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Most miniature oligarchs stutter unconvincingly about “passion for this business”, being “too young to retire” or discovering a new venture or investment that is simply “too good to turn down”.
In most cases the decision to carry on has more to do with ego than anything else. How, after all, does a man who strode through the world of commerce like a colossus settle back into ordinary life? In Sean Bolger’s case, his money came from the €100m that he and his partner secured in 1998 following the sale of ITL, their telecoms business, to GTS. His refusal to sit back and enjoy his fortune would seem to come down to ego.
Bolger is not one for manufacturing self-effacement. “It’s what I do,” he said of entrepreneurship. “If I was a painter, I wouldn’t be asked to stop painting.”
However, just as pictures of a bald, well-built 41-year-old in emulsion-splattered overalls springs to mind, he corrects the image. “I mean, just because a painter gets a million for one of his paintings doesn’t mean he’ll stop painting.”
The comment is typical of Bolger. Unlike many breadheads, he eschews the whole schmooze thing. In the modern Irish way, successsful businessmen tend to suck up to journalists by pretending that we are all just normal blokes doing a day’s work and that, hey, the zeros that differentiate our respective bank balances have no impact on this friendliness.
As your children will be the first to say — yeah, right.
Bolger can be dismissive and impatient when faced with what he regards as dumb questions, but he remains a likeable guy. In fairness, the interview gets off on the wrong note when I erroneously imply that Cellular 3, his mobile virtual network operation, “went bust”.
In fact, the company went into examinership and all its debts were honoured by its parent company, but it takes about 10 minutes for Bolger to forgive this slight. “It most certainly did not go bust. We managed ourselves out of a very difficult situation, very professionally, and we are willing to reinvest in Ireland.” We move swiftly on.
Bolger has returned to the spotlight with a double product launch which sees his Imagine group back on its favourite territory — tearing into Eircom.
Gaelic Telecom, the scheme devised whereby GAA members get significant savings on their bills while raising money for their local clubs, is the first plausible attempt to cause a mass migration of landline users from the former state monopoly.
“There is the potential of a significant shift (from Eircom) if the conditions are right,” explained Bolger. “In every other market, the former state monopoly has 50%-60% of the market. Here it still has nearly 90% because the competitive environment has not been there.”
The company’s broadband venture garnered national media coverage during the week for its launch stunt, which involved handing out tenners to sceptical pedestrians on Grafton Street. The free €10 notes were aimed at exposing what Imagine and Bolger believe to be the vulnerability of Eircom’s broadband offer.
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