COVER STORY
BOYLESPORTS FOUNDER JOHN BOYLE IS ON A WINNING STREAK, AS HE’S IN THE PROCESS OF
ACQUIRING 17 CELTIC BOOKMAKERS OUTLETS. HE TELLS SORCHA CORCORAN ABOUT HOW AN UNWAVERING VISION AND THE ABILITY TO ADAPT TO CHANGE DURING TOUGH ECONOMIC TIMES HAVE STOOD TO HIM
Curently in the process of taking over 17 Celtic Bookmak- ers’ outlets, John Boyle, founder of independent bookmak- ers Boylesports, says one of the secrets of his success since he started out on his own in 1982 has been fi nding the best locations. T e acquisition of the 17 Celtic Bookmakers shops now
means Boylesports has a total of 158 outlets across the country. Celtic Bookmakers had 47 betting shops in Ireland, em-
ploying 237 people. Owned and run by Newstalk presenter and former Fine Gael minister Ivan Yates, Celtic Bookmakers ceased trading in January with bank debts of around €6m. Says Boyle: “T is is a good step for our business. T e outlets
are already fi nancially successful and making profi ts; none of them had been pulled under. A lot of the shops are in areas we wanted to be in over the past number of years, for example Blackrock in Dublin 4, Castlebar in Co Mayo and Mullingar on Co Westmeath. “Location is No 1 in our industry. A big part of it is whether
people are passing your door, and a location 20 yards off can make a big diff erence. I have been watching Celtic Bookmak- ers from when it started up and, looking at Ivan’s books, he really was doing well and getting better. In terms of what could have gone wrong, maybe it was just that he had too many shops with too big a rent. “T e receiver got him [Yates] to reduce rent by €200,000 a
year, which is gigantic. T at’s what needs to happen with a lot of retail businesses, not necessarily sitting down with a receiver but with their landlords to bring rents down. If Ivan could
have reduced his rent, in reality, in 2011 he could have knocked €600,000 off his overheads with one item. “Celtic Bookmakers wasn’t a bad business. Its overheads were just too big for its turnover.” T e good news is all 100 staff in the 17 shops are staying on.
Boyle says Boyesports got an “exceptional price” for the outlets. “T e price, plus what it will cost us to rebrand the shops will cost us about €4m in total.”
THE EARLY DAYS
Boyle’s natural affi nity with fi gures and money started from an early age. He worked in the family grocery shop from about the age of four, doing small jobs like counting change. “T is helped make me very good with numbers and I
excelled in maths at school. My father would give all the chil- dren tasks and he was meticulous in making sure we com- pleted everything to perfection,” Boyle recalls.
“When I was 14 I went to England with my Dad. We were
met by a successful businessman in a Rolls Royce. He lived in a beautiful home and was a bookmaker. I knew at that time that I would be a millionaire and drive a Rolls Royce. T is man and his lifestyle captured my full attention and, like a photograph, the picture of that lifestyle went directly into the deepest part of my mind. T en it became a reality for me. I just took the steps.” It wasn’t all plain sailing from there, however. In 1981 Boyle
had a wake-up call, which eventually led to him setting up his own business. “I worked as a bread salesman, delivering bread and other
items directly to people’s homes. When I was learning a route, I had two weeks with the driver to learn everything. Any errors would be taken from my wages, so I learned quickly to give my undivided attention to everything I was doing.” At the age of 25 Boyle found himself out of work. “I was
devastated. But it was the best thing that ever happened. It changed my whole life. I realised I had to get out there and fi nd a way to provide for my family by myself. I gave up drink- ing and had a ‘growing up’ year. Drink didn’t agree with me and it was important for me to realise that had I not given it up I would probably be dead.” In 1982 Boyle’s father loaned him £5,000 sterling and acted
as guarantor for a small bank loan so he could open a bookie shop in Markethill, Co Armagh. “I worked in it myself for seven years and learned how to
run the business. Once I decided to open a second shop, the others came about rather quickly [Boylesports was established in 1989]. “But I had developed an actual understanding of the busi-
ness and had a structure in place before looking to expand. I learned that the business owned the money, not me; that once you paid the bills, whatever was left over was yours. I always operated without banks for borrowing. I probably wouldn’t have gotten it anyway! I had the attitude that you can’t just keep borrowing; that in business you should aim to be debt free,” he says.
A CLEAR GOAL
Boyle’s goal was to have a billion-pound turnover, fi nancially successful company. “In 2002 I did a course with [mind coach] Tony Quinn in
Dublin on the working mechanics of the mind and I always use it now in my personal and business life. After that course, the company’s turnover was hitting about €90m; now it’s at
VOL 4 ISSUE 1 2011 OWNER MANAGER 15
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