Sports equipment firm founder tops Sunday Times Rich List for young entrepreneurs

The man behind sporting equipment firm Net World Sports has emerged as the UK's wealthiest young entrepreneur on the Sunday Times Rich List.

Sports fan Alex Loven began his Wrexham-based business in 2009, and now sells more than 100,000 football goals a year with sales of nearly £20 million in 2016-2017.

It has helped make the 30-year-old worth £55 million, up £28 million from the year before.

Up next on the list is Jack Cator, the chief executive and founder of Privax, the company behind online privacy service HideMyAss.com which was acquired by AVG Technologies in 2015.

Mr Cator has held steady with wealth of £45 million.

Joshua Stevens, worth £30 million, came in third and is a new entry on the Sunday Times Rich List for young entrepreneurs.

Mr Stevens owns and runs One Retail Group, which is made up of six consumer brands including outdoor equipment label Active Era and Pro Breeze household appliances.

The 29-year-old owns the entirety of his Hampstead-based business which booked profits of £3.3 million on sales of nearly £14 million last year.

A sibling team ranked fourth on the young entrepreneurs list, worth £25 million.

Amy Mason, 29, and Tom Makin, 28, are children of JD Sports co-founder David Mankin, and each own a stake of nearly 7.5% in the Footasylum chain of shoe and sportswear shops.

Footasylum has a market value of £165 million and more than 65 stores.

The youngest person to make the cut is 19-year-old Akshay Ruparelia who set up the Harrow-based estate agent Doorsteps selling properties for as little as £99.

He used a £7,000 loan from his family and now employs more than 25 people, with about 2,000 properties on the books.

Mr Ruparelia is worth £16 million, tying in seventh place.

Robert Watts, the compiler of The Sunday Times Rich List, said: "If you're good enough you're old enough.

"Several of these entrepreneurs cut their teeth while still in their teens and were born after the first Rich List was published in 1989.

"Their stories underline how GCSEs, A-levels and degrees are not the only route to success."

"Technology has made it is easier than ever before for young men and women to start up their own company.

"A laptop, mobile, imagination and determination can be all you need to build a strong business - and one that can now attract customers from all over the world," Mr Watts added.

The full 2018 Sunday Times Rich List will be published on Sunday, May 13.