News - Midlands
Stepping it up
As we take our seats in Birmingham's Opus restaurant Paul Bassi is worried he won't make the most exciting interviewee. "I'm a boring bastard really," he says. "I don't smoke, I don't drink.
I guess my only vice is growing my business. I hope this will be interesting enough." Oh, I think you're safe on that count Paul.
Boring is not a word I use to describe someone who, by the age of just 44, is worth the same number in millions of pounds - and who has built up one of the largest and most respected property groups in the Midlands via his Bond Wolfe empire.
In fact, people might hear a good deal more about Bassi in the future. "I read the other day that you reach your peak in business between about 45 and 55," he says.
It's time for me to step it up a bit." He's begun by - for the first time in working lunch history - insisting on being Insider's dinner date.
Usually we plead with our victims to open themselves up to dissection over a free lunch. "Can we do lunch, you know, that feature you do where you print the bill?" But don't get the impression Bassi is a habitual self-publicist.
A quick trawl through the media jungle reveals that little has been written about this man, beyond regular entries in Midlands rich lists - and notoriety as one of Britain's most successful Asian entrepreneurs. The latter tag is one he is keen to shake off, insisting several times that he and the world have moved on. "Yes, I have developed an Asian business profile, but to be honest I have always found it uncomfortable - though I understood I could capitalise on it too." Today Bassi wants plain and simple respect for the successful entrepreneur he has become - and for the even more successful businessman he wants to be.
Which explains the call for lunch.
Without much fanfare we get down to business as the softly spoken Bassi, in exemplary sharp suit and gleaming gold watch, explains his game plan.
But not before he has ordered a steak to go with his suitably vice-free orange juice. "Property will be a very expensive asset for the foreseeable future," he says. "I don't see interest rates going anywhere and there is simply too much money in the system.
At some point we've got to call the market and we're calling it now.
We may be wrong, but we won't regret it.
Mature property investors are already thinking similarly." Is he concerned? "Yes, but it's the world we live in.
Pension funds are buying at levels they may live to regret, while if you look at real estate investment trusts (REITs), everyone is planning for them - but does anyone understand them? I don't think anyone knows quite what'll happen.
It'll further add heat to a very hot market." That said, Bassi isn't turning his back completely on the industry that has served him so well.
He stresses he will keep two-thirds of his portfolio in bricks and mortar, putting the other third into assets such as finance, banking, insurance and franchises.
In particular, Bassi is on the prowl for firms making anything between £3200,000 and £33m a year. "We're looking for businesses with consistent income streams, good management teams and a good reputation.
It may also be that we just take equity stakes." Indeed, the day we meet Bassi reveals he is looking at taking stock in a quoted property company for the first time, as part of a wider profile-raising campaign. "Most property is instigated out of London.
Birmingham is not a decision-making hub.
This deal will give us a shop front.
In London we are "Bond Wolfe who?' No-one knows us. We're buying a presence in London." Bassi's endgame is scale, and he needs the profile to deliver.
Having warded off all advances to float the business, he believes there is no good reason why he cannot build up a £3500m private empire within five years. "We've been encouraged to float several times but there's no logic for us.
If we need access to cash we have excellent relationships with a number of banks and it's those relationships we'll build upon," says Bassi. "In terms of value, I expect our business to be five times the size it is today within five years.
I really want to fulfil its potential and we have the banking resources to achieve that." One cannot stress enough quite what a departure this is for Bassi, who until now has famously kept all his assets within 50 miles of junction 1 of the M5. "We have always wanted to smell and touch what we manage," he says.
The "we' refers to Bassi and long-time business partner Rory Daly, with whom he bought the original Bond Wolfe auction and estate agency business 20 years ago for the paltry sum of £31,750 - though "all we got was second hand bits of furniture," recalls Bassi.
Meanwhile Bassi is confident he can deliver his aims without going down the developer route. "We are not a developer.
We do not like the risks associated with it, although we may be tempted to take stakes within schemes." That said, it strikes me over lunch that Bassi somehow still craves the recognition heaped on many of his business mentors from the Midlands development world - in particular the fame of Gallagher, Richardson or Whateley,names he frequently alludes to over lunch. It's only the slightest snippet of insecurity revealed in his make-up.
