1995 in the Manchester Arndale Centre.
Dozens of stores opened up across the UK, and soon there were hundreds. Early reports cited his wealth at around £10 million, all this while he was studying for his A-Levels at William Hulme's Grammar School
in Manchester.
In 1999, Miss Attitude was sold for a reported sum of £22 million, bringing his wealth to around £45 million. The buyer later claimed that the actual sum was just £1 (see Financial Controversy)
.
Soon after this company was launched, Singh's spokeswoman was claiming the company was worth £100m, although this would later be challenged due to the fact the company was in fact in massive debt. . The overinflated value of the company was symptomatic of the Dot Com Bubble, which commonly saw new companies that seemed to grow quickly then fail, revealing their exaggerated values and showing no evidence of being profitable. However in the case of alldaypa the company has over the years developed into a highly successful and profitable business.
After suffering initial losses of over £3m the company was bailed out in 2004 by Singh's Father who bought the company further to crystallising the debt owed to him by the company. The company records and the administrator's report later revealed that Singh had lost several million pounds.
Since 2004 the alldaypa has growth and the company's financial statements have recorded profits each year and has built up partnerships with multinational companies such as T-Mobile and MBNA credit card.
. He enjoyed the comparison, and stated in interviews that he aimed to beat Bill Gate's record by becoming the world's youngest self-made billionaire by the time he is 30 (although this was not achieved by September 2006 when he turned 30).
He was often pictured alongside a Bentley Continental, a £270,000 vehicle.
He has an entry in the 1998 Guinness Book of Records as the world's youngest self-made millionaire with a fortune of £27.5m (but the entry was subsequently disqualified). He has featured in rich lists such as The Sunday Times
, and Fortune, but he has not appeared in rich lists for several years since.
He made television appearances for programmes such as BBC Hardtalk and the Esther Rantzen show, and offered his services as a motivational guest speaker to give talks on how to be a success.
He also won awards for his business and entrepreneurship, such as the National Business Awards 2002, Microsoft New Business of the Year 2002, The Times 500 "Most Powerful under 30-year old in Britain", Times 500 Most Powerful Individuals as "Most Powerful under 30-year old in Britain". In more recent years, however, he has not received such accolades or appointments, and seems to have withdrawn from the media spotlight.
Singh himself told Sathnam Sanghera
of the Financial Times
that "these stories are just rumours based on jealousy and are a total misrepresentation", adding that a confidentiality clause prohibited him from discussing the matter.
He then, suffered somewhat of a backlash from the media. The Manchester Evening News
, which had previously printed positive stories about Singh, began to run negative pieces and sought to expose any discrepancies in his affairs. The paper alleged that he had used the press to his advantage, using inaccurate reports about his business prowess to further inflate his reputation as a successful entrepreneur.
MP Graham Stringer called for tighter regulations after Singh was able to gain a position on a Government advisory panel without any prior checks.
Another company set up by Singh, a health food company called Robson & Steinberg, folded after less than a year of trading, with debts of £250,000.
Questions were raised about what Singh called the 'Reuben Singh Group of Companies.' According to Singh, these were 12 trading entities dealing in currency trading, property, retail and construction. However a search in the Britain, Companies House
listed only two British companies with any net assets of £1000 and £100. The other five British companies that Singh was listed as director had never filed any accounts but concern was raised on a £2.64m payment that Singh paid overseas from one of the companies.
Further problems arose in relation to a multimillion pound overdraft which Singh had guaranteed. In 2004 he was sued by the Royal Bank of Scotland
, with judge Michael Kershaw QC ordering Singh to pay the bank £1,229,966 for an overdraft and their legal costs. The judge commented, "(The banker) was, I think, to some extent a victim of Mr Singh's personality as well as Mr Singh's lies."
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
entrepreneur, who became well known in the mid-1990s for his Miss Attitude retail chain and then later for his business support services company alldaypa.
He has held many public appointments and was invited by the then Prime Minister Tony Blair to serve on a government advisory panel on small businesses and on the Competitiveness Council. He served on the seven man government task force which was asked to review and then report on the Department of Culture, Media, and Sport. and was appointed as a founding member of the government's Small Business Council. Alongside Sir Alan Sugar and Sir Richard Branson he has also been appointed by Prime Minister Gordon Brown as one of the five UK Ambassadors for Entrepreneurship.
