1 December 2010
The winner of this year’s Barclays Trading Places Award, an award recognising an inspiring story of determination, is Richard John Cartwright of Newcastle upon Tyne, who after a period of homelessness turned tragedy into triumph to open Newcastle Books, a second-hand book shop.
After his electrical shop business in Birmingham closed in the 1990s, Richard found himself homeless and selling the Big Issue in London, Brighton and Newcastle. His love of books caused him to collect and sell second hand books on e-Bay, until he was able to secure a business loan from Street NE, a not-for-profit Community Development Finance Institution (CDFI) based in Newcastle upon Tyne offering business advice and manageable finance. Through the support of Street NE, Richard has been able to grow Newcastle Books to achieve the 140,000 inventory he has today.
Support from CDFIs also underpinned the business success of two other finalists, Gina Moffatt and Duane Jackson, each of whom worked with Prince’s Trust to get their businesses going in the early stages. Both Street NE and Prince’s Trust are members of the cdfa, the trade association for the CDFI sector.
Bernie Morgan, Chief Executive of the cdfa and one of the judges on the panel of the Trading Places Awards, said:
“Richard’s business was financed by a CDFI. It recognised his potential and provided him with a loan and the support he needed to set him on his way.
All around the country, every day, CDFIs are working with disadvantaged entrepreneurs like Richard, helping them to create successful businesses. His story is testimony to the transformative power of the UK’s CDFIs. We congratulate him and wish him every success for the future.”