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From The Sunday Times 11 Aug 2002

Star who lets his wife do the spending

Actor and singer Paul Nicholas hates to borrow money and so never lives beyond his means, writes Natalie Graham

ACTOR, singer and producer Paul Nicholas, 56, became a household name in the 1980s playing Vince in the Bafta award-winning TV series Just Good Friends. He- also appeared as Neil Walsh, the hapless bankrupt in LWT's drama series Bust, for which he was nominated best actor.

More recently, Paul has been seen in ITV's Burnside and the BBC's Sunburn.

His theatrical career began in 1968 in the original London production of Hair. He then starred in Jesus Christ Superstar and Grease. He has played leading roles in many musicals, including Barnum, Cats, Camelot and Dr Dolittle.

In 1976 Paul had four top ten UK hits - and a top five in America, with the single Heaven on the Seventh Floor.

In 1992 he formed a production company with fellow actor David Ian. They produced Evita, Singing in the Rain and Pirates of Penzance as well as co-producing two of London's biggest hit musicals, Grease and Saturday Night Fever. In 2000 Paul published his autobiography, Behind the Smile.

The actor, an only child, grew up in north London. His father was a show business lawyer and his mother worked for the Board of Trade. After he. left school at 16, Paul's first job was playing the piano for Screaming Lord Sutch.

He is starring with Ian Ogilvy in Snakes and Ladders, at the Theatre Royal in Norwich from Tuesday.

Paul lives in north London with his second wife, Linzi, a former singer and dancer. He has six children: Carl, 36, Jason, 34, Tasha, 33, Oscar, 31, Alexander, 22, and Carmen,15.

How much money do you have in your wallet?

I don't have a wallet. I find them cumbersome. I don't wear a watch for the same reason. Maybe I'll have £20 in my pocket. If I need more, I can cadge some cash off my wife.

Do you have any credit cards?

I have a Visa Gold card, which gives me a generous credit limit, but I don't like borrowing or lending money.

Are you a saver or spender? My only luxuries are a nice house and a Mercedes. I'm not much of a spender, but I'm not mean. Linzi spends it for us. How much did you earn last year?

My income was in six figures, that's all I am prepared to say. Last year was a middling one because I didn't tour in a top show, which pays well. The downside is that you can spend up to a year away from home, with only Sundays free. On a successful touring show, costing, say, £400,000 to stage, a producer would expect to triple that amount in profit over 18 months after all expenses. How ever, a West End production could cost between £1.5m and £6m to put on - and therefore is a very risky business. As Vince, I was paid well, though not a fortune. The part raised my profile, as people who enjoyed the series wanted to see me in the theatre, so my earning capacity increased. In 1976 I had several top ten hits. By 1979 the top rate of income tax was 83%, which was ridiculous, so I spent a year in America.

Have you ever been really hard up?

No, because I have always been prudent. I have never lived beyond my means. Even when I was living in one room in Muswell Hill in 1970 with Linzi, we were not hard up. We always had enough to eat, and I had continuous work.

What is the most lucrative work you have done? Did you use the fee for something special?

In the mid-1980s, Just Good Friends was at its peak, with more than 16m viewers. I did a Cadbury's Whispa advert with Jan Francis and was paid £80,000 for a day's work. Even with tax at 60%, it was a colossal amount, which I put straight into the bank and saved.

Do you own a property?

Yes, in 1978 I bought a six-bedroom Georgian home with a coach house and a large garden. We did not need a mortgage when we bought the place because I had made lots of money as a pop singer. At £150,000 the property wasn't cheap, but I'm told that its value has increased to more than £3m today.

Do you invest in shares?

I have done and in spite of the recentt stock-market hammering, I still believe that, in the long term, shares are a good investment. I opted for BSkyB shares, which have held up very well over the years. My broker; chose "safe" companies such as Marconi. Need I say more?

Do you have a pension or other retirement plan?

Yes, I took one out about 20 years ago with Allied Dunbar. In your thirties you never think you are going to draw your pension, 'so it's something you don't really focus on. I concentrate on it more these days. As I am self-employed, I started the pension with £20,000 as a lump sum, and most years I have continued to put cash in.

Do you believe pensions are a good thing?

I suppose they are tax efficient, but I have never found annuities very exciting. Before I started producing shows, my whole existence hinged on being able to perform. I now see my pension as a kind of backstop. They keep telling me to draw my pension as late as possible. I have this awful vision of my tombstone being inscribed with: "Is--it all right to draw my pension now?"

What has been your worst investment?

My business partner and I lost money on Chess. Although it ran successfully in the West End, it didn't catch on with the touring audience. We cut our losses after a few months.

And your best?

I invested quite a lot ©f my own money in Grease and Saturday Night Fever. My father told me I was mad, but I thought the timing was perfect. Ten years on, the shows are still running.

Do you manage your own financial affairs?

I have employed the same accountant for more than 15 years and trust him implicitly. I also have a financial adviser who always tries to get my money, while I spend most of my time resisting him.

What aspect of our taxation system would you change?

The top rate of income tax of 40% seems fair to me. We have to pay for services and the running of the country. I am not mad about paying capital-gains tax when you sell an investment property. It would be nice if it were abolished.

What is your financial priority?

Never to borrow or owe money - and not to have to rely on the phone ringing, waiting for someone to offer me a job.

Do you have a money weakness?

Yes, I am impulsive. I always feel I am going to miss out on something, which tends to make me slightly headstrong.

What is the most extravagant thing you have ever bought?

I bought a plot of land in Portugal 25 years ago. The villa is in a nice spot in the countryside and has four bedrooms and a swimming pool.

Do you play the lottery? What if you won?

Yes, I put in £28 a week. I do so religiously, because I am determined to win it one day. If I won the jackpot I would probably give some money to my children, some to charity and invest the rest.

What is the most important lesson you learnt about money?

What matters is the freedom that money gives you, not the things it can buy. It frees you from being reliant on others. I don't want to be beholden to anyone else.