Apprentice winner Tom Pellereau has taken full ownership of his beauty technology company after buying out Lord Sugar鈥檚 50 per cent stake.
Life-long inventor Pellereau found fame as the quirky winner of the 2011 series of BBC鈥檚 The Apprentice, creating the world鈥檚 first curved nail file.
His first invention at the age of 10 was a 鈥榙ismantle-abra鈥�, a dismantling candle stick for his grandmother.
He became the first winner to receive investment from Lord Sugar, who secured a 50 per cent stake in exchange for 拢250k.
‘I wanted eyeballs rather than Lord Sugar鈥檚 拢250k’ – The Apprentice star
Since then, Pellereau has grown STYLIDEAS into one of the UK鈥檚 fast-growing electrical beauty tech brands, including LED masks and makeup brush cleaners.
He revealed: 鈥淭oday I graduated as an Apprentice. 14 years after his investment Lord Sugar and I’ve agreed terms that return me to 100 per cent owner of STYIDEAS.
鈥淚n 2011 I became the first Apprentice winner to receive investment from Lord Sugar, who contributed 拢250,000 in return for a 50 per cent stake.
鈥淭he 2011 deal reflected a broader change in The Apprentice鈥檚 format: after six seasons of awarding the winner a 拢100,000-a-year job with Lord Sugar鈥檚 business, the series shifted to offering a cash investment and a business partnership.
鈥淚 will always be so grateful for the investment Lord Sugar made, and the potential he saw in me and my inventions.
鈥淗is time, knowledge and guidance have been invaluable. While now is the right time to regain full ownership of my business, I look back on the amazing journey we鈥檝e taken together over the last 14 years with deep gratitude and happy memories.
鈥淚 am beyond excited to take it forward with the incredible STYLPRO team around me.鈥�
Lord Sugar: 鈥�14 years after investing in Tom, I have agreed with Tom鈥檚 decision to purchase back my shares and return sole ownership to him.
鈥淲hen I first met Tom, he was a na茂ve inventor with ideas and drive, but he desperately needed my business help.
Could Lord Sugar鈥檚 next Apprentice be from the world of tech?
鈥淗e has gone on to build one of the UK’s fastest-selling electrical beauty-tech brands.聽It’s now the right time to part ways and allow Tom and his team to take the company to new heights.鈥�
The company鈥檚 beauty devices are stocked by major retailers in the UK, Europe, USA and Australia.