Craig Revel Horwood: My First Million

Craig Revel Horwood, 44, is a judge on the BBC TV show Strictly Come Dancing and will be giving his opinions and marks in the final this weekend.

Horwood, who grew up in Australia, has enjoyed a successful career as a director and choreographer. Until November, he was director and choreographer for the UK tour of The Hot Mikado, which was nominated for best musical at the MEN Theatre Awards.

As a theatre director, Horwood’s West End credits include Spend Spend Spend, Miss Saigon, and Martin Guerre. He has written Teach Yourself Ballroom Dancing, and his autobiography All Balls and Glitter. Horwood has also just made his debut appearance in pantomime, as the Wicked Queen in Snow White in Llandudno.

He lives in north London with his partner Grant, a pharmacist.

Did you think you would get to where you are?

No, I did not. I had no clue. When I was at school, I thought I was going to be a chef, then I chose a different path. I was a porky child and started dancing to lose weight. I went to jazz ballet classes and loved them. I got into ballroom when I did the débutante ball. I discovered I could dance, so I studied classical ballet in my home-town – Ballarat in Victoria. Then I decided to go for it in a very big way. My first job, in 1983, was dancing in West Side Story in Melbourne.

When you realised that you had made your first million were you tempted to slow down?

My assets and turnover are worth more than £1m, but I don’t have any plans to slow down. I am only 44. My idea when I was 25 was to retire at 50, but now I am approaching 50 I think it is way too young.

What is the secret of your success?

I suppose it is talent and choosing the right paths to take. We all come to forks and crossroads and we have to make choices. Each of them leads to a further one. You also need to take risks because, if you don’t, you cannot achieve as much.

What is your basic business philosophy?

Take risks. In 1992, I put £1,000 into Marvin’s Room, a play in the West End with Alison Steadman. For me, £1,000 was a lot. However, a good actor does not always mean bums on seats. That was my first defeat but I’m prepared to take risks.

About nine years ago, I directed Spend Spend Spend for very little money to recoup an investment. I later earned handsome royalties and I have reinvented the show, for which I have just won a prestigious TMA Theatre Award for best musical.

Do you want to carry on till you drop?

I would not want to work myself to death, but I do want to carry on for as long as possible.

Have you had time for personal financial planning?

I have two accountants, one with my agent and the other is my personal and business accountant. Before I could afford an accountant, I used to do everything myself. I’ve had them for five or six years. I always check how they have filled out my tax return. But doing your own tax is time-consuming. Strictly has changed my life financially.

What was your most prudent investment?

The best thing I ever did was to buy my house in London, when the market was low. The asking price was £145,000. Now it is worth £700,000. I loved that it looked like a little doll’s house – but I was £30,000 short of a deposit. I went to see [theatre impresario] Sir Cameron Mackintosh for the money. He is generous and loves property, and I worked out a way that I could pay him back over five years.

Have you made any pension provision?

I started my pension here when I was 25. I have already been through about three stock market crashes since I’ve had it. Pensions are completely unreliable but I still keep paying the money in.

What is your commitment to charity?

In September, I became a patron of the National Osteoporosis Society, helping to raise awareness of bone health.

Did you allow yourself the odd indulgence?

Yes, helicopters to the Marlborough Sounds in New Zealand, and chartering yachts. The Marlborough Sounds are at the northernmost tip of the South Island. It’s a helicopter ride from Wellington, where I work for two months a year on Dancing with the Stars, their equivalent of Strictly. One third of the country watches it, 1.3m people.

Have you taken steps to pass on your wealth?

Yes, I have made a will. At the moment, my sister would look after it as she sees fit. I have also set up a fund in Ballarat, as a contemporary dance/choreography award for young people who can’t afford dance tuition.

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

A couple of years ago, I paid £150 for a bottle of vintage Veuve on holiday in Bregenz, Austria. It was overpriced but I enjoyed it.

What is your money-saving tip in the recession?

It’s easier to bargain in the shops, even Selfridges. Last August, I saw a wooden sculpture that had a crack in it. I asked for a discount and they gave me 50 per cent off. It’s now a consumers’ market.