In today’s blog, we take a look at the new ‘Dragon’ from the BBC’s entrepreneurial show, ‘Dragons’ Den’, who is well-known across the Haulage industry. Devey’s business success began when she founded Pall-Ex, a Leicestershire-based logistics business, which she is the only shareholder of.
Name: Hilary Devey
Birthplace: Bolton, Greater Manchester
Languages: English, Turkish
Hobbies: Horse Riding
Estimated wealth: £50 million (according to the Sunday Times Rich List of 2011).
When Hilary first founded her business, fellow colleagues turned down the chance to become joint shareholders, whilst the bank denied her a loan. Therefore she had to sell her house and car, worth over £100K, to start the project.
103 individual hauliers have been brought together by Pall-Ex on a franchise basis, to share the delivery and ultimately transport the goods to major retailers. This enables small hauliers and retailers to benefit from big savings on transportation costs.
Pall-Ex has seen sales of more than £100m, with 17,000 pallets leaving the Coalville hub in 350 lorries every day! Hilary is certainly seeing her entrepreneurial spirit and ambition being rewarded.
Hilary is also a big supporter of various charities. One penny per each pallet it delivers is donated to charities, such as The Princess Royal Trust for Carers and the Stroke Association, through Pall-Ex’s ‘Penny a Pallet’ scheme.”
Amazingly, invoice factoring as a fact of business life has origins in England prior to 1400. That's over 600 years ago!