A thrifty dad who lived on yellow sticker food bargains after his £300,000 business debt forced him into bankruptcy has shared his top money-saving tips. Al Baker, 48, was forced to declare bankruptcy in 2017 after falling behind on debt payments when his business went bust.
The dad-of-two ran a successful food import company selling American goods in the UK and led a “comfortable” life up until import rules changes in 2014. “Life was pretty good – I had a nice car, money in my pocket, owned a house and had nice holidays,” Al said
“The rule changes meant we could no longer bring in our most popular ranges in the future so our revenue dropped by about 80% and the business became insolvent. As I had personal guarantees, I became liable for £300,000 for a large percentage of the debt.
“Although I did my best to keep up with payments for the debts, I was in a position where I was unable to pay so I had to make myself bankrupt.” Al was “barely scraping by” after selling his home and moving into a rental costing £1,500 per month.
Yellow stickered items snapped up as a bargain by Al Baker. (Jam Press)
