A GLASGOW tycoon who left school with just three O Levels has become a millionaire overnight after selling his mobile phone recycling business.

Philip Johnston, who was brought up in Penilee, has sold S3 Interactive to the world's biggest metal recycling conglomerate for an undisclosed sum.

But the 42-year-old, who launched his business just eight years ago, told the Evening Times: "I'm staying on, so it is business as usual for me and my management team, as well as the workforce."

The firm, better known as S3i, repairs mobile phones, smart phones and computer tablets, such as iPads, on behalf of most of the major networks. It also recycles old phones before reselling them abroad.

The company racks up millions of pounds in sales by focusing on emerging markets in China, Africa and Asia.

Scotland's old-fashioned and unwanted phones are highly sought after abroad, especially by those who have never owned one. Upgraded phones last year triggered more than £20million in sales and a profit margin of almost £2m.

S3i, which employees more than a 100 staff, is based in three units at Clydebank Business Park.

The firm's new owner is Sims Metal Management, which is based in Botany, near Sydney, Australia. It operates about 260 facilities around the world and has a global workforce of 6300.

The Australian company was keen to expand its electronics recycling division Sims Recycling Solutions, which handles what it describes as "information communications technology".

Daniel Dienst, group chief executive, said: "Our SRS business is already a global leader in the recovery of information communications technology assets, such as laptops, desktops and servers.

"The acquisition of S3i will position SRS in the rapidly growing market of mobile devices while bringing S3i's sector leadership into our existing global infrastructure."

SRS boss Graham Davy is delighted it is business as usual for Scotland's newest millionaire.

He said: "I would like to take this opportunity to welcome Philip Johnston and the employees of S3i joining SRS.

"Their extensive experience is a natural fit with SRS."

gordon.thomson@ eveningtimes.co.uk