Feeds

Telinco chairman picks up £90m

Cheesy Cheshire grins all round after World Online deal

  • alert
  • submit to reddit

High performance access to file storage

E-ntrepreneur Chris Matthews has walked away with a cool £90 million from the sale of Telinco Networks to World Online. The founder and former chairman -- who started the company on just £16,000 -- is to invest the cash in a number of e-commerce ventures, led by his shopping portal, hoojit.com. It's likely his new company will even be named after the service and The Register understands he won't hang around too long before seeking to float the new venture. Matthews wasn't the only one at Telinco to make some cash out of the deal with World Online. Eight of the 60 employees at the Cheshire-based company became instant millionaires, although whether they'll remain in this elite club once the taxman has taken his slice is anyone's guess. What's more, everyone at the company received something from the deal -- which could explain why the car park at Telinco's offices are full of new shiny cars. News of the buy-out was announced last week. Although financial details weren't made public, some reports suggested that World Online paid between £250 million to £500 million for the telco. No one at Telinco was prepared to comment. ® Related stories: World Online lands on Freeserve's doorstep Telinco's free Net service is a sitting duck

High performance access to file storage

More from The Register

next story
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.