The managing director of The Rudd Group — a UK-wide supplier to the hospitality industry — answers our questions.
Charlotte and Nick Rudd, of pubs supplier Bob Rudd.(Image: Bob Rudd)
Nick Rudd runs The Rudd Group alongside sister Charlotte. The North East-based family firm was established in 1989 and supplies the hospitality trade through its Bob Rudd Leisure, Innstay and Clear Cool divisions.
What was your first job and how much did it pay? Working as a van assist when I was 16 at Bob Rudd, when my dad was MD. I worked 50 hour weeks for £50 per week!
What is the best advice or support you’ve been given in business? Always build a financial model for new projects and commercial decisions. Be 100% confident in your numbers, ensuring every initiative is commercially and financially viable rather than simply a vanity exercise. Delegate effectively. As responsibilities are passed on and the business grows, ensure communication is clear, expectations are understood and a complete feedback loop is in place. If instructions or activities have not been followed, this should be identified and addressed promptly. Too often, I hear “I passed this to so-and-so” which is not effective delegation. Not everyone will be the smartest person in the room, but almost everyone has the ability to work hard. Consistently outworking your competitors is often one of the greatest competitive advantages you can have.
What are the main changes you’ve seen in your business/sector and what are the challenges you’re facing? Controlling labour costs. The reduction in the Employer National Insurance threshold, the increase in Employer National Insurance rates, and rises in the National Minimum Wage — along with the knock-on effect on wider pay structures — have significantly increased labour costs.
These rising employment costs have placed considerable pressure on businesses and have contributed to an increase in pub closures. More recently, as we operate a significant vehicle fleet, rising oil prices have had a substantial impact on our cost base, increasing our operating expenses.
What would your dream job be? Stock trader in New York.
What advice would you give to someone starting out a career in your sector? Work hard and network well. This means working extra hours and often anti-social hours but it will pay off in the long term.
What makes the North East a good place to do business? On a purely commercial level, compared with many other regions, we experience significantly lower levels of traffic. With more than 60% of our workforce on the road, this reduces idle time, improves productivity and enables us to deliver a more efficient service to our customers. People-wise we work with many thriving community pubs and I have no doubt that much of their success is driven by the strong sense of community that exists across the North East. These pubs continue to play a vital role at the heart of their local communities. Working alongside other North East business owners, I’ve found the region to be home to a highly entrepreneurial community. We’re a practical, resilient group of people who are focused on getting things done and delivering results.
How important is it for business to play a role in society? Really important. For me, business has always been about people. The people who work with you, the customers who trust you and the communities they’re part of. If you look after those people, everything else tends to fall into place. We’ve always tried to build relationships that last. Some of our customers have been with us for decades and that’s something I’m really proud of. The pub trade is a good example. Pubs are more than businesses — they’re places where people meet, celebrate, catch up and support one another. If we can help a landlord make their pub a bit more successful, whether that’s through better entertainment, better equipment or simply being there when something goes wrong, then that’s good for them, good for their customers and good for the community. Supporting charities is equally important. We’re proud to support Re-engage, helping to tackle loneliness and strengthen communities through in person events. We often find that our colleagues get just as much from these events as the guests do.
Outside of work, what are you really good at? Not much, to be honest! I was a decent cricketer back in my teens but these days my talents are probably a bit less exciting — working out which ISA to choose and, if you ask my kids, winding them up at every opportunity!
Who would play you in a film about your life? Ted Lasso — don’t take life too seriously.
Which three people would you invite to a dinner party, and why? Andy Burnham, to see what his plans are for business. Del Boy, who’s one of my all-time favourites. And Eddie Hearn — it would be fascinating to hear how he has grown his family business.
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