ME and MY MONEY: RAY BYRNEOwner, Wineport Lodge

Are you a saver or a spender?

Definitely a spender. I skipped third-level education as I didn’t have the patience to be a poor student for three years. My aim was to get a job and start earning and spending from day one after leaving school. I went to work in retail and got to understand very quickly that making the sale is important. My philosophy would be that money is for spending. You can’t take it with you.

Do you shop around for better value?

I didn’t very much, but it’s all about value now. In the hospitality business I’ve learned that value isn’t simply about price. Like most customers, I’m looking for something extra. It needn’t even cost anything; really friendly service, willingness to please, knowledge about what’s important to me as a customer. I want to be seduced by the positive experience of being the client, whatever the offer is.

What has been your most extravagant purchase ever and how much did it cost?

A Paul Smith shirt in Brown Thomas for €250 – it was a 40th-birthday present to myself. Six years on I still enjoy wearing it.

What purchase have you made that you consider the best value for money?

I bought a six-year-old Mercedes coupé in 2007 for €40,000 that cost €225,000 new. I still have it, and although it’s beginning to cost a lot to maintain, it’s still a joy to drive.

Have you ever crossed the Border to shop?

Yes. Car tyres are great value, but that’s it. I like Belfast for the buzz – and the Merchant Hotel is a real treat.

Do you haggle over prices?

Generally no, although I do have a good rip-off detector in my brain, so I usually avoid getting fleeced.

Has the recession changed your spending habits?

Yes. No more spending. Or certainly a lot less. I stick to the essentials: nice clothes, good restaurants, decent red wine and lots of petrol to stay on the move.

Do you invest in shares?

I’ve started a portfolio of shares for my two boys, Glen (eight) and Robbie (six). I invest their children’s allowance in some good long-term stocks.

Cash or card?

Card till it melts, then I’ll get by on €50-€60 for a couple of days while the payment goes through.

What was the last memorable thing you bought and was it good value for money?

I hustled the flower ladies on Grafton Street to break up their bunches so I could get three red and three white roses for my wife, Jane, for St Valentine’s Day. It was greatly appreciated, so yes, it was good value.

Have you ever successfully saved up for a relatively big purchase?

I wouldn’t have the patience. Either lend me the money or I’ll get over it.

Have you ever lost money?

A lot. Always in business. Usually from not getting paid by unscrupulous people who want your help but don’t want to pay for it. I look on it as an investment in my career as an entrepreneur.

Are you a gambler and, if so, have you ever had a big win?

I can be a demon for the horses if I actually go to the racetrack. Paddy Power has taken much more from me than me from him.

Is money important to you?

Not especially. It’s just a tool to do things with. However, I don’t like not having it.

How much money do you have on you now?

About €55 – enough to keep going with.

See wineport.ie

In conversation with Tony Clayton-Lea