Former Apprentice contestant buys out Alan Sugar to take full ownership of firm
Apprentice Winner Tom Pellereau took full ownership of beauty technology company Stylpro, buying out a 50 percent stake from Lord Alan Sugar.
The move brings to an end a 14-year partnership that began when Pellereau received investment from Lord Sugar for the BBC reality series.
Mr Pellereau, the first winner to secure a cash investment and business partnership in a business, bought a 50 per cent stake in Lord Sugar for an undisclosed sum. The 2011 deal saw Lord Sugar invest £250,000 for a 50 per cent stake. Although the exact purchase figure remains confidential, Mr Pellereau described it as “a significant return on Lord Sugar’s investment”.
Lord Sugar reflected on their long-standing partnership: “Fourteen years after investing in Tom, I have accepted Tom’s decision to buy back my shares and return sole ownership to him.”
He added: “When I first met Tom, he was a pure inventor with ideas and motivation, but he desperately needed my help with the business. He went on to build one of the UK’s fastest-selling electric beauty technology brands. Now is the right time to part ways and allow Tom and his team to take the company to new heights.”
Mr. Pellereau, who will continue to serve as CEO of Stylpro, expressed his gratitude for the mentorship he received.
He said: “I will always be grateful for the investment Lord Sugar made and the potential he saw in me and my inventions. His time, knowledge and guidance were invaluable.”
Pellereau added: “While now is the right time to regain full ownership of my business, I look back with deep gratitude and happy memories on the amazing journey we have embarked on together over the last 14 years.”
Stylpro specializes in innovative electric beauty technology, including popular LED facial masks and makeup brush cleaners. The range is stocked at retailers across the UK, Europe, US and Australia.
In 2013, Pellereau invented a baby-safe nail clipper called the Nipper Clipper, which she launched with Lord Sugar. The device includes a safety peephole that allows parents to trim nails safely and a file to smooth rough edges.
There’s also the Timmy Tickle Baby app, created with child psychologists, to distract youngsters while their nails are trimmed.