Father-of-three Bassi has made it the hard way, with a tough upbringing undoubtedly shaping him too.
The son of a Black Country foundry worker who moved his family to the London suburb of Southall when times got tough, Bassi has vivid memories of his childhood. "I still remember being put on that coach to London," he says.
He also remembers life as the only Indian child at school and the racial abuse on the football field.
Thankfully, the world has moved on, but his thoughts remain on the football field as the worried parent of a 16-year-old son due to jet off in a few hours on an Easter school rugby tour of Ireland. "God knows what he'll get up to but I trust he'll be OK.
You know what kids are like at that age." His younger daughter has her sights on becoming the next Beyonce. "I can put up with MTV awards," he grins.
Juggling life as a father and a property mogul is clearly tough work sometimes.
Throw in a personal trainer three times a week - "not that it shows," he stresses - and a string of ambassadorial roles in the Midlands business community, yet Bassi is not short of time. "I used to be a workaholic, but the children growing up changed that and gave me more balance.
I suppose I'm still a bit of a workaholic in here though," he says, pointing to his temples.
Two particular external roles stand out: his membership of the steering group of investbx, the planned online regional business exchange for the West Midlands; and his appointment as a West Midlands ambassador for regional development agency Advantage West Midlands.
Investbx is still awaiting clearance from the European Commission following a complaint by the rival OFEX exchange. "One way or other it will happen. We passionately believe we need this platform.
If Brussels don't support it, the business community will.
I think we'll see a positive outcome." As for the ambassadors, Bassi believes in time they will do a good job for the region, particularly Birmingham - which is more than can be said for the city's MPs, for whom he has little time. "To be honest, they do a crap job at promoting the city.
I have yet to meet an MP who doesn't have their own agenda. The ambassadors are more committed without an agenda to improve social and economic issues in this city region." Bassi scotches talk too that the ambassadors project will be a "damp squib". "With the likes of Digby Jones on the panel it is not in the make-up of the ambassadors to associate themselves with something that won't deliver." One day he insists he will buy me lunch. "You know I'd really love to do what you do and interview all these business people, it must be fascinating. I've probably read every single self-help book going in business.
I just cannot get enough of it.
You can never stop learning things off others you know"
I guess my only vice is growing my business. I hope this will be interesting enough." Oh, I think you're safe on that count Paul.
Boring is not a word I use to describe someone who, by the age of just 44, is worth the same number in millions of pounds - and who has built up one of the largest and most respected property groups in the Midlands via his Bond Wolfe empire.
In fact, people might hear a good deal more about Bassi in the future. "I read the other day that you reach your peak in business between about 45 and 55," he says.
It's time for me to step it up a bit." He's begun by - for the first time in working lunch history - insisting on being Insider's dinner date.
Usually we plead with our victims to open themselves up to dissection over a free lunch. "Can we do lunch, you know, that feature you do where you print the bill?" But don't get the impression Bassi is a habitual self-publicist.
A quick trawl through the media jungle reveals that little has been written about this man, beyond regular entries in Midlands rich lists - and notoriety as one of Britain's most successful Asian entrepreneurs. The latter tag is one he is keen to shake off, insisting several times that he and the world have moved on. "Yes, I have developed an Asian business profile, but to be honest I have always found it uncomfortable - though I understood I could capitalise on it too." Today Bassi wants plain and simple respect for the successful entrepreneur he has become - and for the even more successful businessman he wants to be.
Which explains the call for lunch.
Without much fanfare we get down to business as the softly spoken Bassi, in exemplary sharp suit and gleaming gold watch, explains his game plan.
But not before he has ordered a steak to go with his suitably vice-free orange juice. "Property will be a very expensive asset for the foreseeable future," he says. "I don't see interest rates going anywhere and there is simply too much money in the system.
At some point we've got to call the market and we're calling it now.
We may be wrong, but we won't regret it.
Mature property investors are already thinking similarly." Is he concerned? "Yes, but it's the world we live in.
Pension funds are buying at levels they may live to regret, while if you look at real estate investment trusts (REITs), everyone is planning for them - but does anyone understand them? I don't think anyone knows quite what'll happen.
It'll further add heat to a very hot market." That said, Bassi isn't turning his back completely on the industry that has served him so well.
