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Article: The best good hair day - ever; STRAIGHTENING IRONS TURN ENTREPRENEUR'S [pounds sterling]15,000 INTO A [pounds sterling]120M BUSINESS.
- Article from:
- The Mail on Sunday (London, England)
- Article date:
- July 30, 2006
CopyrightCOPYRIGHT 2006 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: HELIA EBRAHIMI
THEY are the must-have grooming accessory for girls and celebrities such as Gwyneth Paltrow, Jennifer Aniston and Victoria Beckham.
And now Martin Penny, the entrepreneur whose [pounds sterling]100 GHD ceramic hair straighteners have become a runaway success, will pocket a fortune for the company he set up five years ago after investing just [pounds sterling]15,000.
Penny, 53, has just signed a deal with Lloyds Development Capital, the private equity arm of Lloyds TSB, to buy out cofounders Gary Douglas and Robert Powls for [pounds sterling]55 million, valuing the business at [pounds sterling]120 million.
The son ...