The takeover of Clipper Ventures, the logistics company that numbers Asda, Asos, H&M, JD Sports and John Lewis among its customers, should in theory represent the latest chapter of a heart-warming rags to riches story.

The proposed £943m sale, to the US logistics giant GXO Logistics, will crystallise a further £139m for Steve Parkin, Clipper’s founder and executive chairman.

In November 2019, Sky News revealed he had teamed up with Sun Capital, the US private equity firm, to take the company private, with a price tag of £300m mentioned.

Read more: Sky News