Two young entrepreneurs have invested in a revamped salon in Hull city centre after making more than £400,000 between them on Forex trading.
Tom Pearson, 20, and Jack Hardcastle, 19, began trading currency fresh out of education and have since joined forces setting up Intro FX, a business teaching others their secrets to success.
Forex trading is the act of buying and selling currencies against each other and then profiting off the difference or the exchange rate.
Individuals can trade on the global Forex market 24 hours a day, five days a week, from Sunday night to Friday night.
Tom said: “I’ve been doing this since I was about 16. I opened the company when I was 18 and it’s basically gone very well.
“I could have taken the route of doing a nine to five but that just didn’t cut it for me.
“I went to college but dropped out a year in. I’d gone to do business but what I discovered with A-level business is what they teach you is more about how to work for a big company rather than running one yourself.”
Starting with just £5,000, Tom has since made £329,000 from trading on the market.
It is a similar story for Jack. He started trading after leaving his apprenticeship at BAE and has turned £10,000 into £108,000.
Now, the pair have decided to branch out – and after purchasing a 50 per cent stake in Vintage & Co in St Stephen’s shopping centre, they plan to transform the former barbers into a salon complete with a women’s hairdressers, barbers, beauty parlour and tattooist.
Tom explained the new venture, which allows staff to take home their own earnings, will create around 25 new jobs.
He said: “We have no idea how to cut hair so we come in to the business and they’re good at what they do and we invest and take them from where they are now to where they want to be.
“It used to be just a barber shop with six people working there but we’re looking to open a hairdressing side at the left hand side and that’s fourteen people who can work there.
“And then in the back we’re opening a beauty bar so you have your nail techs, makeup and stuff like that, which is another eight jobs.
“And finally there’s a permanent tattooist for eyebrows and stuff in the back so it will be 22 to 25 new jobs for the city.
“We’re renting spaces out so staff can create their own money. We’re not looking to take every single penny of profit from the company, we’re looking to share it and have self-employed people there as well.”
As the UK faces one of its worst economic crises in living memory people could be forgiven for doubting the decision to invest in a high street business but Tom thinks differently.
He said: “It’s a service –…
Go to the news source: Hull lads invest in St Stephen’s salon after earning more than £400,000 in Forex…