IN the 1970s the Faircharm industrial estate in Deptford, southeast London, was home to Zenith Carburettors, a company that supplied many leading car makers, including Ford.
Thirty years on, the estate is producing a very different product — a new generation of entrepreneurs and start-up businesses.
Today Faircharm Studios — as it has been renamed by its new owner, Workspace — is home to, among others, the London Youth Support Trust (Lyst), a charity that provides young disadvantaged entrepreneurs with cheap space, business advice and support.
The centre is one of three in London run by the charity, which was set up four years ago by entrepreneurs involved in the Prince’s Trust business programme. They wanted to help the individuals who were struggling to find premises.
“Even if they could find suitable space, landlords wanted rent in advance and a deposit — which tied up valuable working capital,” said Rob Whitmore, a Lyst trustee and angel investor.
Lyst rents space from Workspace, which it then subdivides and lets to entrepreneurs at a subsidised rent for a maximum of three years: the entrepreneurs pay one third of the market rent in the first year, half in the second and the full market rent in the final year.
But it is not just about providing cheap space — all three centres have a full-time business adviser to help with marketing and sales or problems such as how to chase bad debts or whether to be Vat-registered.
After four years the business incubator, as the charity describes itself, has helped dozens of entrepreneurs who have created jobs and wealth in some of the most deprived parts of London. More than 60 businesses have passed through the three centres.
When Tabitha Fyffe moved into Faircharm, her custom jewellery business, Fingerprints, was little more than a hobby.
“I was basically selling stuff to friends of friends,” she said. Three years later the 29-year-old mother of two employs two part-time staff. Turnover has risen from £11,000 a year to an expected £45,000 and she is ready to move out of the centre.
She describes the advice from Bob Austin, the Lyst director based at Faircharm, as invaluable. Austin encouraged Fyffe to take a stand at a trade show and she now supplies more than 120 independent retailers.
Successes like Fingerprints are particularly pleasing for the charity’s backers, which include trusts such as the Rank Foundation — but for Whitmore, success is not just about turnover or profits. It is also about developing individuals.
The experience of starting their own business encourages many to return to full-time education — a very successful outcome, according to Whitmore.
Austin said: “Nothing will change you more than being self-employed. It is tough, especially when you are starting a business with only £3,000.”
Like the businesses it supports, Lyst is now looking to grow — hoping to open new centres in other parts of London. Eventually the charity would like to have the space to support 200 businesses at a time.
“It is about helping those who want to help themselves,” said Whitmore.
