Building the business back from the brink a second time , gave Hetherington cause for reflection – leading eventually to the sale to Diversified Communications , completed in November .
“ You feel quite kind of battle weary and bruised . I ’ m 50 this year , I fought back from a global financial collapse . I ’ ve fought back from a global pandemic and associated recession , have I got a third fight in me in this particular chapter of my life , or is this maybe time to seriously think about cashing out ?”
Responsibility For personal reasons Hetherington knew the time was right .
His younger brother died suddenly four-years-ago leaving a wife and three children . Hetherington now recognises the responsibility to protect the asset he has built up for his and his brother ’ s families .
“ We all know exhibitions are a gamble . You work all year , you do great things , but you have two days really where that exhibition is either going to smash it and you go again , or it could be catastrophic . If there was a bomb scare , or a train strike , or a blizzard , or whatever , you could have this terribly damaging effect on this asset you ’ ve nurtured and grown for 20 years .
“ Being reckless and entrepreneurial is maybe okay , when it ’ s just you , but when there are other people that depend on that you can ’ t be so reckless .”
Advice Over the years Hetherington got to know Steve Monnington of Mayfield Merger Strategies .
Monnington had helped find investment to recover from the financial crash , so Hetherington knew he was the man to handle their sale . “ I always remembered that they were willing to help when they didn ’ t need to and didn ’ t see any return . So , part of it was a feeling of the debt repaid , but also part of it was absolutely pragmatic .”
He knew he could rely on Monnington and partner Anna John ’ s expertise having negotiated countless deals – including previously with Diversified .
“ This might be my one big cash out ,” Hetherington says . “ It was not a time for beginner ’ s errors . I wanted someone who had done it 1,000 times .”
Moving on Now the deal is done , friends and colleagues have warned that he will “ probably have a breakdown ” whilst sat twiddling his thumbs – or when next years ’ edition of NRB comes around . He is not convinced .
“ I think I sold at the right time . Diversified are brilliant operators so I do feel that we ’ ve left NRB in good
Northern Restaurant and Bar , Manchester Central
hands .”
For Hetherington his ability to walk away is part of what made the business a success .
“ Where so many entrepreneurs go wrong is that their businesses is them . People won ’ t buy it , because if that person drops dead or falls out with a new buyer , the business is worthless .”
What now for the entrepreneur with time on his hands ? He hasn ’ t time for regrets and won ’ t be splashing out on flashy luxuries .
“ I ’ m not going to buy a speedboat , we ’ re not going to buy four second homes , we ’ re not interested in it , but we ’ re very happy . That pressure of obligation as your kids get older , like someone ’ s foot on the back of your neck , always there just at the back of your brain , has lifted . And that is just a life changing thing .”
Over the years he has taken on consultancy work advising developers and councils on their food and drink offering . That side of his work will be channelled into an agency Landing Light . He is also still running Manchester Art Fair .
Bon voyage Hetherington has a convenient dodge for whether he will be mournfully walking the halls of Manchester Central during this year ’ s NRB . He has always wanted to attend the MIPIM Global Property Conference but the dates have always clashed with his own show .
He says ; “ I ’ m going go out there and work like a dog but I am also going to be sat in Cannes with a nice glass of wine and I think that ’ s probably not a bad spot and not a bad distance to wish good luck and bon voyage to NRB .”
Spring — 25