Sweet taste of success for teenage entrepreneur

A teenager who started out selling sweets in the school playground is tasting success through on-line businesses that last year turned over more than £1/4m.

Matt Lovett, 19, left school with three GCSEs.

In 2007 he set up an internet marketing company, WOW Media.

The group now operates more than 20 websites and has a team of ten people.

Matt, who continues to live at home with his parents — motor dealer Mr Edwin Lovett and nurse Mrs Karen Lovett — set up his first school sweet shop aged 12 at Sir William Robertson, Welbourn.

When his teachers realised what he was up to they stopped him as, clearly, he didn’t have a trader’s licence, and instead entered him into a project for youngsters demonstrating entrepreneurial flair.

Matt continued to sell sweets on bus journeys to and from school.

His business acumen came to the fore again while revising for his GCSEs in his bedroom at Lacey Green, Balderton.

As a regular user of online cashback sites, Matt believed he could create a better service so, using savings and sweet shop profits, started British Rewards.

The site is still running — with more than 220,000 registered members.

Matt, who has two sisters, said: “I got Ds in most of my GCSE’s and I think the main reason was that I was always plotting ways I could make my fortune.

“My parents weren’t too impressed with my results but hopefully they’re less cross now.”

British Rewards was the beginning of Matt’s cashback websites offering online shoppers promotional discounts, vouchers and cashback on goods and services by household names and high street favourites, from Argos and Asda to Dell and Dixons.

The sites typically offer up to 70% discount on standard listed prices, with retailers paying to advertise their goods, generating sales and gaining new customers.

Collectively, the sites boast members in more than 250 countries, including more than 300,000 UK subscribers, 35,000 in Australia and 25,000 in Sweden.

Matt says he is more of an ideas and marketing man than computer and internet expert.

Matt, who is the youngest staff member at his company, said: “People often ask me where the ideas come from and the answer is that I don’t know.

“I think maybe from my dad who has always been self-employed and runs his own business, Lovett and Lovett.

“I’m inspired by free-thinking entrepreneurs like Richard Branson and Peter Jones, both of whom were running successful business ventures in their teens.

“By tapping into the public’s desire to hunt down the best discounts during the downturn my business has not only survived a recession but benefitted from it.

“Building a business at such a young age does mean sacrificing things most teenagers take for granted, but having your company turnover more than £1/4m at the age of 19 makes it all worthwhile.”

His business plans are advanced enough for him to be needed at its offices in Birmingham only two days a week.

Matt jokes that despite still being a teenager, he is now semi-retired.