On 26 January 2003 The World Economic Forum
World Economic Forum
The World Economic Forum is a Swiss non-profit foundation, based in Cologny, Geneva, best known for its annual meeting in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland....
honoured him as one of the "Global Leaders of Tomorrow" (GLT) in Davos. On 13 October 2003 his portrait was included in the UK National Portrait Gallery, which houses portraits of historically important and famous British people
In May 2005 he was invited to Dubai by His Royal Highness Sheikh Mohammed Bin Rashid Al Maktoum
Mohammed bin Rashid Al Maktoum
Mohammed bin Rashid Al Maktoum , also Sheikh Mohammed, , is the Prime Minister and Vice President of the United Arab Emirates , and absolute monarch of Dubai.-Personal life and education:...
the Dubai Crown Prince to address an audience of over 1000 business leaders and entrepreneurs. In 2003 the MIT Boston Technology Review Magazine voted him one of the World's top Innovators in their prestigious review.
His charitable work includes working to support HRH Prince Charles Prince's Trust working with young entrepreneurs and supporting interfaith partnerships in the UK.
In early 2005 he courted controversy with a high profile court case and newspaper investigations into his business interests.
In October 2007 he was declared bankrupt on the petition of Bank of Scotland further to a dispute over a loan he had personally guaranteed, a case that lasted from 2004 till 2007. Singh was automatically discharged from bankruptcy after one year, as is standard procedure in the UK, in October 2008.
Since 2007 has adopted a much lower profile and withdraw from the media spotlight.
Early years
Reuben Singh was born into a wealthy family who ran a large importing business, Sabco, and had business interests in Canada. They came to England in the 1970s and had a family home in PoyntonPoynton
Poynton is a town within the civil parish of Poynton-with-Worth, and the unitary authority area of Cheshire East, England. For ceremonial purposes it is part of the county of Cheshire. Poynton is located at the eastern most fringe of the Cheshire Plain, north of Macclesfield, south of Stockport...
, an affluent village in Cheshire
Cheshire
Cheshire is a ceremonial county in North West England. Cheshire's county town is the city of Chester, although its largest town is Warrington. Other major towns include Widnes, Congleton, Crewe, Ellesmere Port, Runcorn, Macclesfield, Winsford, Northwich, and Wilmslow...
.
His first business, Miss Attitude, was a retail chain which sold girls' accessories (such as hair clips, cosmetics, etc.) which opened in 1995 in the Manchester Arndale Centre.
Dozens of stores opened up across the UK, and soon there were hundreds. Early reports cited his wealth at around £10 million, all this while he was studying for his A-Levels at William Hulme's Grammar School
William Hulme's Grammar School
William Hulme's Grammar School is an Academy in Whalley Range, Manchester, England.-History:WHGS was founded on 26 January 1887 as a grammar school. It ceased to be a direct grant school when the Labour government abolished the scheme, and was therefore forced to become private...
in Manchester.
In 1999, Miss Attitude was sold for a reported sum of £22 million, bringing his wealth to around £45 million. The buyer later claimed that the actual sum was just £1 (see Financial Controversy)
Dotcom era
In 1999, he launched the support services business and brand alldaypa.com, a 24-hour virtual PA/secretary service using $6m of his money. alldayPA provides 24hr call answering and secretarial services to business based in the UK as well as other call centre support services. The business quickly became highly acclaimed for its service and received several awards including the National Business Award for New Business of The Year sponsored by MicrosoftMicrosoft
Microsoft Corporation is an American public multinational corporation headquartered in Redmond, Washington, USA that develops, manufactures, licenses, and supports a wide range of products and services predominantly related to computing through its various product divisions...
.
Soon after this company was launched, Singh's spokeswoman was claiming the company was worth £100m, although this would later be challenged due to the fact the company was in fact in massive debt. . The overinflated value of the company was symptomatic of the Dot Com Bubble, which commonly saw new companies that seemed to grow quickly then fail, revealing their exaggerated values and showing no evidence of being profitable. However in the case of alldaypa the company has over the years developed into a highly successful and profitable business.
After suffering initial losses of over £3m the company was bailed out in 2004 by Singh's Father who bought the company further to crystallising the debt owed to him by the company. The company records and the administrator's report later revealed that Singh had lost several million pounds.
Since 2004 the alldaypa has growth and the company's financial statements have recorded profits each year and has built up partnerships with multinational companies such as T-Mobile and MBNA credit card.
Celebrity status
Singh appeared in printed media and on television, and was hailed by some as the British Bill GatesBill Gates
William Henry "Bill" Gates III is an American business magnate, investor, philanthropist, and author. Gates is the former CEO and current chairman of Microsoft, the software company he founded with Paul Allen...
. He enjoyed the comparison, and stated in interviews that he aimed to beat Bill Gate's record by becoming the world's youngest self-made billionaire by the time he is 30 (although this was not achieved by September 2006 when he turned 30).
He was often pictured alongside a Bentley Continental, a £270,000 vehicle.
