My first million: Bill Beaumont

Bill Beaumont, 56, learned to play rugby at Ellesmere College in Shropshire. He joined the Fylde Rugby Club, as did his father and grandfather, and got his first international cap at 22, acquiring a total of 34 caps in his career. In 1980, he captained England to their first Five Nations Grand Slam in 23 years.

Beaumont played for the British Lions in 1977 in New Zealand and captained the British Lions tour to South Africa in 1980. A year later, he was forced to retire through a serious head injury. In 1982, he received the OBE.

Beaumont was also a team captain on the BBC TV quiz A Question of Sport from 1982 to 1995. Today, he runs the family textile firm in Chorley, Lancashire, founded by his great- grandfather. He is married to Hilary, who helps run the business in Chorley. They live in Lytham St Anne’s and have three sons.

Did you think you would get to where you are?

In sport, never, because I didn’t think I had enough talent as a schoolboy. Most of my sporting achievements I have obtained by hard work. I was about 20 when I realised I could make it in rugby. It was an entirely amateur game then. You only got expenses, which were pretty meagre, so you had to have a day job. That’s why I joined the family textile business.

Rugby is much harder now because there are so many overseas players in the English game and, in 1995, the sport went professional. I suppose today I might be earning somewhere in the region of £200,000.

What is the secret of your success?

From a sporting point of view, it was hard work, and being with some good players and first-class coaches, such as Sir Clive Woodward and Mike Davis. Running a successful business is no different. It’s just graft. You also need to have drive and the will to win.

What is your basic business philosophy?
Try to put the client first and not jeopardise any profit you are going to make. The hardest thing at the moment is to retain margins, as we deal with high street retailers who are themselves under pressure. It’s a vicious circle.

Sometimes you’ve got to stand your ground and walk away from something unprofitable. There is no point in being a busy fool. I believe in turnover for vanity, profit for sanity.

Have you had time for personal financial planning?

I look after the family finances and I don’t buy anything unless I can afford it. I don’t do my own tax. I leave my accountant to get on with it.

What was your most prudent investment?

Our seafront home in Lytham, which has gone up in value by 100 per cent over 10 years. It is a five-bedroom detached house with a garden and swimming pool, and the fifth house we have owned.

If you had £1m to invest where would you put it?

I would probably look at buying some land or property. If you can buy land now cheaply, in a couple of years’ time it will be worth a lot of money.

I would also be inclined to put some cash where there is minimal risk. So I would have a mixed portfolio: some property, shares, and savings in a high interest account.

Have you made any pension provision?

I do believe in pensions because the state is not going to look after you. I had some land that I was hoping to sell but, as values have dropped, my retirement will be pushed back a bit. I am still trying to aim for around 60.

Have you taken steps to pass on your wealth?

Yes, I believe in leaving everything to one’s children. If I had a lot, then it would be different. If you can help a child buy a property in your lifetime, you should do – and I was able to help my eldest son in this way.

I have supported charities actively: the Wooden Spoon Society, raising money for disadvantaged children, and a local boys’ club.

Do you allow yourself the odd indulgence?

I have got a TVR sports car that I quite enjoy. In 2002, I bought a villa on the Costa Brava, the only impulse buy I have made. It cost around £250,000, but it was the best thing I ever did.

I also treated myself to a new powerboat. At £100,000, it was an extravagance. I have done the day skipper’s course and taken the powerboat exams. So have my wife and three boys. We try to visit Spain four or five times a year.

When I go to France on business, I load up my car with wine that usually lasts six months. I was in Lille
in October and stocked up with a dozen crates from the hypermarket Auchan. Six of the crates were champagne, for Hilary and her friends. Mine were rosé and claret!

Picasso or Art Deco?

I have no interest in art or furniture. I don’t appreciate it and if I don’t enjoy something, I would not buy it.

What is the most you have ever paid for a bottle of fine wine or champagne?

I paid over £160 for a bottle of Bollinger in a restaurant near the Arc de Triomphe when England got to the 2007 Rugby World Cup final.

What is your money-saving tip for the recession?

Strip out as many overheads as you can, be patient, and ride out the storm. Just because your house is worth 15 to 20 per cent less, its value will come back in a couple of years’ time. Remember that your property isn’t just an investment. It’s your home. That is the most important thing.