One of region’s most successful businessmen considering £1.5bn deal

A self-made millionaire who founded telecommunications firm Daisy Group is looking to take full control of the business in deal worth £1.5bn.

Matthew Riley, who left school at 16 and founded the Lancashire firm in 2001, is in advanced talks to buy out the company’s shareholders.

According to reports Mr Riley decided to pursue a buyout after rejecting a proposal from Bain Capital that valued Daisy at £1.6bn.

Toscafund and Oakley Capital own around half the shares in the business and a deal is thought to be imminent.

Daisy Group provides telecoms and IT services to corporate customers and recently agreed to buy Talk Talk’s business to business customer base in a £175m deal.

The deal is likely to form part of a broader package which includes a £1bn refinancing of the business.
Mr Riley is now one of the wealthiest entrepreneurs in the UK.

He built the Daisy Group through a string of acquisitions, including the £165m takeover of Alternative Networks.

Mr Riley started out fixing fax machines and then moved into the recruitment sector.

The Daisy Group has more than 60,000 direct customers, including half of Britain’s high street retailers, and employs over 4,000 people.