Founder of Pace cashing in

The country may be in a recession at the moment but even during these times there are some people that are finding that business is booming.

One such businessman is David Hood, a founder of the set top box manufacturer Pace.

He has recently sold shares in the company, netting a massive £12.5 million after the share price more than quadrupled since the beginning of 2009.

Pace was founded in the 1980’s by Barry Rubery and David Hood but, since the company was floated on the stock market, the former chief executive, Hood, has raised over £200 million from share sales and still has a thirteen per cent holding in Pace.

At the start of the year Pace’s shares stood at 55p, but yesterday they closed at 208.5p.

The increase in value is related to the growth in satellite and digital TV.