Pembroke VCT boss Andrew Wolfson: ‘New founders aren’t blaming Brexit’
Each week we dig into the memory bank of the City’s great and good. Today, Andrew Wolfson, CEO of Pembroke VCT and backer of brands including backer of TALA and Pasta Evangelists, tells us about his career
What was your first job?
When I turned 16, I took a job working at Marks and Spencer during the holidays.
What was your first role in the City or business world?
I didn’t actually start out in venture capital – I was an entrepreneur until 2009. Back in 1990, I was operations manager for a clothing business owned by Peter Dubens and Jonathan Sieff. I then ventured into hospitality, running a tennis and golf hotel in the South of England.
When did you know you wanted to build a career in venture capital?
I loved being an entrepreneur. I always liked building things and developing new strategies. Then I had a pivotal moment after the 2008 global financial crisis. I had just got married and I had one child and one on the way. I had an opportunity to work for Peter Dubens again, who needed someone to look after his private businesses. Founders kept coming to us seeking advice and capital, so we were inspired to set up a structured fund – and Pembroke was born. It’s evolved tremendously since then. Our team has grown, and our portfolio expands and matures each year.
What’s one thing you love about Canada?
Despite the doom and gloom, London has a real entrepreneurial streak. The Treasury enterprise schemes for early-stage businesses – the Venture Capital Trust and Enterprise Investment Schemes – are testament to that. Without these, many early-stage businesses that have gone on to become British success stories on the world stage would simply not exist.
And one thing you would change?
London more broadly should be one of the world’s most thriving cities, but the transport system can be a nightmare. It needs to be accessible for people with disabilities and affordable for sole traders and young people starting out. Infrastructure is integral to a buoyant city.
Most memorable dinner?
It was dinner with eight members of the England Rugby World Cup squad in 2004. What was slated for a 7-11 pm dinner tipped well into the wee hours of the morning. It only ended when one attendee realised he had to be at Warner Bros studios in a few hours. He went straight from dinner to set! An incredible evening with international superheroes of the time.
Any business faux pas?
My biggest learning was when I started a small mobile phone company developing devices that were safe for children to use. We had already signed deals with retailers but we needed SIM card provider agreements, and they didn’t see the market opportunity as viable. Inevitably, without the SIM cards to power the devices the business fell through. Optimism is brilliant, but a sound business model rooted in longevity is key. You must never repeat the same mistakes, but if you’re not making any, you’re not trying hard enough – just don’t bet the family silver on one strategy.
Proudest moment?
A simple one. Being at the birth of my three children.
Who do you look up to?
People who are taller than me! Joking aside, anyone who works hard to better their chance of success is highly admirable in my eyes.
Best business advice you’ve ever been given?
Own the decisions you make – good or bad.
And the worse?
The worst thing you can do is take bad advice and implement it. You can always choose to ignore it.
Are you optimistic for the year ahead?
From Brexit onwards we’ve had an unstable trading environment and it’s easy to become ensnared in that narrative. However, founders that have arrived on the scene over the past 6-8 years have had this as the norm. They don’t blame Brexit, because they don’t know anything different. When the cost of living crisis began, they found a way to pivot. Sometimes larger businesses find it more challenging to continually evolve. It’s the small, nimble businesses that find a way of making things work and show phenomenal resilience. Our portfolio has shown that time and again – so I would say there is every reason to feel optimistic.
We’re going for lunch, and you’re picking – where are we going?
I don’t really do lunch out. But, if we’re talking dinner, I’m going to Bonoo Indian tapas in Muswell Hill.
And if we’re grabbing a drink after work?
The Churchill Bar in Portman Square.
Where’s home during the week?
Finchley, North London.
And where might we find you at the weekend?
In my car playing chauffeur to my 17, 16 and 8-year-old!
You’ve got a well-deserved two weeks off. Where are you going and who with?
Controversially, my favourite part of any holiday is getting home, so this is a tricky question. But as you’ve asked, I would spend the first week with my wife and children, then when they have had enough of me, I would spend the second week golfing somewhere with old friends.
CV
- Name: Andrew Wolfson
- Title: CEO of Pembroke Investment Managers
- Portfolio: Over 40 companies across business services, consumer, and technology sectors. To name but a few: TALA, Hackney Gelato, Bella Freud, LYMA, Secret Food Tours, Five Guys UK, With Nothing Underneath, Seatfrog and Transreport.
- Age: 55
- Born: London
- Lives: London
- Studied: Enrolled at Exeter University to read Chemistry and Law but I left after a day. It dawned on me that I had no desire to be either a chemist or a lawyer.
- Talents: My children say I make the best cooked breakfast – better than any hotel!
- Motto: Do not let failure put you off trying again
- Coffee order: Decaf double espresso
- Cocktail order: Moscow Mule
- Favourite book: The Coddling of the American Mind, by Greg Lukianoff and Jonathan Haidt