BBC News | BUSINESS | Students net Ł10 million

BBC News Online: Business

Tuesday, 25 January, 2000, 16:28 GMT

Students net Ł10 million

What are the most important things students needs to know as they head off to start university life?

The best pubs, trendiest night-clubs and cheapest digs and shops, of course!

And now it is all available on the internet after a brainwave by - a group of students.

Nottingham Trent University student Peter Atalla was pondering the difficulty of finding a new flat when he thought to himself wouldn't it be useful if all the information he needed was on one site on the net?

He discussed the concept with his pals and within weeks Student-Net was born.

student net

That was six months ago and Peter, 21, John Boardman, 22, Mik Haycock, 23, and Alan Edmondson, 22, have just sold their internet company for Ł10 million.

Fantastic deal

Student-Net, a guide to accommodation, going out, shopping and college courses in Nottingham, has been bought by American firm International Media Products Group.

Alan Edmondson said: "We can't believe it has happened so fast. "Ł10 million is a lot of money and this is a fantastic deal we have pulled off. "To think our average age is only 22, it's quite fantastic.''

All the time we have stuck together. "It's been like the four musketeers, all for one and one for all
Alan Edmondson

The four graduates risked everything they had on their dream - they managed to raise Ł55,000, putting themselves badly in debt.

With the amount of unpaid hours they worked and other costs and expenses, their total investment in the setting up of the web site business was Ł300,000. Now the company is starting to break even.

Alan said: "All the time we have stuck together. "It's been like the four musketeers, all for one and one for all."

Net-surfers

Within a few months of going on line, www.student-net.co.uk was being used by 20,000 net-surfers a week.

The foursome intend to make the company a global concern after they agreed the deal with IMPG.

They will be kept on as directors and the firm will remain in Nottingham.

student net

IMPG intends to expand the website to cover campuses across Britain with 50 jobs already created with more promised.

Alan told BBC radio: "We provide everything for students in one place, from going out to shopping to finding a toothbrush.''

Rags-to-riches

The digital rags-to-riches story is the latest in a series of lucrative success for internet entrepreneurs.

Ben Cohen, a 17-year-old London student, plans to issue shares in his company Jewish Net in the spring.

Dylan Wilk started gameplay.com Plc, an internet games provider, nine years ago when he was 16. His fortune is now estimated at Ł5 million.

And budding stockbroker Jimmy Norris, a 19-year-old student from Blackburn, has made a 1000% profit on his student loan - after he gambled it on internet shares.

He told the BBC: "I saw the high-tech boom so I decided to make real gains I would have to invest my student loan in high-tech shares.

"I made a good decision because I have made over 1000% profit since then. It is a nice nest egg.''

Related to this story:
Summer-job net millionaires (10 Dec 99 | Business)
Schools learn to link up (12 Nov 99 | Education)
Web boom for small businesses (25 Jan 00 | Business)

Internet Links: studentnet gameplay.com Jewishnet
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