Lord Sugar sells stake in Tropic Skincare as the business focuses on growth
Lord Sugar has made a multimillion-pound profit after agreeing to sell his 50% stake in Tropic Skincare.
Founded by Susie Ma, Tropic Skincare blends tropical botanicals with cutting-edge science to create a range of vegan beauty products.
Inspired by her Grandma's homemade body scrub recipe, Ma started out selling at Greenwich market. Today, the brand stocks a variety of products across skincare, bodycare, makeup and haircare.
Sugar acquired a 50% stake in Tropic Skincare after giving Ma £200,000 in 2011 to help to build the company. She finished third on the 2011 series of The Apprentice, losing out to winner Tom Pellereau and his beauty business, Stylideas.
For the full-year ending 31 December 2021, Tropic Skincare reported sales of £90.6 million and pre-tax profits of £10.5 million. According to The Times, no dividend was paid in 2021, but Ma and Sugar shared a £10 million dividend in 2020 and a £2 million payment in 2019.
Ma was said to be financing the buyout from Sugar’s holding company Amshold, part of the payment is coming via Tropic’s future trading profits.
Lord Sugar said: “Twelve years after investing in Tropic Skincare, I have agreed with Susie's decision to purchase back my shares and return sole ownership to her.
“When I first met Susie in 2010, I saw a unique grit and determination and it’s a drive she has maintained over the years. The business she has built and led since my investment has been nothing short of remarkable. It’s now the right time to part ways and allow Susie the space to take the company to new heights.”
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Ma is looking forward to raising brand awareness, with the launch of a new website, refreshed branding and expansion of Tropic’s product offering.
Susie Ma, Founder of Tropic Skincare, said: “I will always be so grateful for the investment Lord Sugar made, and the potential he saw in Tropic Skincare with me at the helm.
"After founding the company at just fifteen, and spending every day since building it into the success you see today, reclaiming full ownership has always been my ambition. I am beyond excited for the infinite possibilities the future holds, and to continue making a positive impact on the planet with our natural, freshly made formulations and inspiring Ambassadors."
