Workplace founders pocket pounds 3m each
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE THREE founders of Workplace Technologies, the network services group, yesterday received multi-million pound payouts after the business was acquired for pounds 81m by NTL, the Nasdaq-listed company poised to become Britain's largest cable operator.
Andrew Vaughan, the managing director, Steven Kent, finance director, and Andrew Bridson, business development director, will each pocket nearly pounds 3.1m for their respective 3.8 per cent stakes. They are to remain with the company.
Workers at the Stevenage-based firm will also share in the spoils through an employee trust fund that owns a 3.9 per cent interest.
Workplace was originally spun out of ICL through a management buyout in 1995. The company floated on the stock market in late 1997 at 175p.
Venture capital giant 3i is the biggest shareholder with a 22.5 per cent interest, followed by Barclays with 6.2 per cent, Norwich Union with 4.8 per cent and Equitable Life, 4.8 per cent.
"The acquisition will significantly strengthen our ability to be the total communications service provider for our business customers," said NTL.
Workplace stock had lagged in recent months and traded at 145p on Tuesday before rumours of the 228p per share bid began circulating.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments