Alan Sugar nets ‘significant profit’ after selling shares in Apprentice star’s business

After selling his 50% stake in Tropic Skincare, Lord Sugar made a multimillion dollar profit.

Susie Ma founded Tropic Skincare, which combines exotic botanicals with cutting-edge technology to produce a line of vegan cosmetics.

Ma began by selling her handmade body scrub at Greenwich Market after being inspired by her grandmother’s recipe.

After lending Ma £200,000 to aid with the establishment of the business in 2011, Sugar purchased a 50% share in Tropic Skincare.

She came in third place on The Apprentice’s 2011 season, falling short of winner Tom Pellereau and his Stylideas beauty company.

With the purchase of Tropic, Ms. Ma will reclaim full ownership of the company she created in 2004 when she was just 15 years old.

Lord Sugar praised the rapidly expanding company for being “nothing short of spectacular” since his investment, noting that it generated a pre-tax profit of £10.5 million and a turnover of more than £90 million in 2021.

Although the sale’s price has not been made public, the PA news agency reported that Lord Sugar will make a significant profit as a result.

Lord Sugar told The Times: “When I first met Susie in 2010, I saw a unique grit and determination and it’s a drive she has maintained over the years. The business she has built and led since my investment has been nothing short of remarkable. It’s now the right time to part ways and allow Susie the space to take the company to new heights.”

Ma intends to increase the selection of products offered by Tropic and launch a new website and branding.

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