I won £250k for the Apprentice - now I’m fighting to survive the pandemic
ON THE way to winning The Apprentice in 2019, Carina Lepore beat ‘good friend’ and rival on the show Dubliner Pamela Laird, who set up cosmetics firm Moxi Loves. Both entrepreneurs, who shared a room while making the programme, have suffered in the Covid-19 crisis. But Carina’s cafés seem worse hit than Moxi Loves, which sells online through Amazon and was reportedly heading for a multimillion euro valuation. Despite winning the TV contest and getting a £250k cash injection, Carina is battling to keep her bakery and coffee shop business Dough Bakehouse afloat amid devastation in the hospitality industry. Her plans to open a chain of shops have been put on hold and her priority now is to ‘just keep going’.
What did your parents teach you about money?
They were humble when it came to money. They encouraged me to save, not splurge. Dad was a baker and my mum was an NHS worker. I’d say we were a middle-class family. Money wasn’t tight but it was carefully managed.
Have you ever struggled to make ends meet?
Yes, three years ago, before I appeared on The Apprentice. That was when I left my job at Marks & Spencer where I had been working for ten years. My dad’s bakery burnt down and I decided to set up a coffee shop with him. I knew it would be risky, but I felt excited about running the business. I put as much money as I could into the shop that year. I think I only paid myself the minimum wage, if that. Until then, I had been quite a lavish spender. .
Have you ever been paid silly money?
Yes. It all stemmed from winning The Apprentice. Companies will pay me to waffle on about what it was like to win and work with Lord Sugar. The most I have been paid is a couple of grand by a big company for half an hour of my time, taking part in a live Q&A over Zoom. I didn’t even have to go anywhere, so it felt like silly money.
What was the best year of your financial life?
It was 2019, the year I won The Apprentice. To have a cash injection of £250,000 into my business bank account from Lord Sugar was amazing. Takings from the first shop went up and we managed to open a second one. I ended up earning a sixfigure sum. I was so excited. Of course, when the pandemic hit, everything changed for everyone in hospitality. It’s tough at the moment. We’re ticking over, but if it wasn’t for the pandemic, we would probably have three or four shops now.
What is Lord Sugar like to work with?
He’s good. We talk over Zoom. He says that if my business can stay afloat and survive the pandemic, then hats off to me. He gives support and tells me to keep going. I still get nervous before a call or seeing his name pop up on an email, but he’s not as scary as he used to be. Now, he’s a bit more relaxed – and so am I.
The most expensive thing you bought for fun?
It was a new black BMW 3 Series for around £20,000, purchased ten years ago. I loved it. But it was a waste of money. It developed this wretched fault and when I tried to sell it no one would take it. In the end, I sold it via website WeBuyAnyCar for half of what I had paid three years earlier. I’d never buy a BMW again.
Your biggest money mistake?
Buying that car instead of putting the money towards a deposit on a house. As a result, I’m still renting and my goal this year is to buy my own place.
Your best money decision?
To focus on saving since I hit the age of 30. Now, I have a nice little nest egg. I save around 20 per cent of my income each month.
Do you save into a pension or invest directly in the stock market?
No. I’m more focused on saving for a house deposit than a pension.
If you were in charge of national finances, what would you do?
I would offer more support to small businesses and self-employed people to make sure they can survive this pandemic. Small businesses are the beating heart of the high street and it would be a shame to lose them.
Your number one financial priority?
To provide for my son. I want to make sure he has the right education and the best possible start in life.