""Fourteen years after investing in Tom, I have agreed with Tom's decision to purchase back my shares and return sole ownership to him," he said. "When I first met Tom, he was a naïve inventor with ideas and drive, but he desperately needed my business help. He has gone on to build one of the UK's fastest-selling electrical beauty-tech brands. It's now the right time to part ways and allow Tom and his team to take the company to new heights.""
""I will always be so grateful for the investment Lord Sugar made, and the potential he saw in me and my inventions," he said. "His time, knowledge and guidance have been invaluable.""
Tom Pellereau has bought Lord Sugar's 50% stake in Styl Pro, returning the business to full founder ownership 14 years after the original investment. Lord Sugar invested £250,000 in 2011 in exchange for a half share after Pellereau won The Apprentice. Styl Pro became one of the UK's fastest-selling electrical beauty-tech brands, known for automated makeup brush cleaners and skincare devices. Financial terms of the buyout were not disclosed. Pellereau will remain founder and chief executive. Lord Sugar said the timing was right to step away and allow Pellereau to take the company forward independently.
Read at Business Matters
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