Tom Pellereau, the primary winner of The Apprentice to safe an fairness funding from Lord Sugar, has regained full possession of his enterprise after shopping for out Lord Sugar’s 50 per cent stake.
The deal, agreed 14 years after the unique funding, returns Styl Professional to 100 per cent founder possession and marks the top of one of many present’s longest-running enterprise partnerships. Monetary phrases of the buyout haven’t been disclosed.
Pellereau based Styl Professional in 2011 after profitable The Apprentice, when Lord Sugar invested £250,000 for a half share within the firm. The deal was a landmark second for the BBC sequence, which had beforehand provided winners a salaried function in Lord Sugar’s organisation earlier than shifting to an investment-and-partnership mannequin.
Since its launch, Styl Professional has grown into one of many UK’s fastest-selling electrical beauty-tech manufacturers, identified for merchandise similar to automated make-up brush cleaners and skincare gadgets. The corporate will proceed to function beneath Pellereau’s management, with him remaining founder and chief govt.
Lord Sugar stated the timing was proper to step away and permit Pellereau to take the enterprise ahead independently. “Fourteen years after investing in Tom, I’ve agreed with Tom’s choice to buy again my shares and return sole possession to him,” he stated. “After I first met Tom, he was a naïve inventor with concepts and drive, however he desperately wanted my enterprise assist. He has gone on to construct one of many UK’s fastest-selling electrical beauty-tech manufacturers. It’s now the best time to half methods and permit Tom and his crew to take the corporate to new heights.”
Pellereau described the transfer as a pure subsequent step within the evolution of the enterprise, whereas paying tribute to Lord Sugar’s function in its success. “I’ll all the time be so grateful for the funding Lord Sugar made, and the potential he noticed in me and my innovations,” he stated. “His time, data and steering have been invaluable. Whereas now’s the best time to regain full possession of my enterprise, I look again on the superb journey we’ve taken collectively over the past 14 years with deep gratitude and joyful reminiscences.”
The buyout brings to an in depth one among The Apprentice’s most high-profile success tales and positions Styl Professional for its subsequent part of progress as a completely founder-led firm.
