ME and MY MONEY:Maggie Mangan, Creative Director, Cloon Keen Atelier Perfumery
Are you a saver or a spender?
Personally, I’m a saver. We set up our business on savings of €6,000 and are always amazed how far that investment has stretched over the years. However, we have to be spenders with the business. Our product development costs are huge and all of our profits are ploughed back into this every year. We also always make sure that the integrity of our products is impeccable and this is always a more expensive option.
Do you shop around for better value?
Always. The best value is not always the cheapest option. Often the opposite is true.
What has been your most extravagant purchase ever and how much did it cost?
I fell in love with a painting by Michelle Conway, an American artist living in Galway. We had very little money at the time but I knew if I didn’t buy it I would always regret it. Her themes are about liminal space and you can’t escape their impact. We call the painting Butterball because it reminds us of the character from Hellraiser. We have it in our hall and every time I pass it I think how lucky I am to own it.
What purchase have you made that you consider the best value for money?
Our Mac computer. We wouldn’t have a business without it. Every design function has been performed on it and I would be lost without it.
Have you ever crossed the Border to shop?
Never. I just don’t understand that type of thinking. It is so important to support local businesses. Thankfully, we have a great “shop local” campaign in Galway.
Do you haggle over prices?
No. Many small businesses are on their knees and are just managing. My rule of thumb is that if I wouldn’t haggle with Tesco, why would I haggle with a small business?
Has the recession changed your spending habits?
Yes, I am more concerned with spending money locally. A lot of beautiful shops have closed in Galway and I don’t want any more to go. Coming from Canada, I have seen the disastrous effect that chain stores can have on the local landscape. It takes away the character and diversity of towns.
Do you invest in shares?
I consider our business our main investment. Hopefully some day it will pay off!
Cash or card?
Card, but I pay it off monthly. I think of it as 30 days credit.
What was the last thing you bought and was it good value for money?
I am a caffeine addict and was spending €7.50 a day on coffee. That’s a lot of money over the course of the year. So, I bought a Nespresso machine for Christmas and I have saved in time and money already. It also makes a perfect cup of coffee.
Have you ever successfully saved up for a relatively big purchase?
I get great satisfaction from saving up the cash for purchases. I really hate getting loans and won’t buy something until I have the money. My husband and I sat on wooden crates for six months while we saved up for a sofa!
Have you ever lost money?
Nothing significant, thankfully.
Are you a gambler and if so have you ever had a big win?
I never gamble, it seems pretty irrational. We do take risks and manage them.
Is money important to you?
Yes it is very important to running our business. It gives power to the machine and lets us follow our passions.
How much money do you have on you now?
€70 and a bit of change.
In conversation with Claire O’Mahony
