Apprentice winner Tom Pellereau has taken full ownership of his beauty technology company, Stylpro, by buying out Lord Alan Sugar’s 50 per cent stake.
The move concludes a 14-year partnership that began when Pellereau secured investment from Lord Sugar on the BBC reality series.
Mr Pellereau, the first winner to secure a cash investment and business partnership rather than a job, has purchased Lord Sugar’s 50 per cent share for an undisclosed sum. The 2011 deal saw Lord Sugar invest £250,000 for his 50 per cent stake. While the exact buyout figure remains private, Mr Pellereau described it as a "significant return on Lord Sugar’s investment".
Lord Sugar reflected on their long-standing partnership, stating: "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 added: "When I first met Tom, he was a naive 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."
Mr Pellereau, who will continue as Stylpro’s chief executive, expressed gratitude for the mentorship received.
He said: "I will always be so grateful for the investment Lord Sugar made, and the potential he saw in me and my inventions. His time, knowledge and guidance have been invaluable."
Pellereau added: "While now is the right time to regain full ownership of my business, I look back on the amazing journey we’ve taken together over the last 14 years with deep gratitude and happy memories."
Stylpro specialises in innovative electrical beauty technology, including popular LED face masks and makeup brush cleaners. Its ranges are stocked in retailers across the UK, Europe, the US, and Australia.
Back in 2013, Pellereau invented a safe nail-clipper for babies called the Nipper Clipper, which he co-launched with Lord Sugar. The gadget includes a safety spy-hole that allows parents to trim nails safely and includes a file to smooth rough edges.
It also comes with a Timmy Tickle Baby app, created in conjunction with child psychologists, to distract youngsters while their nails are trimmed.