He has an entry in the 1998 Guinness Book of Records as the world's youngest self-made millionaire with a fortune of £27.5m (but the entry was subsequently disqualified). He has featured in rich lists such as The Sunday Times
The Sunday Times (UK)
The Sunday Times is a Sunday broadsheet newspaper, distributed in the United Kingdom. The Sunday Times is published by Times Newspapers Ltd, a subsidiary of News International, which is in turn owned by News Corporation. Times Newspapers also owns The Times, but the two papers were founded...
, and Fortune, but he has not appeared in rich lists for several years since.
He made television appearances for programmes such as BBC Hardtalk and the Esther Rantzen show, and offered his services as a motivational guest speaker to give talks on how to be a success.
He also won awards for his business and entrepreneurship, such as the National Business Awards 2002, Microsoft New Business of the Year 2002, The Times 500 "Most Powerful under 30-year old in Britain", Times 500 Most Powerful Individuals as "Most Powerful under 30-year old in Britain". In more recent years, however, he has not received such accolades or appointments, and seems to have withdrawn from the media spotlight.
Financial controversy
In 2002, an article in the Manchester Evening News - followed a few days later by an article in the Financial Mail - contained damning information regarding his business ventures. The articles called him little more than a fantasist and that his wealth and business success was considerably less than he claimed. It also revealed that the buyer of Miss Attitude, American financier Gary Klesch, claimed to have bought the debt-laden business for £1.Singh himself told Sathnam Sanghera
Sathnam Sanghera
-Early life and education:Sathnam Sanghera was born to Punjabi parents in Wolverhampton in 1976. His parents had emigrated to the UK in 1968. He was raised as a Sikh. At the age of ten he worked part-time in a sewing factory. He attended Wolverhampton Grammar School and graduated from Christ's...
of the Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
that "these stories are just rumours based on jealousy and are a total misrepresentation", adding that a confidentiality clause prohibited him from discussing the matter.
He then, suffered somewhat of a backlash from the media. The Manchester Evening News
Manchester Evening News
The Manchester Evening News is a regional daily newspaper covering Greater Manchester in the United Kingdom. It is published every day except Sunday and is owned by Trinity Mirror plc following its sale by Guardian Media Group in early 2010. It has an average daily circulation of 90,973 copies...
, which had previously printed positive stories about Singh, began to run negative pieces and sought to expose any discrepancies in his affairs. The paper alleged that he had used the press to his advantage, using inaccurate reports about his business prowess to further inflate his reputation as a successful entrepreneur.
MP Graham Stringer called for tighter regulations after Singh was able to gain a position on a Government advisory panel without any prior checks.
Another company set up by Singh, a health food company called Robson & Steinberg, folded after less than a year of trading, with debts of £250,000.
Questions were raised about what Singh called the 'Reuben Singh Group of Companies.' According to Singh, these were 12 trading entities dealing in currency trading, property, retail and construction. However a search in the Britain, Companies House
Companies House
Companies House is the United Kingdom Registrar of Companies and is an Executive Agency of the United Kingdom Government Department for Business, Innovation and Skills . All forms of companies are incorporated and registered with Companies House and file specific details as required by the...
listed only two British companies with any net assets of £1000 and £100. The other five British companies that Singh was listed as director had never filed any accounts but concern was raised on a £2.64m payment that Singh paid overseas from one of the companies.
Further problems arose in relation to a multimillion pound overdraft which Singh had guaranteed. In 2004 he was sued by the Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
, with judge Michael Kershaw QC ordering Singh to pay the bank £1,229,966 for an overdraft and their legal costs. The judge commented, "(The banker) was, I think, to some extent a victim of Mr Singh's personality as well as Mr Singh's lies."
Recent times
On 19 October 2007, Singh was made bankrupt (for a reported £11.8m), on the petition of the Royal Bank of Scotland. Singh received an automatic discharge from bankruptcy after 12 months, as is standard practice under the UK Insolvency Rules.Quotations
- "No one backed me or invested in me when I was starting out... If Reuben Singh at 17 had found the Reuben Singh of today, imagine how that could have helped me."
External links
- http://www.bsingh.dsl.pipex.com/khalsa/reuben.htm
- http://www.4-small-businesses.co.uk/top-small-businesses-idea-003.html
- http://www.newscast.co.uk/media/mediapreview_big.jsp?js=false&id=16865
- http://www.npg.org.uk/live/search/person.asp?LinkID=mp19036
- http://www.alldaypa.com
- http://www.drltd.com/
- http://www.tribuneindia.com/2002/20020902/world.htm#5
- http://www.zoominfo.com/people/Singh_Reuben_20877243.aspx
- http://www.zoominfo.com/Search/ReferencesView.aspx?PersonID=20877243&lastName=Singh&firstName=Reuben&searchSource=page&page=1
- http://www.newstatesman.com/200310270017