ONE night I was sat in the kitchen with my wife and we were almost in tears, thinking - where are we going from here?"

Anyone who has started their own business will recognise this scene. It is often these moments - when the lines of credit dry up and the bills flood in - that separate a true entrepreneur from those people who fancy the idea of dabbling in a lifestyle business but back off when things get really tough.

Gareth Thomas had held a succession of high powered roles in the plastics industry but long held an ambition to become his own boss.

He could hardly have given himself a stiffer challenge when he took on Icon Plastics eight years ago. The firm was haemorrhaging cash, the 10 remaining staff were working a three day week, and the business was months away from being shut down.

As if that wasn't enough the world was about to be gripped by a recession that killed off scores of long-established manufacturers.

Armed with a pay-off from his last job he poured all of his personal assets into the venture, maxed out the credit cards, and set about turning around the flagging business.

"At least 50 per cent of the success we went on the have is down to Louise my wife who took on the accounts with no formal experience," says Mr Thomas. He also hails Colin Sidgwick, who was with Icon when Mr Thomas took charge, for mentoring the fledgling entrepreneurs.

"We had some dark nights but I knew it would come right," he tells The Northern Echo.

"In the early days we had no lines of credit, no loans, no help from the Government, who at the time were running adverts encouraging businesses to apply for loans - nothing came our way. The only calls we were getting from were from the VAT man," he says.

By drawing on his industry expertise and contacts, as well as "just putting my head down and getting on with it" Mr Thomas managed to turn around Icon's £400,000 loss into a modest profit within less than a year.

He streamlined the business by ripping out inefficiencies, focussing on quality products and delivering top class service, so that when Icon's rivals succumbed to the recession he was able to pounce.

As the business grew, new product lines were introduced, investments made in equipment and new overseas markets opened up.

After a move into new rented premises didn't work out, two years ago Icon bought and refurbished a derelict site

at Durham Lane Industrial Estate, Eaglescliffe. The move, which was supported by UK Steel Enterprise, gave Icon the solid base and space for further expansion Mr Thomas craved.

"We now have a team who can now take the business forward - we are a very forward thinking company," he says.

Mr Thomas left Eaglescliffe Comprehensive aged 16 and he describes himself as being "average" at school.

He started his career at a YTS trainee at Elta Plastics - now Nifco UK. He soon made his mark and was offered a full-time apprenticeship as a quality engineer.

He joined Mitre Plastics in Stockton in 1993 where he spearheaded the opening of a new site.

He then moved to Suffolk to work as a shift manager for Avent Baby Products, now part of tech multinational Philips, and rose to manufacturing manager, helping to generate 30 per cent year-on-year growth at the firm.

He returned to the North-East to run a factory for Stadium Plastics before joining US-owned plastic fasteners maker ITW Fastex, where he became managing director of the firm’s UK division and at 29 was the firm’s youngest European MD.

It was here where he earned a reputation as a company turnaround specialist. He was given six months to change the division’s fortunes and he weeded out inefficiencies, plugged skills gaps and transformed the UK business into a £12m operation before performing similar turnaround operations at a plastics injection moulding firm and an animal husbandry kit maker.

He then jumped at the chance to take over Icon.

The range of products the firm has been able to turn its hand to is staggering - from electronic ID tags for cows to casings for energy meters. By investing in the latest injection moulding equipment and achieving quality assurance standards Mr Thomas has ensured that Icon continues to secure new clients and thrive in a fiercely competitive sector.

The firm now employs 48 staff, turns over £4m a year, and crucially, shows a healthy profit.

So what is Mr Thomas's advice for anyone thinking of starting their own business?

"People say to me: 'You are really lucky' - but sometimes you have to walk a mile in someone else's shoes to know the real story. It has not been easy.

"My biggest fear is failure," he admits, citing mismanagement and risk averse bosses as some of his pet hates.

"Fortune favours the brave," he concludes.