Simon Woodroffe, the founder of Yo! Sushi has most of his £1.6m pension in cash

Simon Woodroffe, the founder of Yo! Sushi has most of his £1.6m pension in cash
Simon Woodroffe OBE, 56, is the millionaire founder of Yo! Sushi. Having sold a majority stake in his business in 2003, he sold his remaining 22pc in March. He lives with his 18-year-old daughter, Charlotte, on a £1m houseboat in Chelsea.

By Mark Anstead
Last Updated: 9:38AM GMT 12 Dec 2008

Simon Woodroffe on fame and fortune. Photo: ANTHONY JONES
Where did you put the money from selling your remaining Yo! Sushi stake?
I split it between three deposit accounts. I've always banked with NatWest for my personal account (since I was 16); my business account has always been with Barclays and I have a deposit account with a firm of financial advisers called Sterling Assurance, which I set up when I wanted to transfer money out of stocks and shares.

Are you very active as a stock market investor?
When I sold a stake in Yo! Sushi in 2003 I wanted to invest around £1m and I looked around to find an adviser. I've got a good accountant but I didn't have anyone to invest wisely for me. Eventually I put it into mutual funds with Sterling Assurance but then, when everything started to dive this year, I realised that wasn't working. I now see my dream of an ideal adviser doesn't exist – you have to take responsibility for your own decisions.

In early September I decided to take my money out of funds and into a deposit account with Sterling. I was very late doing it and I lost about £200,000 on the value of my portfolio last year, but at least I got it out before the really big crash so I congratulated myself on not losing another 20pc. I think now the only way for me to make money in stocks is if I find out more about it. In the past I have always felt out of my depth.

Why are you going to try again?
Because I think it makes sense to spread my money across asset classes and the stock market must rise again. And, with interest rates coming down, the money I have on deposit won't keep pace with inflation. But, when I do it, I'll do it with enthusiasm, taking an interest and assuming responsibility.

I live to this motto – follow your fear to find your destiny. One of my fears is I don't understand the stock market properly, so I will face up to that and find out more about it. In my experience when you do that you find things are simpler than they appear.

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