Phones 4u sold for £1.5bn

John Caudwell, founder of Phones 4u, has netted £1.2bn following the £1.46bn sale of Caudwell Group to two private equity firms.

Providence Equity will take control of the Phones 4u Group, including 350 stores, as well as its business-to-business operation.

Doughty Hanson will take on the 20:20 Logistics Group, which includes the UK's largest distributor of mobile phones and Dextra Solutions, a distributor of handset accessories.

Caudwell said £1.46bn represents a "fair price for the business" adding "a large number of high quality bidders" had been involved in the process.

Caudwell said he will now spend some time "fulfilling personal ambitions", spending more time with his family and more time working with his charity which raises money for sick and terminally ill children.

He added in a statement: "However, I also have a number of investment and commercial plans in the pipeline, which will allow me to maintain some interests in the business world."

Caudwell started his company in 1987, based in just one shop in Stoke-on-Trent.