Gavin Duffy: ‘I’m surprised at how much I’ve spent on horses. But having horses is a necessity to me’

How did your upbringing shape your relationship with money?

I was born in Kildare. Dad had a pig farm that was the largest in Ireland and my mother was involved in the restaurant business. Money was discussed night and day in our house. Every night at the restaurant, there was a comparison with that day’s revenue compared with the previous day’s revenue.

At age seven or eight, my job was to take the cash from the register and bring it upstairs to a drawer in my mother’s bedroom. That practice continued when we all moved to Drogheda and opened a restaurant. At that stage Dad was getting out of the pig business and we were getting into pubs. We had an unusual dad; he kept saying to the three of us, “you always have to work for yourself”.

Does money buy happiness?

Definitely not. I’ve seen people around me with fluctuating fortunes; some were up and down and some were down and out. I think people who’re solely fixated on accumulating wealth, thinking it will bring them happiness, can end up sad and lonely. A wealthy person to me is someone who is blessed to have a happy family, happy home life and has some good friends and is able to make time to enjoy life.

What’s your biggest extravagance?

I’m surprised at times at how much I’ve spent on horses. Not the type that go to Aintree or Cheltenham, just the ones I ride around. I used to showjump in the past. If you keep any number of horses, to others it would look like an extravagance, but to me it’s a necessity.

There’s rarely a night, even if I’ve been away all day, when I don’t say “goodnight” to the horses. Getting the smell and touch of their muzzles and I’m fine again. It’s a great investment for a child to have a pony because they won’t be down the local shopping mall or be hanging around.

Would you buy Irish property now?

We had seven interested parties in Kilsharvan House (his Co Meath country estate was on the market for €2.4m in 2019) and went sale agreed on February 10, 2020. Five weeks later, we were in Covid. The commute to Dublin had been too much for Orlaith and we’d spotted a nice place in Dublin. But Covid changed our lives and a lot of the business pivoted online.

We love (Kilsharvan) to bits and will be here forever. I’ve been in and out of property quite a bit in my life. At the moment, of all the various assets you can invest in, Irish property is not looking good. Our adult children are all doing reasonably well but none has purchased their own home yet, even with the Bank of Mam and Dad standing by. That generation are all late launchers.

What is your biggest financial regret?

Not buying Netflix shares. My good friend Seán O’Sullivan did everything to talk me into investing in Netflix when it was doing its European fundraising tour before its IPO. Had I been in that first round – wow. That’s the one that got away.