ME and MY MONEY: PAUL FOLEYCorkscrew Wine Merchants

Are you a saver or a spender?

I keep trying to save but so far this has not been very effective. I love spending money and MBNA can vouch for this! But seriously, we spend an enormous amount in the business and depend heavily on our customers doing the same with us. I call spending “putting ourselves in our customers shoes”.

Do you shop around for better value?

The most important thing to me is service, so I am more likely to shop with the same person again and again once they keep looking after me. That’s a trait we display in the company. Value counts, but it is only “value” if the quality of product is good enough.

What has been your most extravagant purchase ever and how much did it cost?

Buying a house during the boom – that’s still costing me.

What purchase have you made that you consider the best value for money?

I bought a Toyota Avensis for my wife, Fiona, on her most recent birthday. It made her happy and it’s still in perfect nick. Pricey, but it’s real value for money.

Have you ever crossed the Border to shop?

No. I have stayed up North many times and gone shopping while I’m there but I have never specifically travelled North to do my shopping. We’re up against it in business all the time and genuinely believe that our service and quality of offering competes with the below-cost pricing that we see up there.

Do you haggle over prices?

All the time, I can’t help it. Most places these days will give you a better price if you just ask. It costs nothing to smile and be nice.

Has the recession changed your spending habits?

Yes, certainly. Holidays and new cars are totally out of the equation for now. On a daily basis, though, it’s monitoring everything that goes out of the household budget. Even though that sounds sensible, we’ve just bought a dog.

Do you invest in shares?

I did, but unfortunately not anymore. The last shares I had were Anglo Irish Bank shares that I managed to sell near the top. To be honest, it was all down to luck – I wanted to buy a house at the time and needed the capital. I wouldn’t have the balls – or the cash – to do it again.

Cash or card?

One day a month cash (pay day), the rest of the month the old reliable (slightly battered) card does the job.

What was the last thing you bought and was it good value for money?

I spent a lot of money lately on building our website – thecorkscrew.ie – and we are now the proud owners of an Eircom Golden Spider award. So yes, it was excellent value. It’s something that we invested in personally and professionally as well as financially.

Have you ever successfully saved up for a relatively big purchase?

I’ve always found it easier to convince the bank manager to lend me the money. I would consider myself to be spontaneous and rather resourceful. If I really want it I’ll get it without having to save.

Have you ever lost money?

I have suffered a few bad debts in business mainly over the last two to three years, but I’m used to getting paid – in the end.

Are you a gambler and, if so, have you ever had a big win?

I wouldn’t call myself a real gambler. Every now and again I play some cards with friends and the most you could lose would be €100.

Is money important to you?

It pays the bills, that’s about it. After that it is not that important, although we would all prefer more, wouldn’t we?

How much money do you have on you now?

€20, a Visa debit card and an MBNA credit card.

In conversation with Tony Clayton-Lea