Big business can learn a lot from Britain's SMEs

In the build-up to the Tesco AGM last week, Sir Terry, right, has fielded some flak from shareholders for the legacy he left present chief executive, Phil Clarke, who presided over its first profit warning in 20 years. Tesco’s share price has fallen by more than 15pc so far this year and last month the business revealed its worst quarterly sales figures for 40 years.

Despite still being an active shareholder in the blue-chip company, this noise has not distracted Sir Terry from mentoring the young founder of small, classic T-shirt brand, Bergano Greys. The start-up was created by former model, Oliver Pollock, after he visited Italy on holiday in 2012. The young retailer took the T-shirt off an Italian cab-driver’s back.

“He was wearing the most unbelievable grey T-shirt,” Mr Pollock said. “I gave the cab driver €20 (£16.40) and he gave me his T-shirt.”

Pollock, 26, spotted a niche in the market for affordable, high-quality T-shirts in classic colours, without “ostentatious branding… that don’t shrink or lose their shape.” His starting price point is £49.

With help from Sir Terry and £5,000 from the Government’s Start Up loans, he started to source fabric from Italy and Portugal and set up a website, which went live last Christmas. “Sir Terry has steered me around the pitfalls of starting a new business,” said Pollock.

“He has been a source of invaluable advice, and told me to be wary of signing up to lots of stockists at the same time. He helped me focus on where my brand belongs.”

In April, department store House of Fraser started to stock the brand and conversations are now underway with Harrods and Harvey Nichols, all achieved by Mr Pollock bashing the phones.

His warehouse and showroom is under construction in the West End, made possible by a small investment by Sir Terry.

According to the retail veteran, UK parents need to encourage their children to go down the same route as Mr Pollock.

“Parents want so much for their kids that they don’t want to expose them to risk,” he said “But I see bright kids emerging from university to become journalists, consultants and lawyers, and what we need is more entrepreneurs.”

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