Lord Alan Sugar has received a multi-million pound payout after selling his share in a skincare company managed by a former Apprentice competitor.
Despite initially failing to secure his £250,000 during the competition, the business mogul and TV celebrity cashed in after a £200,000 investment in Tropic Skincare, established by businesswoman Susie Ma, in 2011.
He also purchased a 50% stake in the store, which offers newly manufactured skincare and cosmetics goods and is considered to be one of Lord Sugar’s most successful BBC One business programme ventures.
Ma will reclaim complete ownership of the Tropic brand, which she created at the age of 15 in 2004.
Lord Sugar described the fast-growing company as “nothing short of remarkable” since his acquisition, with a turnover of more than £90 million and a pre-tax profit of £10.5 million in 2021.
The selling price has not been revealed, but Lord Sugar is expected to earn a multimillion-pound profit as a consequence, according to the PA news agency.
Ma stated that it has always been her “ambition” to reclaim ownership of the business, which now distributes over 400 products and employs over 300 people.
She added: ‘I will always be so grateful for the investment Lord Sugar made, and the potential he saw in Tropic Skincare with me at the helm.’
Susie made it to the final four of the challenge before the series was won by Tom Pellereau.
The 34-year-old, who was born in Shanghai, China, finished third but was able to obtain investment after the series concluded.
Lord Sugar said: ‘Susie is a shining example of what it is to be a business owner today. When I first met Susie in 2010, I saw a unique grit and determination and it’s a drive she has maintained over the years.
‘Following the company’s fantastic trajectory over the last few years, it’s now the right time to part ways and allow Susie the space to take the company to new heights.’
Ms Ma, who is also the CEO of Tropic, stated that she intends to debut a new website, refresh the branding, and introduce new goods.
Marnie Swindells, the champion of Series 17 of The Apprentice, received a £250,000 investment to expand her boxing school idea last month.
The Apprentice is available to watch on BBC iPlayer.
Source My Celebrity Life.