Business tycoon and TV reality show star Sir Alan Sugar has sold his electronics company Amstrad to media giant BSkyB for £125m.
Amstrad was founded by Sir Alan in the late 1960s and found success by selling cheap hi-fi equipment before moving into computers and satellite dishes during the 80s and 90s. Recent launches such as a home telephone with email facility proved to be less popular.
Over the last couple of year, Sir Alan has gained wide appeal for his starring role in business reality TV show The Apprentice where contestants battle for an opportunity to work for him.
Currently Amstrad supplies Sky with around 30% of its satellite set top boxes and Sky has been providing 75% of Amstrad’s sales.
“I cannot imagine a better home for the Amstrad business and its talented people,” said Sir Alan. “Our companies share the entrepreneurial spirit of bringing innovation to the largest number of customers. Sky is a great British success story. I’m proud to have worked so closely with it, and I look forward to continuing to play a part in this exciting business.”
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