John Caudwell clears his desk as it is announced that the sale agreement with Doughty Hanson & Co and Providence Equity Partners has been completed, under which the private equity firms have acquired the entire Group for a total consideration of £1.46 billion.

It’s hard to believe the group, which turns over £2bn and employs over 8000 people, was originally concieved back in 1987 in a second-hand car showroom.

The deal was cleared under the European Union’s simplified merger review procedure, for cases which the EU executive believes do not pose competition concerns.

John Caudwell said: "I am leaving two businesses that are in excellent shape for the future.

"I would like to thank all 8,500 staff who have worked so hard to grow the business with me, and I wish them all the best."

Under the terms of the acquisition, Doughty Hanson will retain the 20:20 Logistics Distribution Group, to be renamed the 2020 Mobile Group, and Providence Equity Partners will acquire the Phones4U Group.  

Trusting that everything was going to go through without any hiccups Caudwell cleared his office at Minton Hollins House on Friday.

A Caudwell Group spokesman said: "He’s already gone. He cleared his office on Friday, and I don’t think he will be coming back now that the deal has gone through."

Although Caudwell has stated he’s off to become a family man, he won’t be dropping off the radar anytime soon.

"I have a number of investment and commercial plans in the pipeline, which will allow me to maintain some interests in the business world” Caudwell said.