Rescued from the ashes

By Maryam Moshiri
Business reporter, BBC News, Portsmouth

Like many areas in the UK, Portsmouth - birthplace of Charles Dickens and home to some of Britain's most important naval history - has been hit hard by this modern day recession.

Despite its illustrious past, Portsmouth is suffering in the recession

Boarded up businesses sit uncomfortably near multi-million pound developments as the city struggles against the growing tide of economic hardship.

The BBC's Taking the Pulse survey found only 12% of people questioned believed the economy has turned the corner and things are starting to improve.

Not a widely held belief then, but one shared by 50-year-old motor trade director Nick Dray.

Laid off

In November last year, Nick received a phone call from one of his bosses at Solent Group whilst walking to Fratton Park Stadium to watch Portsmouth play AC Milan.

"He said they had to bolt the doors and told me not to bother coming in," Mr Dray says.

I really feel the economy is showing small signs of recovery Nick Dray, Smile Servicing and Repairs

The motor group Nick had been working for went into administration, leaving Nick without a job.

"My initial reaction was 'will I get paid tomorrow?' They said no. So what should have been a joyous night ended up anything but," remembers Nick, who ended up having to sign on at the job centre soon afterwards.

"I felt low and gutted when I lost my job, especially as it was the last payday before Christmas that we missed."

But Nick's story has a more positive ending.

Together with a couple of former work colleagues he decided to approach his old bosses with an offer to rent the workshop side of the business.

Rescue plan

"I rang up ex-staff and said 'I can't pay you, but if you're willing to work for nothing to begin with, once we start earning I can start paying you'," he adds.

The four employees did not get a salary for the first two months but the gamble eventually paid off and now Nick's company - Smile Servicing and Repairs - is starting to grow.

Nick acknowledges that Portsmouth has been affected by the economic downturn, but believes things are beginning to pick up and unlike the majority of the people surveyed in the BBC Poll, he feels positive about the future.

Nick says: "I really feel the economy is showing small signs of recovery. I hope it's going to continue."