He stresses he will keep two-thirds of his portfolio in bricks and mortar, putting the other third into assets such as finance, banking, insurance and franchises.
In particular, Bassi is on the prowl for firms making anything between £3200,000 and £33m a year. "We're looking for businesses with consistent income streams, good management teams and a good reputation.
It may also be that we just take equity stakes." Indeed, the day we meet Bassi reveals he is looking at taking stock in a quoted property company for the first time, as part of a wider profile-raising campaign. "Most property is instigated out of London.
Birmingham is not a decision-making hub.
This deal will give us a shop front.
In London we are "Bond Wolfe who?' No-one knows us. We're buying a presence in London." Bassi's endgame is scale, and he needs the profile to deliver.
Having warded off all advances to float the business, he believes there is no good reason why he cannot build up a £3500m private empire within five years. "We've been encouraged to float several times but there's no logic for us.
If we need access to cash we have excellent relationships with a number of banks and it's those relationships we'll build upon," says Bassi. "In terms of value, I expect our business to be five times the size it is today within five years.
I really want to fulfil its potential and we have the banking resources to achieve that." One cannot stress enough quite what a departure this is for Bassi, who until now has famously kept all his assets within 50 miles of junction 1 of the M5. "We have always wanted to smell and touch what we manage," he says.
The "we' refers to Bassi and long-time business partner Rory Daly, with whom he bought the original Bond Wolfe auction and estate agency business 20 years ago for the paltry sum of £31,750 - though "all we got was second hand bits of furniture," recalls Bassi.
Meanwhile Bassi is confident he can deliver his aims without going down the developer route. "We are not a developer.
We do not like the risks associated with it, although we may be tempted to take stakes within schemes." That said, it strikes me over lunch that Bassi somehow still craves the recognition heaped on many of his business mentors from the Midlands development world - in particular the fame of Gallagher, Richardson or Whateley,names he frequently alludes to over lunch. It's only the slightest snippet of insecurity revealed in his make-up.
Father-of-three Bassi has made it the hard way, with a tough upbringing undoubtedly shaping him too.
The son of a Black Country foundry worker who moved his family to the London suburb of Southall when times got tough, Bassi has vivid memories of his childhood. "I still remember being put on that coach to London," he says.
He also remembers life as the only Indian child at school and the racial abuse on the football field.
Thankfully, the world has moved on, but his thoughts remain on the football field as the worried parent of a 16-year-old son due to jet off in a few hours on an Easter school rugby tour of Ireland. "God knows what he'll get up to but I trust he'll be OK.
You know what kids are like at that age." His younger daughter has her sights on becoming the next Beyonce. "I can put up with MTV awards," he grins.
Juggling life as a father and a property mogul is clearly tough work sometimes.
Throw in a personal trainer three times a week - "not that it shows," he stresses - and a string of ambassadorial roles in the Midlands business community, yet Bassi is not short of time. "I used to be a workaholic, but the children growing up changed that and gave me more balance.
I suppose I'm still a bit of a workaholic in here though," he says, pointing to his temples.
Two particular external roles stand out: his membership of the steering group of investbx, the planned online regional business exchange for the West Midlands; and his appointment as a West Midlands ambassador for regional development agency Advantage West Midlands.
Investbx is still awaiting clearance from the European Commission following a complaint by the rival OFEX exchange. "One way or other it will happen. We passionately believe we need this platform.
If Brussels don't support it, the business community will.
I think we'll see a positive outcome." As for the ambassadors, Bassi believes in time they will do a good job for the region, particularly Birmingham - which is more than can be said for the city's MPs, for whom he has little time. "To be honest, they do a crap job at promoting the city.
I have yet to meet an MP who doesn't have their own agenda. The ambassadors are more committed without an agenda to improve social and economic issues in this city region." Bassi scotches talk too that the ambassadors project will be a "damp squib". "With the likes of Digby Jones on the panel it is not in the make-up of the ambassadors to associate themselves with something that won't deliver." One day he insists he will buy me lunch. "You know I'd really love to do what you do and interview all these business people, it must be fascinating. I've probably read every single self-help book going in business.
I just cannot get enough of it.
You can never stop learning things off others you know"