John Caudwell sold Caudwell Group, which includes Phones4U, to Providence Equity Partners with Doughty Hanson buying up the handset distributor 20:20 Logistics Distribution which will be renamed 20:20 Mobile.

Caudwell owns 85 per cent of the company he built up with his brother, Brian, who owns a 10 per cent stake.

According to the Caudwell duo, it took eight months to sell their first 26 mobile phones when they were still the size of a briefcase. The firm now has more than 8,000 employees.

Caudwell said he will now use his fortune to do the things he wants to do, like sailing around the world.