‘Losing money means you learn not to repeat the mistake’

John Loftus is chief executive and managing director of Co Mayo-based LLR-G5, which is the creator and distributor of luxury skincare range G5 Haute Cosmétiques.

Are you a saver or a spender?

A spender, I would probably have to admit. It’s easy to form new habits when indirectly told by financial institutions that they don’t want your money. My spending is prudent, however – quality items that last the test of time. I still enjoy clothes and other possessions that I bought years back.

Do you shop around for better value?

It depends on the need and delivery. I’m a creature of habit and, more importantly, I am loyal to those I trust, so I wouldn’t usually shop around. Also, free time is rare and tremendously important to me, so shopping around isn’t something I generally have time to do. I would occasionally search online to check prices and have an idea if I am getting value.

What has been your most extravagant purchase?

A kitchen with Leicht fixtures and fittings and Gaggenau appliances I installed in my home a number of years ago. I subsequently sold the home, having barely used the kitchen. It was an ideal chef’s space and wonderful for entertaining. However, as it was completed just before lockdown, it wasn’t much fun for the €45,000 spent.

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It’s easy to form new habits when indirectly told by financial institutions that they don’t want your money

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

I try to at least see my costs covered over the time of use of any item of value I buy. While a car depreciates, I try to find one where the depreciation isn’t excessive in relation to the car’s value on disposal. I wouldn’t have installed my expensive kitchen, for example, without knowing the tolerances and longevity of the product, and even though I didn’t use it, it added significant value when it came to selling my home.

How did you prefer to shop during the Covid-19 restrictions, online or local?

Local. I was very lucky when at home in the west to have had Cafe Rua and Rua Deli in Castlebar. They made serious efforts to supply local produce and adjust their business offering from dining to deli – lifesavers! I don’t shop online, really, I love human contact.

[ ‘The odd time I will play the Lotto with my kids – we are always convinced we will win’ ]

Do you haggle over prices?

I’m a disaster, even when I’m expected to haggle. If I don’t agree with the first price, I walk. If I am a loyal customer, it would be normal to think that a level of automatic discount or bonus would eventually apply to purchases.

How has the Covid-19 crisis changed your spending habits?

I’ve all but stopped buying new clothes as I go out far less frequently now – fewer restaurants and outings. I suppose I was far more sociable than I even knew.

Do you invest in shares?

I had some insignificant holdings that I disposed of years ago. I’d rather look after people now than watch money in investments. Besides, my investment in the company and our new healthcare and skincare products is already paying dividends.

Cash or card?

Card. Getting to an ATM has become a bigger challenge lately, but maybe I’m just getting lazy.

I’m a disaster, even when I’m expected to haggle. If I don’t agree with the first price, I walk

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

During lockdown, I used to stop at Rua Deli and collect a bunch of cakes and drop them off at family and friends’ doors as I passed on my way home. I created a habit of this, so this morning I again picked up my weekly cakes.

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

Yes but it takes serious determination and discipline. Being self-employed, financial supports from institutions are difficult to get, so whether it’s business or personal spending, it’s generally up to me to save or to fund, rather than borrow.

[ ‘Saving for college fees made me wonder what I was previously spending my money on’ ]

Have you ever lost money?

Of course, who hasn’t? If you hadn’t, how would you ever learn? I would, however, like to think that losing money means you learn not to repeat the mistake.

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

No, I’m not a fan, and I have never been drawn in. It pays, also, to have an allergy to horses.

Is money important to you?

Of course it’s important, but not at levels that it weighs on my mind. My money woes would be more directed at ensuring those around me have enough.

How much money do you have on you now?

€110.

In conversation with Tony Clayton-Lea