Sugar sells up
BSkyB has finalised a deal to buy Amstrad for £125 million.
Amstrad, which was founded by the star of BBC1’s The Apprentice, Sir Alan Sugar, supplies about 30% of the set-top box devices for Sky.
Orders from the broadcaster made up about 75% of Amstrad’s sales in the year to the end of June.
Sir Alan, who is Amstrad’s chairman and chief executive, and owns 28% of the firm, said the two companies had worked together for a long time.
“I cannot imagine a better home for the Amstrad business and its talented people,” he said.
“Our companies share the entrepreneurial spirit of bringing innovation to the largest number of customers.
“Sky is a great British success story. I’m proud to have worked so closely with it, and I look forward to continuing to play a part in this exciting business.”
BSkyB chief executive James Murdoch said the deal would “help us to drive innovation and efficiency for the benefit of our customers”.
Sir Alan Michael Sugar (born 24 March 1947 in Hackney, East London) is an English businessman. After leaving school at 16, Sugar started selling car aerials and electrical goods out of a van he had bought with his savings of £100. He now has an estimated fortune of £830m and was ranked 84th in the Sunday Times Rich List 2007. Despite being best known as a technology businessman, most of Sugar’s wealth now derives from his property portfolio in Mayfair, rather than business ventures.
So where will the next Apprentice work?