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Standard User BatBoy
(sensei) Fri 13-Oct-17 12:48:23
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Telecoms group Daisy to dial up bidders in £1.5bn auction


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Looks like Daisy is going to sell itself
The telecoms and IT services provider Daisy is drawing up plans for a £1.5bn auction that is expected to catapult its founder into the ranks of Britain's wealthiest entrepreneurs.

Sky News has learnt that Daisy Group, which was set up by Matthew Riley in 2001, is to appoint investment bankers in the next few weeks to handle a sale process that will kick off during the first half of 2018.

Mr Riley already ranks among Britain's most successful telecoms executives, having led a £495m management buyout of the company with the backing of Toscafund and Penta Capital, two big investors.

He is thought to own roughly half the company, making him worth hundreds of millions of pounds.

Daisy's founder, who counted the billionaire former owner of BHS, Sir Philip Green, among his mentors, has built the company through a string of acquisitions, including the £165m takeover of Alternative Networks nearly a year ago.

He left school at the age of 16 and began working life by fixing fax machines, before going on to establish a recruitment business.
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