The firm employs 850 people and has a chain of 140 outlets, as well as concessions in Powerhouse outlets, stretching from Elgin to Southampton.

BBC Scotland's Rob Flett reports on Richard Emanuel's sale

DX Communications' other interests, which include a retail operation in the Netherlands, a financial services division, a mobile phone hire division and a repair and service division,Westwood Communications, are not part of the deal.

Glasgow-based DX Communications was founded by Richard Emanuel, 31, in 1991. The other principal shareholder is John Whyte, who joined the company in 1993.

Richard Emanuel: Remains with company

Under the terms of the deal, both men will remain with DX Communications.

The company was recently named the UK's fastest-growing retailer and Mr Emanuel collected the prestigious Entrepreneur of the Year Award from Tony Blair four months ago.

DX Communications' turnover has grown at an annual rate of 164% over the last five years. Since December 1993, it has, on average, opened a new high street store every 18 days.

In 1996, BT Cellnet took a 26% stake in an emerging DX Communications in return for providing cash to help fund the company's expansion programme.

Hugh Logan, Director of Sales and Service at BT Cellnet, said: "We want the pace of expansion to continue under our new ownership and we've already committed to opening further stores throughout the rest of this year."