Story thread · 2 reports / 1 sources

Money & Me: Dubai entrepreneur makes millions helping struggling rich to pawn their watches

thenationalnews.com · 9dShare

George Flo is not easily surprised, but even he was taken aback when a 22-year-old walked through the door of The Heritage Club clutching a watch worth half a million dollars and needing quick cash because he had burnt through his monthly allowance. “We never ask the question why you need the cash. It's not our business,” says the British-Cypriot entrepreneur who set up the Dubai-based luxury-watch buyback service 10 months ago. The Heritage Club offers high-net-worth clients the ability to release immediate cash against their watches – anything from Dh25,000 to Dh2.5 million – with a contractual guarantee to buy them back within 30 or 60 days. The business is currently custodian of just over Dh20 million in client assets. Mr Flo is not paying himself a salary – instead reinvesting everything back into the company, which he started following a two-year retirement in Cyprus after he sold his recruitment firm to South African bank Investec. How did money feature in your childhood? My par

First report: Money & Me: 'Smart people don't sell – they leverage' — thenationalnews.com, 11d