21. The iOutlet

Founders: Liam James and Matthew Green
Founded: February 2012 (launched March 2013)
Website: www.theioutlet.com

Demand for iPhones is now higher than ever but, in the current economic climate, not everyone can afford to pay the full RRP or be tied in to an expensive contract; step in iOutlet. Launched in February 2012 by 26 year-old Liam James and 25 year-old Matthew Green, The iOutlet specialises in second hand refurbished iPhones, repairing smartphones in a poor state to add value and bring consumers “the same quality but at a much lower cost”. The simple proposition has managed to tap into the extremely lucrative iPhone market and has even utilised existing e-commerce platform eBay as their main sales channel; keeping costs low and giving the brand access to a bigger market across Europe.

To date, the iPhone reseller has sold to over 10,000 customers in 40 countries and its financials are staggering. Last year the company secured £2.1m revenue and £340,000 profit, and figures are set to nearly double in 2014. Initially started around their day jobs in order to maintain cashflow, James and Green now stand as owners of a multi-million turnover business. Over the next year, the young entrepreneurs intend to launch iOutlet stores in one or two city locations and also plan to build an iPhone recycling arm to lower stock cost prices.