An entrepreneur who began a telecoms business in his garage eight years ago was almost £80 million richer after launching the firm on the stock market.
Matthew Riley, who has been mentored by Topshop and Bhs billionaire boss Sir Philip Green, set up Daisy Communications in 2001.
The £200 million float was achieved through a reverse takeover by Freedom4 – part of the former Pipex telecoms firm – which has now changed its name to Daisy Group.
Mr Riley received £27.6 million in cash for Daisy and 24 per cent of the shares in the enlarged firm – worth almost £50 million – after raising another £83 million from institutional investors.
Daisy, which is based at Nelson, east Lancashire, provides a range of telecoms services to small and medium-sized firms.
It currently has around 40,000 customers.
Freedom4 also bought Vialtus – the voice-over internet firm and another former Pipex business – under the reverse takeover.
The link between Mr Riley and Sir Philip began in 2007 when the 35-year-old won an entrepreneur of the year award, although the retail billionaire does not own a stake in Daisy.
Mr Riley, who left school at 16, began his career with an apprenticeship servicing fax machines in his home town of Burnley.
He moved into sales before entering the telecoms sector.
From its modest beginnings, Daisy now employs 200 people in Nelson and around 160 staff at Stockley Park, near Heathrow.
Following the deal, the group is on course for revenues of around £100 million.
Mr Riley is determined to throw down the gauntlet to telecoms giant BT.
He said the flotation was “the next step in our development to be one of the largest providers of telecoms services to the SME and mid-market.”
He added: “It is our intention to be the natural alternative to BT in the SME market, growing customer numbers and also boosting the economy.”