Former Phones4U boss John Caudwell gives away £3.5m to long-serving staff

The founder and former boss of the mobile phone empire the Caudwell Group has given away £3.5m in bonuses to 500 employees.

Billionaire John Caudwell said he wanted to reward his “loyal staff” after selling his company, which included the Phones4u chain, for £1.46bn in September.

Caudwell announced the bonuses at a farewell party at the company’s former headquarters in Stoke-on-Trent last Saturday.

He said: “I face the final curtain with some sadness. I am leaving behind a lot of winning people and lots of pride for what we have created. I really wanted to recognise and reward my loyal employees by showing you a token of my appreciation.”

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Each former employee was awarded with at least £5,000 for five years’ service with an additional £1,000 for each year of service after. Staff were handed their rewards in golden envelopes.

Caudwell is Britain’s 29th wealthiest person, according to this year’s Sunday Times Rich List.