‘Bank of Dave’ boss DAVE FISHWICK reveals his finest monetary resolution

Dave Fishwick set up the ‘Bank of Dave’ 14 years ago – the first new bank to open in Britain for 150 years, writes Toby Walne. 

The story of how he fought opposition from the High Street banks to open Burnley Savings And Loans, with the help of his right-hand man David Henshaw, has been turned into two hit movies on Netflix – Bank Of Dave and Bank Of Dave 2, both starring Rory Kinnear.

The 53-year-old, originally from Burnley, is married to Nicky and they share two children.

What did your parents teach you about money?

Hard work puts you where good luck can find you.

My father Tony would get up at 4.30am every day to milk cows at a local farm and work there until 1pm. 

After that he then worked as an overlooker for a weaving factory, between 2pm and 10pm. 

He worked seven days a week and would start as my mother Christine finished. She worked 6am to 2pm.

I inherited this strong work ethic and learned you should only spend what you have saved. This way you should never end up in debt.

Are you a spender or a saver?

Saver. I do not buy anything unless I get value from it.

My wife and I recently went on holiday to Marbella, and I ordered a bottle of water. The barman tried to charge me €24 (£20). 

I handed it back. I will not be ripped off.

Have you ever struggled to make ends meet?

It has not always been easy, but I’m not complaining.

Starting as a building labourer on £27.50 a week I did not have enough spare money to buy a gallon of petrol, but I convinced a garage to allow me to do up cars it could not sell so I could sell them. 

The owner agreed to let me keep any extra I got from my mark-up – and that got me started as an entrepreneur. With the money I bought T-shirts to sell at a market and also became a DJ at night.

I hardly slept, but knew if I was going to be a success it was necessary to embrace the struggle.

What has been your biggest money mistake?

About 25 years ago, at an auction when I was trading in vehicles, I purchased a second-hand Iveco bus for £5,000. I remember other people at the auction nudging each other and smiling at me.

I went over to discover I had accidentally bought an automatic rather than a manual gearbox version. Automatics are a nightmare to fix. I remember ringing my wife and asking her to bring a tow rope to get it home. 

She has towed a few money mistakes back home over the years, but I learn from such bad deals.

What’s the most expensive thing you bought for fun?

A Jet Ranger helicopter. It cost me $1 million (£800,000), which sounds extravagant, but I love it.

When I want to relax, I sit on a cloud by flying on top of one and travelling at the same speed. Dropping through the clouds feels wonderful.

Best money decision you have made?

Marrying Nicky. She keeps my feet planted firmly on the ground and supports me making the right business decisions.

We met when I was a DJ in my early 20s. She came over and asked why I was playing such rubbish music. The truth is that all I could afford at the time was 10p records from a flea market.

But you put on a song like You Can’t Hurry Love by Phil Collins and people will dance.

Will you pass your money down or spend it?

We will leave the children enough money so they can do anything – but not nothing – with their lives.

More than 90 per cent of my money will be spent on good causes. I am not interested in writing a big cheque to some huge anonymous charity – you don’t know how the money is being spent.

But we must look after our communities, and this is how the Bank Of Dave has been able to step in where High Street giants have abandoned them.

I recently helped a primary school in nearby Colne, Lancashire, with funding to ensure youngsters never go hungry, and also donate to local food banks.

Many of the children had been going to school hungry, and that was just wrong.

We have been able to fit them out with a big kitchen and supply the food that is required. It is a privilege being able to help.

Do you have a pension?

Retirement is not something I think about – getting up for work is what I love to do.

I start to feel guilty if I sit around for too long. I was brought up in a two-up, two-down terraced house with an outside loo – and appreciated the value of the home.

Since becoming successful I have put money into property, and I also invest in stocks and shares.

I have set up a big investment company in America into which I put shares, after teaching myself how to trade.

Do you own any property?

Having humble origins means I appreciate a roof over my head.

When I started making money, I purchased the same sort of homes I used to live in and did them up to rent out, and now I own a lot of property in the region. I also own lots of commercial properties, offices and shops.

There is also the hundred-acre property we call home, situated in a beautiful unspoilt valley, which includes its own forest and stretch of river. 

The countryside is for everybody, and we invite local Scout groups to camp here.

What is your top indulgence?

Flying. Being able to jump into my helicopter when I want to travel somewhere is a privilege.

Nicky and I just love it. I also have a couple of Ferrari cars that are a huge indulgence.

I am not someone who is particularly flashy and do not want to show off my wealth, but these sports cars are just wonderful luxuries to drive.

If you were Chancellor, what would you do?

I would create a fairer society. We need a safety net for the most vulnerable and those having a tough time – but also to give them the tools to bounce back and contribute.

If someone gets up and works hard, they are entitled to more than someone who wants to stay in bed all day.

The major banks let people down. We need a better system so that people can afford to get on to the housing ladder.

Big corporations are greedy and not doing what they should to support the local communities.

What is your number one financial priority?

To create a strong financial institution that is run by the community and is for the benefit of the community.

We are talking about the Bank Of Dave. I want it to run for at least the next 100 years so that my children and my grandchildren will be able to continue looking after it long after I am gone.

I have had a lot of financial institutions try to buy me out so they can shut it down – offering obscene amounts of money.

I had a pen and paper shoved in front of me and was told to write down a number.

But my answer will never change. Not for sale.

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