Richard Desmond, the successful publisher and founder of the Health Lottery on the next generation, the success of OK! magazine – and not switching off
Tell us a little about your upbringing. What do you think parents would say if they could see your success today?
Look, I think they’d be incredibly proud. My father was the managing director of a cinema advertising chain Pearl & Dean and he used to take me to meetings. I have been in a lot of interesting meetings since; I can tell you that.
You left school at 15 and have fought your way to the top. Do you think the university system has become less successful at preparing young people for the workplace?
Universities are good for some students – but I reckon they’re not always right if you want to start a business. Parents are better off carefully thinking about what kind of offspring they have: don’t just send them to university if they have entrepreneurial flair.
Did you have a mentor in your early days of business?
Yes, but I always made my own decisions. I have tried to inspire the next generation and tell them when they are wrong. The main reason people fail in business is just that – lack of clarity of purpose.
What advice would you give to young people today looking to start their own businesses?
It is tough out there and the sooner you realise that the better. You need resilience, the ability to sell and to champion your purpose – I can tell you that business is also a hell of a lot of fun when you win.
Why do you think OK! ended up surpassing Hello! in the market?
We were in tune with the markets: people wanted out product and we knew it. That meant that we were able to live and breathe it, knowing that with the right we would be successful. I also think we invested in the right features: never underestimate the value of good editorial – and when you see a good story, put your money behind it.
How do you feel about Sir Keir Starmer’s administration?
He claims to be the party of wealth creation. It is probably better for me not to say anything just yet, although I am known for my expletives. Sometimes the wisest course of action is for me to try and remain silent.
What did the writing of The Real Deal teach you about yourself and your past career?
No doubt about it – most absorbing experience of my life. I remember being very busy writing it. It’s a fascinating experience to draw it all together – the threads of your life. Some of my best friends and worst adversaries told me that they couldn’t put it down.
The Health Lottery is a passion of yours. What community projects are you most proud of having supported because of this initiative?
I’ve a very simple philosophy on this. Don’t do anything you’re not proud of. I don’t believe in going into any project without believing absolutely in its importance.
How do you switch off from work?
I never switch off – the lights never go out here!
What is your legacy and how would you like to be remembered?
It is far too soon to be thinking about that. However, allow me look back with great pride for my own part in ensuring the Battle of Britain Monument which I helped get built against all the odds!
