THE two founders of TV shopping channel Ideal Shopping Direct, who quit the business three years ago to launch a mail-order gardening firm called Leading The Good Life, set themselves up for a good life today after selling the new company to Ideal for up to £7.2 million.
When Paul Wright and Valerie Kaye quit the Ideal board three years ago, they appeared to be looking forward to a green retirement with their knowingly named plant and garden equipment business LTGL. But life out of the fast lane lost its shine, and the pair carried out a boardroom coup of Ideal in January, making Wright non-executive chairman and Kaye a non-executive director.
Ideal Shopping Direct now sells the shrubs and gardening kit made by LTGL, which also runs the website GardenBargains.com.
So when Wright and Kaye sold their newest business to their former one today, netting £750,000 in cash and another £4.25 million in shares in the process, Ideal described the deal as “highly complementary”.
Wright, Kaye and their friends took their total shares of Ideal Shopping from 29% to 38%, which could rise to 41% if the gardening firm hits certain profit targets. That would also trigger a further £2.2 million pay out.
Ideal’s board said that LTGL’s strong sales in spring would provide a “seasonal balance” to its books, which had been dominated by Christmas trading.
London Evening Standard, 23/12/09
When Paul Wright and Valerie Kaye quit the Ideal board three years ago, they appeared to be looking forward to a green retirement with their knowingly named plant and garden equipment business LTGL. But life out of the fast lane lost its shine, and the pair carried out a boardroom coup of Ideal in January, making Wright non-executive chairman and Kaye a non-executive director.
Ideal Shopping Direct now sells the shrubs and gardening kit made by LTGL, which also runs the website GardenBargains.com.
So when Wright and Kaye sold their newest business to their former one today, netting £750,000 in cash and another £4.25 million in shares in the process, Ideal described the deal as “highly complementary”.
Wright, Kaye and their friends took their total shares of Ideal Shopping from 29% to 38%, which could rise to 41% if the gardening firm hits certain profit targets. That would also trigger a further £2.2 million pay out.
Ideal’s board said that LTGL’s strong sales in spring would provide a “seasonal balance” to its books, which had been dominated by Christmas trading.
London Evening Standard, 23/12/09
