Inside Track Q&A: Katie Cantwell, KC Peaches

Since it was first set up by Katie Cantwell in 2006, Dublin wholefood company KC Peaches has expanded to four stores in the capital with 150 employees. The cafe and delicatessen business specialises in selling natural food products including pastries, savoury dishes, and coffee.

What sets your business apart from the competition? There are a lot of good places doing things now but we would have been the first to be really specific in our approach to food. There are a few key points that differentiate us; using really good local ingredients that are all natural, the breadth and depth of our selection, the affordable price point and the spaces we've been lucky to get in Dublin.

What has been the biggest challenge you've had to face? I think the most gratifying but also most challenging part of the job is the people. It's something you constantly have to work at, both in terms of your customers and employees, and you need to love it or there's no point in entering the industry.

What has been your biggest success to date? More than anything I'm happy that we've tried to stick to our integrity, even during the recession, when we thought long and hard about continuing to serve wholefoods because it's so much more costly. Our costs are very high for the industry because we care about what we're doing and we won't sacrifice on that.

Who do you most admire in business and why? I find Michael O' Leary fascinating. I think he's such an interesting character and somebody who's never compromised. People are so aggressive towards his company but they provide a product that you know you're going to get, and it's incredibly successful.

What could the Government do to help SMEs in the current environment? I think there needs to be more of a giveback to smaller businesses. We need to review how we're compensating people and the overall system so that taxation isn't coming solely from individuals. The streets in front of our Nassau St location have been torn up and it's affecting businesses all along there, and we're paying over €40,000 in rates a year. If there are going to be major disruptions like that, there needs to be some kind of discussion in terms of rates.

Based on your experience, are the banks in Ireland open for business to SMEs? I think they're more open for business but they've pulled back so much that they're not approaching it in the right way. They'll give you something but not necessarily enough, which doesn't make sense because then you're going to other sources and potentially compromising the payback of the loan. We raised €55,000 with Grid Finance and they've been great. A bank may or may not give you the money whereas a peer-to-peer lending facilitator like Grid Finance opens up a marketing channel as well.

What is the biggest mistake you've made in business? It's a mistake that I continue to make consistently and it's that I worry too much. I spend countless hours worrying about things and ultimately it's a waste of time. I need to learn to be less controlling and just let things go.

What advice would you give someone starting a business? Be true to your vision and don't spread yourself to thin. Sometimes we try here to be all things to all people and we can add things that maybe we shouldn't. So do what you do really well and once you get that formula down, start to look at other opportunities.

How do you see the short- term future for your business? I think last year has been about shoring up what we have and getting ourselves into a very stable position for when we're ready to do something else. In the next 12-24 months I'm thinking about bringing a concept similar to KC Peaches somewhere else although I'm not exactly sure what capacity it will be in. We're hoping to expand KC Peaches too, whether in Ireland or somewhere else, possibly the UK.

What's your business worth and would you sell it? You can always look at a business like this and plug in any numbers you want. For me, it would be a question of what point I'm at in my life, who wants to do it, and how they're going to be a caretaker of the vision. If those things line up with what I see as being correct, then there could be a conversation. If it doesn't, I love the business so I wouldn't see any reason to stop what I'm doing.

kcpeaches.com

In conversation with Kirstin Campbell