John Caudwell started Phones4U 19 years go. The group is now the UK's second biggest independent mobile phone retailer with 350 branches and annual revenue of £2.12 billion.

Mr Caudwell, who cycles to work, flies his own plane and helicopter and set up a charity for underprivileged children, is now planning to sail around the world.

He told This Is Money:

"The business has such a lot of further potential going forward and there is no doubt the buyers will make very substantial profits."

The company has been bought by two private equity firms.