REUBEN SINGH, the UK's youngest self-made millionaire, believes age is
never a barrier to having entrepreneurial vision
HE IS a multi-millionaire with an established track record as an entrepreneur, and a
key figure at the heart of New Labour's aim to make business sexy. But Reuben Singh is no
ordinary corporate high-flyer. Only 24, he has been setting the UK business world alight since 17, when he juggled his
A-levels with a venture that earned him a place in the Guinness Book of Records as the
UK's youngest self-made millionaire.
Today Reuben operates flourishing business empire worth
over 100 million dollars and says that his next aim is to become another Bill Gates,
sooner than latter and says - "The Guinness Book of World Records lists me as the
worlds youngest millionaire, but the very next entry is Bill Gates, youngest
billionaire, 30 years" "I want to do that he says so with a gleam in
his eyes. That is REUBEN SINGH for you, Chairman of the RS Group of 11 companies that
securely straddle old economy and new just as Singh is an East-meets-West man.Though Reuben looks much older than his age, that could be
perhaps due to his turban and weight what with all those business lunches -, and when told
he looked much older than his current age and somewhere between 26 to 40 years old he says
- "I know, that helped a lot when I was younger and suddenly, at the grand old age of
28, I feel like a babushka" Singh also reveals that he has a plan to devote some of his
new-found free time - he has, after all, he just sold his biggest business - to setting up
a network of centers for young entrepreneurs and wants the government to back him.
He is
the most prominent member of a new breed of young Asian businessmen. When asked as to why
the ethnic minorities successful in Britain?, he says that it was due to the fact that
they came here in survival mode to make something of themselves. Reuben Singh started his first business at the age of 18
and in just 5 years he expanded his first venture from one fashion accessory store to a
national chain of stores across the UK and launched the international group RS Group of
Companies, in February 2000 he completely sold the chain of which he was sole shareholder
and Chairman. Reuben is the sole shareholder and Chairman of the Reuben
Singh Group of 11 Companies, trading in several industries: Property, currency trading,
retail, venture capital, construction and the soon to be launched Wireless and internet
enabled back office service's provider to SME's.
He has devoted one of his investment companies to focus on
concepts started up by young entrepreneurs, and is an advisor on Entrepreneurship, serving
on the DTI's Competitiveness Council, the Small Business Council and is Chairman of the
Senate HRH Genesis Imitative.
Reuben's parents came to England from Delhi in the
early 1970s, and ran a profitable Manchester-based company importing and distributing
fashion accessories, and at the age of 13 he went on buying trips with his mother to the
Far East, by age 16, his father was paying him a salary to run the sales department and at
the age of 17 years, in the sixth form at school, he had his own "big idea" and
founded Miss Attitude, the first of a chain of shops selling fashion
jewellery under his logo 4U2NV (it makes sense if you say it out loud)Reuben says "I would wake up at 6am and do my A-level
homework before I went to school, after lessons, I would go straight to my shop, or when I
had more than one shop, to the office and work there till very late and usually I would
have four hours' sleep and be working the rest of the time, the first shop opened in March
1995 and it was so successful that I kept on opening more, about one every two weeks, I
had to stop expanding, though, for three months while I took my A-level exams""It was very exciting, I do not need much sleep, not
if I know there is something I have to do in the morning and I have huge amounts of
energy"And he also confesses that he did not miss out on normal
teenage pursuits like friends, girlfriends, and parties though at the moment I do not have
a girlfriend at the moment, in fact, the last four years have been business only. But no,
I don't feel I missed out, I went to all the parties when I was at university studying
business Actually, he is rather an endearing lad. Manchester born
and bred, he displays a touching devotion to his exporter father and mother, who
originally arrived in Britain via Delhi and clearly loves his little brother, Bobby, 22,
now a thriving hotel entrepreneur.
