On hold: Carina Lepore had hoped to open more bakeries by now
Carina Lepore, winner of The Apprentice in 2019, is determined to keep her fledgling business afloat. As a result of winning the BBC TV contest, Lepore got a £250,000 cash injection from Lord Sugar into her artisan bakery and coffee shop business, Dough Bakehouse.
But her plans to open a series of shops have been put on hold by the pandemic and now her priority is to ‘just keep going’ and ‘wait it out’.
Lepore, 32, lives in South London with eight-year-old son Lucas, and spoke to DONNA FERGUSON.
What did your parents teach you about money?
They were humble when it came to money. They encouraged me to save, not splurge, and work hard. Dad was a baker and my mum was an NHS worker. She would work nights so they would split the childcare: my dad made us dinner and she did the school run first thing in the morning. I’d say we were a middle-class family. Money wasn’t tight – we lived in a nice house and went on family holidays – but it was carefully managed.
Have you ever struggled to make ends meet?
Yes, three years ago, before I appeared on The Apprentice. That was when I left my job at Marks & Spencer where I had been working for ten years and had got quite high up in a management position at a flagship store. My dad’s bakery burnt down and I decided to set up a coffee shop with him. I knew it would be risky and I wouldn’t be able to have much of an income in the first year. But I felt excited about running the business.
I put as much money as I could into the shop that year: investing in the product, the cups, new designs and marketing materials. I think I only paid myself the minimum wage, if that.
Until then, I had been quite a lavish spender. But I had to rein in my spending and change my mindset. I remember going round the supermarket with my son and watching my money carefully. In fact, I gave him a calculator and told him to add up the cost of all the items we were buying and, when it went over £20, to let me know.
I also got rid of all my little luxuries such as Sky TV. It was just about survival and putting food on the table for us both.
Have you ever been paid silly money?
Yes. It all stemmed from winning The Apprentice. Companies will pay me to waffle on about what it was like to win and work with Lord Sugar. The most I have been paid is a couple of grand by a big company for half an hour of my time, taking part in a live Q&A over Zoom. I didn’t even have to go anywhere, so it really felt like silly money. No one would have even offered me £50 to do that before I went on The Apprentice.
What was the best year of your financial life?
It was 2019, the year I won The Apprentice. To have a cash injection of £250,000 into my business bank account from Lord Sugar was amazing and the show generated a lot of good publicity for my business.
Takings from the first shop went up and we managed to open a second one. I ended up earning a six-figure sum. I was so happy and excited. Of course, when the pandemic hit, everything changed for everyone in hospitality.
It’s tough at the moment. We’re ticking over, so that is good. But if it wasn’t for the pandemic, we would probably have three or four shops now.
What is Lord Sugar like to work with?
He’s good. We talk over Zoom. He says that if my business can stay afloat and survive the pandemic, then hats off to me. He gives support and tells me to keep going. And that’s what I tell him I will make sure that I do.
I think we get on. He evaluates my ideas and tells me straight which is just what I need. I still get nervous before a call or seeing his name pop up on an email, but he’s not as scary as he used to be. Now, he’s a bit more relaxed – and so am I.
The most expensive thing you bought for fun?
It was a brand new black BMW 3 Series for around £20,000, purchased ten years ago. I loved it. But it was a waste of money.
It developed this wretched fault and when I tried to sell it no one would take it, even in part-exchange. In the end, I sold it via website WeBuyAnyCar for half of what I had paid for it three years earlier. I would never buy a BMW again.
What is your biggest money mistake?
Buying that car instead of putting the money I spent towards a deposit on a house and climbing the property ladder.
As a result, I’m still renting and so my goal this year is to buy my own place. It would provide me and my son with security and I think property is a good investment. At the moment, I rent a two-bedroom townhouse in Croydon, South London. I’m hoping to buy a similar property nearby.
The best money decision you have made?
To focus on saving since I hit the age of 30. I’ve worked very hard to be in a position where I can save as a single mother. Now, I have a nice little nest egg. I used to pretend to save and then dip into it. But now I save around 20 per cent of my income each month.
Do you save into a pension or invest directly in the stock market?
No. I have got my M&S pension and M&S shares from when I was working there. But, now, I’m more focused on saving for a house deposit than saving into a pension and while I wish I was more savvy about the stock market, I just don’t get it.
If I understood it better, I think I would invest because I’m not scared of taking risks. But right now, it’s not something I’m passionate about. It’s not a top priority.
If you were Chancellor, what would you do?
I would offer more support to small businesses and self-employed people to make sure they can survive this pandemic and don’t get left behind and forgotten. I would consider offering both tax cuts and grants to achieve this.
Small businesses are the beating heart of the high street and it would be a shame to lose them. Plus, speaking as a small business owner, I know the amount of love, passion and energy that owners put into their businesses. It is not just your livelihood. It is your life.
What is your number one financial priority?
To provide for my son. I want to make sure he has the best childhood, a mirror of my own. I want him to have everything I had and make sure he has the right education and the best possible start in life.
Both Dough Bakehouse shops in Beckenham and Herne Hill, South London, are open for takeaways and coffees.
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