George Hammer is one of the biggest names in the beauty industry, having developed the Sanctuary spa in Covent Garden, London, and introduced the Aveda brand to the UK.

He used his share of the proceeds of a multi-million pound sale of Aveda to Estée Lauder in 1997 to found Urban Retreat at Harrods.

Born to Polish immigrant parents in Mansfield, Nottinghamshire, Hammer, 59, studied at the London College of Fashion and went on to found the Strawberry Studio clothing brand.

He has recently opened One Marylebone, a London events space, and next year hopes to create a commercial beauty brand where all profits will go to a cancer charity.

Hammer lives in west London with his second wife Nemri, 46.

How much money do you have in your wallet?

I always have at least £100. I’m worried in case shops don’t accept the cards I have, or the technology fails.

What credit cards do you use?

Recently, I switched to a Harrods brown American Express card. I used to have the Centurion Amex but it increased its fees and I don’t want to pay almost £2,000 simply to flash it around.

Are you a saver or a spender?

Every spare penny goes straight back into my businesses, so I never save. I don’t have lavish tastes but I do have a weakness for clothing, shoes in particular — I must have 30 or 40 pairs. My other passion is football and I have a season ticket for Arsenal.

How much did you earn last year?

I look at my income in two ways. The first is the money I take in salary and dividends, which is a few hundred thousand pounds. The second is in the value of my businesses, which has probably almost tripled in the past two years.

So the recession hasn’t really affected you?

I’m very lucky in that my businesses have shown strong growth — Urban Retreat is trading up 20% at present. I believe that in times of recession, people probably won’t buy a new car but women will still buy lipstick and have their hair done.

I’m also hoping to launch a new venture soon. I’ve taken the lease of St Mark’s church in Mayfair, London, and want to turn it into the world’s first wellness centre based on prevention of illness rather than cure. The spa would be open free to local people receiving cancer treatment. Westminster council and others are blocking the plans but we’re confident our planning appeal will be successful.

Have you ever been really hard up?

When I was starting up Aveda, I once had to pay my staff with my Visa card. But I’m a great believer that successful people are only successful because they take risks.

Do you own a property?

I used to have a beautiful flat in London’s Portland Place but three years ago I sold it and ploughed the £2m profit into my businesses. I now live in the old rectory next door to St Mark’s but I don’t actually own it — I’ve taken on a 112-year lease with the option to buy at any time at a multiplier of the rent. It’s something that other people should be doing in these times.

What was your first job?

I only ever had one real job, as a navigation cadet in the merchant navy when I was 19. I was with them for two years and had a wonderful time travelling all round Africa and India. I started my first business at college, fixing up old jeans and selling them on at a huge profit. My machinist and I would even make denim bikinis out of the leftover pieces.

What’s the most lucrative work you have ever done?

Setting up my own businesses and then putting the profits into the next one.

Are you better off than your parents?

My parents were interned in camps in Germany and then, when the second world war ended, they were repatriated separately to England. Each thought the other was dead but, miraculously, they found each other again. They were penniless when they arrived. My mother worked as a dressmaker and my father was a High Court interpreter.

Do you invest in shares?

Only in those of the companies I control.

What’s better — property or pension?

I don’t have a pension — I hope my businesses will become my security for the future. If I had to invest in one today, it would be property.

What has been your best investment?

The time I’ve spent with my daughter, Reena, who has just joined me in the business. She’s smart and I’ve taught her a lot of things over the years — that investment means that as I get older I can start having a good time and she can do the hard work. I also have an electric car, which is convenient and costs nothing to run.

What about worst?

There hasn’t really been one. Sometimes companies that had a slow start become very big going forward — it’s the tortoise and the hare. You just need to be patient.

Do you manage your own financial affairs?

Tim Whiting from Timothy James & Partners has been my money man since I started. He advises me when I want to raise money or do a deal. I’ve also got a central accounts team at one of my companies, Hammer Holdings.

What’s the most extravagant thing you have ever bought?

An R-type Bentley Continental, which I bought in the 1980s for about £10,000. I still use it for special occasions — it’s probably worth several hundred thousand today.

What is your money weakness?

I rely on my staff to pay my bills because I hate doing all that stuff. Nevertheless, I always worry slightly that they might miss one or forget to pay it and I’ll get my electricity cut off.

What aspect of the tax system would you change?

I wouldn’t crucify entrepreneurs — these are the people that bring wealth to the UK. The government’s policy of very high taxation will mean a lot of people are going to seek residence elsewhere, which is a real shame.

What is your financial priority?

To consolidate all my companies and make sure that all of them continue to have a very good business plan.

Do you play the lottery?

No. Business is a form of gambling and that’s as far as I want to go.

What’s the most important lesson you have learnt about money?

Not to rely on it or be blinded by its importance. Money is the blood in your body but it’s not your brain or your heart.