Sir Alan steps down from Amstrad

21/07/08

Sir Alan Sugar has stepped down as chairman of Amstrad [Alan Michael Sugar Trading] but insists that he is not retiring.  The entrepreneur and self-made multi-millionaire has also become more known as the boardroom chairman in BBC reality TV show The Apprentice.

A company known over the years to sell audio and vision products, including satellite receivers, Amstrad was sold to BSkyB in 2007. The 61-year-old Sir Alan will now continue to be involved with his numerous other business interests. Amstrad will also continue with its business - http://www.amstrad.com/default.shtml - with a range of satellite receivers and e-mail telephones.

Sir Alan said it was now the "right time" for him to step down and concentrate more on his other businesses, including Amshold, Amsprop, Amsair and Viglen computers.

Over the years, Sir Alan has achieved a net worth of £830m, but most of his wealth now comes from his property portfolio, rather than business ventures. Not bad for a guy who left school at the age of 16 and founded Amstrad at the age of 21.

The company was floated on the London Stock Exchange in 1980, then sold to BSkyB in July, in a deal worth £125m that earned him a £34.5m windfall.

EDITOR FOOTNOTE: PlasmaTVinfo wish him well for the future and hope that one day he will return to the Consumer Electronics Industry.

http://news.bbc.co.uk/1/hi/business/7484618.stm

MAIN SOURCE: BBC, London. UK – 2 July, 2008