Lord Alan Sugar has divested his entire stake in Hernshead Group, an engineering and technology recruitment agency he has supported for over four years.
The company was established by Tom Johnson in 2019, who managed to secure Lord Sugar's investment without appearing on the popular BBC One show, The Apprentice, as reported by .
Johnson now assumes full control of the Reading-based firm and plans to expand its operations across Europe and North America.
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Prior to the management buyout, Lord Sugar held 45 shares in the business, while his long-standing business associate Michael Ray held five.
Johnson owned 50 shares, as per a document filed with Companies House. In a statement, Johnson expressed: "Today marks a huge milestone for Hernshead Group – I've officially completed a management buyout of fellow shareholder and director Lord Sugar to take full ownership of the company. This is an incredibly exciting time for me and the team."
He further added: "A huge thank you to Lord Sugar for his invaluable guidance over the years. His support has been instrumental in getting us to where we are today."
He concluded by saying: "Since our founding in 2019, we've grown rapidly, being recognised as one of the 海角视频's fastest-growing companies and we have plenty more ambitious targets ahead. I'm looking forward to accelerating our growth over the next 5-10 years, continuing to expand into Europe and North America, and building on the strong team we've already built."
The accounts for Hernshead Group, covering the year up to 30 June, 2024, show that turnover increased from £2m to £2.8m, yet its pre-tax profits dipped from £95,756 to £20,314. Lord Alan Sugar expressed his satisfaction with the company's performance, saying: "It has been a pleasure to be part of Hernshead Group's journey from its launch."
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He praised the efforts of Tom and his team: "Tom and the team have done a tremendous job in driving the business forward."
Noting the firm's growing stature in the recruitment sector, he continued: "They have created an exceptional reputation in the recruitment industry, and I am confident that under Tom's leadership the company will continue to thrive."
Sugar concluded by expressing optimism for the company's future: "I wish Hernshead Group and the entire team continued success as they move into their next phase of growth."
This statement arrives on the back of a City AM report from November 2024 detailing that Lord Alan Sugar's property empire, Amshold, had returned to profitability in the same financial period following a substantial loss.
For the 12 months leading up to 30 June, 2024, Amshold reported a pre-tax profit of £932,000, recovering from a hefty £29.1m loss the previous year.
This was achieved regardless of group turnover declining from £11.4m to £8.7m.
Additionally, in June last year, Lord Sugar made a significant investment in the company led by Rachel Woolford, who triumphed on the latest series of The Apprentice, outperforming pie company executive Phil Turner in the final episode broadcasted in April 2024.
Lord Sugar's Amsvest Limited subsequently acquired a stake of up to 50 per cent in Woolford's R Nation. The latest Sunday Times Rich List estimates Lord Sugar's net worth at approximately £1.082bn.