Newspaper article Evening Chronicle (Newcastle, England)

From One JCB to a Business Empire; Entrepreneur Started in Pits and Ended Up on NUFC Board Heading off to the Mines at 14, Bob Young Had No Idea What Would Be in Store for Him. Now 62, He's Built Up and Sold Two International Companies, Served as Vice-Chairman of Newcastle United and Is a County Councilor in Durham. GARETH DEIGHAN Talked to Him

Newspaper article Evening Chronicle (Newcastle, England)

From One JCB to a Business Empire; Entrepreneur Started in Pits and Ended Up on NUFC Board Heading off to the Mines at 14, Bob Young Had No Idea What Would Be in Store for Him. Now 62, He's Built Up and Sold Two International Companies, Served as Vice-Chairman of Newcastle United and Is a County Councilor in Durham. GARETH DEIGHAN Talked to Him

Article excerpt

Byline: GARETH DEIGHAN

BOB Young readily admits he's a workaholic and he has been for 40 years.

The 62-year-old dad-of-one started with one JCB in 1970 as a 20-year-old, hiring it out.

After a while he bought a lorry, then another one, and another one, and another one.

And in 1988 he floated the Young Group and made pounds 5m.

But in 1994 he was persuaded by his son to buy some of it back from the buyers who were going to close an arm of the business down. He did so and built up another business in the North East. He then sold that three years ago for more than pounds 19m - agreeing to stay on as a consultant.

Now his time as the company's consultant is coming to a close. Speaking to the Chronicle from the office at his home in Consett, he said: "I'm not finding it an easy decision. My family are trying to persuade me desperately to stop because for 40 years I've been a workaholic. "I don't have many hobbies.

I watch Newcastle every home game but I don't have many other hobbies.

"This last three years I've taken more holidays than I have in the last 30 years. I'm not quite sure if I'm able to handle that. Can I sit back and do nothing? I'm not sure yet."

To keep him busy, though, Mr Young, who has been a Labour county councillor for the past three years, is up for election again this year.

Mr Young said when he sold his company for the first time he was approached to invest in Newcastle United. And when he did, he was on the inside during the Magpie Group's takeover.

He said: "It was a very interesting three or four years. I was very naive when I got involved. When I floated the company I ended up with a few million pounds and my broker in Newcastle approached me about meeting the then chairman, Gordon McKeag.

"And, very naively, I agreed to join the board. I bought pounds 500,000 of shares. Within a month I found I had to lend the club another pounds 500,000 to get it out of the short-term financial crisis it was in. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.