Mobile phone maestro to float

Mobile phone firm plans flotation-funded expansion

Phones International Group, the British mobile phone distribution company, says it will float on the stock market in the autumn.

We are on course to break the £100m sales mark in our third year

Peter Jones
Phones Int'l Group

Phones International, whose customers include Vodafone, Ericsson, Panasonic and Virgin Mobile, is one of the fastest-growing firms in the UK.

In its first year it recorded sales of £13.9m, and £44m the following year.

It is now on target to achieve £100m in sales in year three.

Winning idea

Phones International was set up in April 1998 by Peter Jones, 34, who still owns 100% of the company.

Previously employed by Siemens Nixdorf, he rose on a fast track through the ranks to become the company's youngest board member at the age of 28.

Phones International, which is based in High Wycombe, Buckinghamshire, provides handsets to more than 1,500 dealers in the UK through its subsidiary, Data Select.

It says it is now embarking on a programme to supply more than 10,000 other outlets across the country.

Expansion plans

Profits for the year 1999-2000 are expected to be about £500,000.

Mr Jones said: "Our size and growth rate warrant the flotation.

"We are on course to break the £100m sales mark in our third year.

"We will look to reinvestment with regard to funding the global expansion of the business.

"This will give us the cash funds to continue moving forward at our current explosive rate."