Paul Newey’s big break came in 2006 when he sold his Tamworth-based debt consolidation business – Ocean Finance and Mortgages – for a rumoured £200 million.
He offloaded Ocean Finance to American General, a subsidiary of US insurance giant AIG.
The deal followed two years of talks.
Paul Newey, aged 40, enjoys gambling and famously came close to breaking the bank at Star City Casino in Birmingham when he won £3 million and forced owner Stanley Leisure to issue a profit warning, wiping 12 per cent off its share value.
Luck has been something which has followed Paul Newey since he lost his job back in 1991 when his employer went bust.
With a business partner and just £2,500 he set up Ocean Finance and the rest is just history.
Ocean Finance is based on Centurion Park in Tamworth where it now employs nearly 300 people, and is an enthusiastic sponsor of Tamworth Football Club.
The company helps around 50,000 applicants a year with homeowner loans, mortgages and refinancing and has a residential mortgage portfolio of more than £60 million.
The company has recently launched Ocean TV – an online TV channel answering financial questions
Paul Newey, who continued as CEO of Ocean after the sale to AIG, lives in a seven bedroom Regency style home in Sutton Coldfield.
His other business interests included Marlborough Loans, Ocean Finance’s lending arm, which is now known as Ocean Money. Diamond Financial Services provides homeowner loans and debt consolidation.
He is a board member of the Finance Industry Standards Association.