Internet whizz Andrew is at it again
INTERNET whizz-kid Andrew Michael has turned down an offer of £100 million for a business he started just three months ago.
Andrew, 29, who grew up in Charlton Kings, is already a multi-millionaire with a string of celebrity friends after selling his previous business, which started as an A-Level project, for more than £61 million.
glamorous lifestyle: multi-millionaire Andrew Michael with long-standing friend, musician Pete Doherty
His latest venture, Livedrive, allows clients to store unlimited files online and has already attracted the massive bid from an un-named company.
Andrew, who lives near Andoversford, said: "We have received an offer – I can't go into details – but it has been turned down.
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"We only started the company 12 weeks ago and I'm enjoying building the business up. We're very excited about it."
Although Andrew said it was flattering to receive such a huge offer so early into the life of the company, he said his focus was on making the business bigger.
He added: "To be honest, there's nothing I can do with £100 million that I can't do with £50 million. If I was offered a billion pounds it might be different but at the moment I'm just looking to move up to the next rung on the ladder."
Andrew said if he had £1 billion he might consider competing with the likes of Chelsea owner and Russian oligarch Roman Abramovich. He said: "If I had that much money I'd want to concentrate on charity work, but I'd think about buying a local team like Cheltenham Town or Gloucester Rugby and building them up."
Aged 17, Andrew walked out of St Edward's School in Charlton Kings to concentrate on the Fasthosts business with which he would make his fortune.
Fasthosts was initially set up in 1998 as an A-level project by Andrew and his friend Alex Wilding, from Cheltenham.
The company provided email and other web services to small business and quickly became a giant in the industry.
By 2002, the Sunday Times listed the internet-hosting business as the second fastest growing technology company in the country.
In 2005, it turned over a profit of £15 million and Andrew quickly became famous for the lavish Christmas parties he laid on for the 100 staff he employed at Discovery House in Gloucester.
Acts to perform for the Barnwood-based firm included Girls Aloud, Sugababes, The Cheeky Girls and Louise Redknapp.
When he sold Fasthosts, Andrew, who was born in Cyprus, said he was pleased the cash would enable him to pursue his childhood dream of owning a helicopter.
Although he did buy one, he later sold it and says it is more convenient to charter one as and when he needs it.