 The grandson of former World Pole Vault record holder Ernest Latimer Stones, Wells was born and raised in Bootle, Liverpool and educated at Merchant Taylors' School, Crosby.Wells set up direct home and motor insurance operation Prospero Direct, which after its sale became Axa Direct.He then setup Premierline Direct, the UK's first direct commercial insurance operation which he founded with his business partner, Philippa Rothwell; this was then sold to Allianz in 2006.