ME AND MY MONEY: BOBBY KERR CEO INSOMNIA
Are you a saver or spender?I am a spender. My wife Mary is always giving out to me for spending on impulse. She keeps a watchful eye on me, which I am grateful for. I have four daughters who hit me for cash every time they look at me, so that doesn't help.
Do you shop around for better value?I will shop around because I like to think I am getting value. We try to give value at Insomnia with our €5 and €3.50 promotional offers. I think the consumer appreciates the fact that the seller is trying to give value. We recognised about two years ago that value was the only show in town, and we reorganised our proposition and came up with strong promotions. We were first out of the traps with those, and they saved our bacon.
What has been your most extravagant purchase ever and how much did it cost?When I sold my first business I treated myself to a Breitling watch, which cost €2,000. This was a lot of money for me at the time, but I still wear it every day.
What purchase have you made that you consider the best value for money?My Electra Micro Casa espresso maker, which is a vintage Italian coffee maker that I bought for €300 off a friend many years ago. It makes the best cup of espresso in Ireland, and I have one every morning at 6am before I leave the house to kick-start the day.
Have you ever crossed the Border to shop?No, it's far too much hassle and I would like to support local business. I shop every Saturday morning with the local retailers in Glasthule, where I live. You can get the best of everything in that village.
Do you haggle over prices?Yes, all the time. I never pay list price for anything. The kids walk away they are so mortified.
Has the recession changed your spending habits? Yes. I have been more cautious in the last 12 months as one doesn't really know what lies ahead for the next 12.
Do you invest in shares?I have some as part of my pension. One of the only reasons I am still solvent is that I never had any interest in punting on property or the stock market. If you want to gamble, go to Paddy Power. I recently invested in Bang restaurant – myself and others bought out the previous owners from the receiver in a competitive tender situation. My future plans include building up a portfolio of investments and spreading my business wings.
Cash or card?Cash is king, especially if you want to haggle.
How much money do you have on you now?I had €40 ten minutes ago. Five minutes ago my daughter Emily just relieved me of €20 as she was off to Dundrum.
Bobby Kerr is the chairman of the Insomnia coffee chain and the co-owner of Bang restaurant. In conversation with
TONY CLAYTON LEA
