Feeds

Telinco chairman picks up £90m

Cheesy Cheshire grins all round after World Online deal

  • alert
  • submit to reddit

Internet Security Threat Report 2014

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

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
4chan outraged by Emma Watson nudie photo leak SCAM
In the immortal words of Shaggy, it wasn't me us ... amirite?
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.