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My money… Wayne Hemingway

WAYNE HEMINGWAY, 57, founded the fashion company Red Or Dead and is the brains behind Classic Car Boot Sale.

What was your first job?

Putting up barriers on the M56 motorway. I was 18 and we were paid by the metre. I used the money to buy a bright orange Ford Capri which fell to bits.

Your best investment?

Me and my wife moved to London when we were teenagers. I was in a band and I’d spent all our rent money on a saxophone and hiring rehearsal studios. With our last £6 we hired a stall for the day in Camden Market. I had punk and New Romantic clothes and she had clothes she’d made herself. We made £300. From there we grew our business, which morphed into Red Or Dead which had a £25million turnover and which we sold in our thirties. So my best investment was £6 on that stall.

What would be your ‘money no object’ purchase?

We’re both from working-class backgrounds. I hate the concept of greed. What’s the point of a big yacht? I’d prefer to give money to charity. The idea of a private jet is sick.

What luxury wouldn’t you give up?

When I was young we could only have the most basic cereal, so my idea of luxury is Marks & Spencer’s chocolate cereal. It’s £3 a packet as opposed to 80p from Lidl, but I can afford it.

What’s been your biggest financial regret?

None. People said we sold Red Or Dead at the wrong time. We could have made a few more million but we sold it because our kids were young and we wanted to get off the hamster wheel of the fashion industry. And what would we have done with that money? It could have made us worse people. You can have too much.

Are you a saver or spender?

We’ve never spent the money we got from selling Red Or Dead. When you’ve suddenly got that sort of financial security after you’ve come from a family where every penny counted you don’t want to lose it. We’ve always been savers. But now we’re in our fifties we’ve realised you can’t take it with you so we’ve begun to spend some of it. We now get a gardener in if we’re really busy.

Are you savvy with personal finances?

We meet with accountants. I don’t follow the stock market. I’d rather spend time with my grandchildren.

What was your last impulse purchase?

I collect old vinyl, funk and Northern soul. The records can be expensive, £5,000. I’ve splashed out on a good vinyl music system so I’m spending more on the records. Before, I was reticent to spend more than £10. When I buy a record for £50 or £100 I sell something that’s lying around, like vintage shoes, overcoats and shirts.

Cash or card?

Both but I really like handling cash. At Camden Market we’d use cash pouches, count it all out at the end of the day, and sort it into £50 or £100 bands from the bank. It’d be a shame if we became a cashless society.

Have you spent a lot of money at car boot sales?

I have. When the kids were young we went every Sunday. They’d buy toys while I went through all the vinyl records. The quality of car boot sales has gone down in recent years with people selling things like old microwaves. That’s why we started the Classic Car Boot sale with classic cars and selected traders.

The next Classic Car Boot Sale takes place in King’s Cross, London, on April 28-29, classiccarbootsale.co.uk