Money & Me: ‘I value experiences more than property or cars’

Richard Cowling is director of operations at Gates Hospitality, responsible for Dubai food and beverage brands such as Folly, Bistro des Arts and Reform Social and Grill.

He joined the industry as a teenager in northern England, working through the ranks in large country pubs.

Mr Cowling headed up popular dining concepts in London before moving to Dubai in 2011 to open The Ivy and Marco Pierre White’s Wheeler's of St James.

He spearheaded Nakheel’s drive into Dubai’s food and beverage sector with outlets including Barrel 12 and Il Faro, and community sites in Jebel Ali, Jumeirah Islands and Al Furjan before a 2021 return to Gates Hospitality.

Mr Cowling, 45, lives with his wife and children, aged four and six months, in Layan Community, Dubai.

What financial background did you grow up in?

Normal, working class. Dad was in construction, a carpenter by trade, and mum had different jobs, primarily hairdressing.

It was very much feet on the ground. However, they always provided well for us; we were not left wanting. There were holidays, lots going on, although it was not high luxury.

Money was always there but it was carefully spent. Mum and dad were disciplined, so that filters through, even now into business decisions, and the mindset will, hopefully, live through to my kids as well.

How did you first earn?

I started working in the hospitality industry when I was 15, in kitchens dishwashing, doing small prep jobs for chefs. I remember being paid £2.16 (Dh10) an hour early on.

I did every role during that time and a management training programme. I left as assistant manager, when I was 21, to manage a pub in York.

What drove you to work so young?

More independence. I saved for a Commodore Amiga computer. That was a sense of achievement as well.

In latter school years, there was always an annual school trip. That would never have been on the agenda if it was not for the fact I was doing a bit of work. I went on a ski trip because I was able to chip in.

How else did you contribute?

When I was first working, my parents charged me rent, a nominal amount. They collected it – and gave me all the money back when I left home.

They did not need the money, it was simply designed to make my relationship with money more disciplined.

I suppose tough lessons are the best ones, because I went with money in my pocket (and learnt) the value of saving.

Did that feed into your professional life?

Very much. As a business, we don’t spend for fun. We are happy to invest, we have amazing outlets that are a tribute to that, but it is always done thoughtfully and responsibly.

We are dealing with the company’s money and if we are frivolous, we jeopardise jobs.

What led you to Dubai?

We finished renovating our house in London. We had been visiting Dubai because I had friends who had come here from university.

That was 16 to 17 years ago – a very different Dubai – but it had that buzz already.

Then I read an interview with Gary Rhodes talking about Dubai as a great place to put down roots and the emergence of the F&B industry. On the back of that, I contacted people working here.

What is your savings strategy?

We save at the beginning of the month and have done that ever since we stepped off a plane here.

We have a set amount we want to save and live off the rest, as opposed to the other way around; spending what we want and saving what is left, because inevitably there is not as much as you want.

There is money in cash accounts I can have access to immediately if I need it, but I am very disciplined.

How do you grow wealth?

Number one is to not have everything in the same place. Make sure risk is spread.

There is a balance of age, how much time you have got, your long-term goal, how quickly you can achieve that and how comfortable you are with risk.

Risk is good and can be very rewarding, but if everything’s high risk, you have the potential to lose everything. That risk-reward balance gets a little less as you get older and have more responsibilities.

For me now, saving is also about assets that generate income. We have a mix of stocks, shares, some slightly more high-risk, and then property.

I also did some stuff with Beehive (a peer-to-peer lending platform).

What is your best investment?

Our London property, not by design, by luck. It increased in capital and rented out really well.

We sold it and bought in York where we are renovating a place as a holiday let, but also (for us) when we are back. Hopefully, it can pay its way when we are not using it.

What are you happy paying for?

Travel and family experiences; it can simply be an awesome day at a water park.

We are not material in terms of items but experiences we have gained from travelling to different countries, places as a kid I did not even know existed, safari in Africa, sitting in a coffee shop in New Zealand after a busy day in the mountains … those experiences I value much higher than property or car purchases.

It is a luxury, for sure; necessity is having clean water, a bed to sleep in and a roof over your head.

So, you don’t take it for granted?

It is easy to become flippant and accept that as the normal way of life. I suppose the challenge is how to instil the same values in your children when they are in that environment, the peer group they are surrounded by, the expectations.

That is our responsibility because we have put them in that position. We are right at the beginning of that journey.

Any financial tips for your younger self?

Buy property earlier, especially in the UK. I had opportunities when I was a lot younger, something that would have paid for itself time and time over.

Be a little more disciplined in the early years, put things aside, have more of a plan. I would probably like to say that to myself, but I would also realistically say that at that age, I would not have listened.

What did the pandemic teach you?

It is hard to learn from it and you hope you never need to put those lessons in place again.

It is making sure you don't over commit, that your financial decisions are as sound and thought through as possible.

Make sure your relationships with business partners are as solid as possible because when you go into a crisis, they are going to help you out.

Is dining out a luxury?

We eat out a lot because of my job. I need to know what the city is doing in F&B, what other operators are doing.

It is a luxury, but we don't go crazy. Equally, there is a lot of value. You can eat in one of the most expensive restaurants in the world and it can be good value if you get amazing service, an experience second to none, and leave with a story you can tell the rest of your life.

You can also go somewhere that is entry level and it can feel expensive if the quality or value for money is not there.