Multi million pound turnover
...and still expanding!
Within three years of launching his first CeX franchise Stephen Boult has expanded to six locations and earns a multi million pound turnover. Stephen confirms that his success is down to two things: his hard work and the support he has received from CeX head office. 'I have had brilliant support and I couldn't have done this without head office. As well as Hugh Mann, CeX's Franchise Director, I have a team of franchise managers on hand to help whenever I need it.'
Stephen opened his first CeX store in Hemel Hempstead in October 2006. Within seven months he was looking to open his second store in Luton. With these two stores Stephen gained a turnover of £1.5 million. Now with six stores in operation, Stephen is aiming to make a minimum turnover of £5 million. In addition to the success he has had with his stores, Stephen is still enthusiastic about the products he sells: 'If you are mad about gadgets you are in 'seventh heaven' owning a CeX business. I'm very fortunate to be in a business where I love the products we sell.
'A great thing about CeX stores is that the products are always changing so you've constantly got repeat browsers. Due to the business model of buying and selling products there has not been any difference in business since the credit crunch started. We continue to have the same varied customer base as before.' Stephen's success has provided him and his wife with a good standard of living and has enabled them to take exotic holidays, such as scuba diving in Miami. As well as this, Stephen has also been able to buy his dream car: a BMW M5.
Before becoming a CeX franchisee Stephen worked as a Business Manager for an electronics company. He recalls: 'I had been looking to start-up my own business and when my wife joined CeX as a Finance Director I saw that the business concept was good. I went into one of the stores and was hooked. I decided to go for it and opened my first store, I've not looked back since.'
The success Stephen has enjoyed has not made him want to sit back and take it easy, instead he has plans to expand his business further: 'I'm planning to get more stores and I want locations further a field. I'm aiming to get between two to four more stores. However, locations are being snapped up fast as many single unit franchisees are looking to open a second store.'
Interview by Derin Ibrahim