The Numbers Game

Early retirement takes many forms and Attivo client Ray Hocking’s path since leaving his role as Partner of one of the world’s leading accountancy firms is a testament to a life well lived…

Ray Hocking admits his school-leaver life plan was fairly loose;  he wanted to be a biker, and his chosen profession was a rock star or a pro footballer. ‘Sadly, I didn’t have skills in either of those areas!’ he laughs.

Fast forward, and whilst stardom may have eluded him, his career led him to be a confidante to many global stars, and he upgraded the bike to a helicopter or two. ‘What have I learned about business?’ he muses about my question before replying with a smile, ‘Just do it, take the chances…’

Plymouth-born Ray’s stellar career as one of London’s leading insolvency practitioners took him to far-flung corners of the world, but he and his family have also faced the toughest of times. Father of three and grandfather of six, his son, Myles, was born with a heart condition and was one of the first in the UK to have a heart and lung transplant. His eldest daughter Louise has been treated for breast cancer, and his wife Marilyn survived a brain tumour. Ray himself has experienced cancer several times, but he bears not an ounce of bitterness, and Myles, now 47, has just competed in the British Transplant Games in Coventry.

“What have I learned about business?’ Just do it, take the chances.”

Ray’s business story is like a nostalgic romp through 1960s Britain to the present day. From school, he moved through the civil service ranks before taking his accountancy exams. This led him into the world in which he became one of the partners of London’s BDO Stoy Haward (now BDO). His years here cemented his reputation as an innovative leader, changemaker, collaborator, mentor and savvy investor.

After I made Partner, I drove the business forward with the existing partners,’ he explains. ‘The firm [which initially dealt mainly with bankruptcy] was small, around 10-12 partners, growth was steady, and as the workload increased, so did the company. By the time I left, it was about the sixth- largest firm in the world.’

Perhaps because of its West End location, many clients came from the entertainment industry, superstars with their names in lights whilst, behind the scenes, their finances were in tatters.

‘Back then, people in the entertainment industry or the football world didn’t have the same level of management as now. Some came from nothing, and they were suddenly big earners. They needed to be guided… but either they weren’t, or they didn’t listen,’ he says, and he mentions a string of household names, some of whom became friends.

A routine health screening in 2001 resulted in a prostate cancer diagnosis, which was treated quickly and effectively. Three years later, he took early retirement, aged 57. ‘Perhaps the cancer made me stop and think,’ he admits. ‘There was nothing more for me to achieve with the business, and financially I was secure enough to retire… I’d made sensible decisions like paying off my mortgage and having private pension provision.’

Did he have a plan? ‘Not really.  I didn’t know what  I would do,’ he says.

As we chat, it’s clear he didn’t actually retire and still hasn’t. He successfully managed a string of Michelin-star restaurants, helped launch nightclubs and rock concerts, and breathed new life into the Wasps Rugby Club before investing in the care home sector and in luxury property developments and helping secure safe passage for the iconic Flying Scotsman from America back to the UK.

He was also Director of the educational charity Ruskin Mill Trust for three years, and as long-time President of his local rugby club, Reading Abbey, he has worked with the Wooden Spoon Society, which helps fund projects for the UK’s vulnerable children and young people.

‘Attivo are great at helping me understand how much I need… can I keep taking risks, etc.’

As we end the interview, Ray throws a curveball in typically understated fashion… a colleague bought him a helicopter flying lesson for his 40th birthday. He bought himself a helicopter soon afterwards, ‘I was too tall for it though!’ he laughs, so he bought a bigger one.

He and a fellow flyer, Adrian, competed in the British Helicopter Championships, which they won, and then they represented the UK in the World Helicopter Championships in Moscow.

Now he’s swapped helicopters for sailing. As we speak, he is readying for a trip to Corsica to join a friend’s yacht. Is there something in business he’s yet to achieve?

‘Nothing specific; I’ve worked in the civil service, for a small company that became a big company, have worked on my own, I’ve backed individuals, I’ve backed corporations. It’s all been good,’ he says. Ray credits Attivo with helping him plan his financial needs: ‘They’re great at helping me understand how much I need, how long I can keep going, can I keep taking risks, etc.’

These days, family time is precious. A highlight is the annual Easter gathering on the Devonshire coast: ‘We stay in caravans; the kids surf all day; we walk whatever the weather. It’s great.’ And a perfect day? ‘Walking the dog along the river at home, sitting overlooking the Thames watching the rowers on the water,’ he says, ‘there aren’t many other places I’d rather be.’

Attivo’s Joseph Bergin, Associate Director and Chartered Financial Planner says:

‘Ray’s career has spanned so many fascinating industries, and his entrepreneurial spirit shines through everything he is involved in, such as his charity work. He’s also a joy to discuss financial planning with, as he really listens and considers our advice. Ray says he’ll never retire; he just keeps powering on with one project after another, with his family at the centre of all he does.’

If you’d like to explore your options for financial planning, why not talk to Attivo? Our team of Chartered Financial Planners happy to help to make the process a smooth one. Call us on 01242 585444 or Clientservices@Attivo.co.uk