He mentions about his houses in London, Manchester, and
the US, at the same time dwells lovingly on his pact with the parents and says - no matter
where we live, our main residence is still my fathers house in Manchester. And another remarkable feature of his life is he as Indian
as they come personally and culturally, yet he does not do business Indian style and
mentions at the same breath he does plan to invest big time in India soon and that might
be an extension of his British interests - property, fashion or the new Internet-enabled
secretarial service he offers - alldaypa.com, though he still does not know what, where or
when he will commit to India, the only certainty is his willingness to invest 50 million
dollars and a fierce determination to establish an Indian base, complete with yet another
house to add to others all over the world.He is a devout amritdhari Sikh and counts visiting the
Golden Temple in Amritsar every birthday, as one of the high points of the organic process
of growing older and after the gurdwara, I spend two nights in Delhi having a blast. Says Reuben, "My company, Miss Attitude, was my baby -
my only baby, but now I've sold her, and then adds rather endearingly that I have three Cs
in my life: my companies, my cars and my clothes and very soon I will have to add a fourth
C, a companion though that is not top of my agenda"Films are his other favorite form of escapism, he watches
one every night, his favorite is Pretty Woman. The Singh social circle consists of some
very close boy and girl friends and more high-profile people I have met in the last year
in London
When asked about RACISM in Britain he says it is endemic in
Britain and very much alive there is racism in Britain, particularly when it comes to
institutions, it is clever and indirect rather than direct and overt. It is actions not
words and attributes his success to strict self-discipline.
Current Obsession - Reuben Singh, who made a fortune
from the sale of his Miss Attitude retail chain, is on the verge of closing a fundraising
round for a new dot.com venture that he claims will be valued at £85m, an internet based
virtual office and he is in advanced talks with the Arizona based Phoenix Fund, a
specialist technology investment vehicle backed by five unnamed internet entrepreneurs. Phoenix has offered to buy a 10% stake in alldaypa for
£8.5m and may provide further cash for expansion into the US and if the deal is completed
it would value Mr Singh's shareholding at around £60m, he provided the two-year-old firm
with seed funding of around £3m. alldaypa launches this week and offers secure data
storage, unlimited web space, virtual secretarial services and online personal organizers.
He also reveals that he has 11 strategic partnerships in
place and is talking to a major high street bank about providing services for 550,000
small and medium sized business customers.
Ultimate Aim he is honest and frank enough to
acknowledge that his ultimate goal is still money. Or, more particularly, the desire to be
Billionaire Bill before the age of 30 and the other goal, which money cannot buy, is a
woman willing to be transformed into Mrs Singh, loving, compliant and accepting of the
idea of a joint family. It would be a traditional finishing touch to a fairytale story -
18-year-old becomes millionaire, and then some.
REUBEN SINGH
Founder and Chairman of RS group of Companies
Business History
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Reuben started the RS Group 5 years ago at the age of 17
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The RS Group currently houses 11 companies all started by
Reuben trading in several industries including: Property, Retail, Health food, Venture
capital, and Currency trading
-
About to launch a B2B Internet venture aimed at
entrepreneurs and business of all sizes
Achievements
-
Times 500 Most Powerful Individuals listed him as the
"Most Powerful under 30 year-old in Britain" (1999)
-
European Entrepreneur of the Year 1999
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Dubbed "Europe's Bill Gates" by the Sunday
Times (October 1999)
-
Economist magazines "Rising Star" 1999
-
Listed in the Guinness Book of World Records 1998 -
"World's Youngest self-made millionaire"
-
RS Group listed as one of the UK's fastest growing
companies (Times Business Year Book 1999)
-
"Dream on Attitude" - Reuben's venture capital
fund gained him a listing in the Sunday Business's "Britain's Top 50 Venture
Capitalists"
Public Appointments
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One of the country's 5 Ambassadors for Entrepreneurship
along with Sir Richard Branson and Sir Alan Sugar
-
One of six members of the government taskforce to report
on the DCMS Department of Culture, Media, and Sports
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Serving on several government committees including
Competitiveness Council
-
"Chairman of the Senate" of the Genisis
Initiative
-
Advises the Government on Entrepreneurship and the SME
sector
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Advises 3 Government Think Tanks on Young Entrepreneurs
-
Prince's Trust
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