Demon was founded by Cliff Stanford (41), the current Chairman and Chief Executive.Cliff Stanford
has over 15 years experience as a pioneering programmer for Internet related services.
Commenting on the transaction, Cliff Stanford
said, "We are delighted at the reception we have had from the venture capital community in raising these funds.Demon
is currently experiencing prodigious growth - our subscriber base grew by 400 per cent during the last financial year alone - so we are confident that this fresh capital will allow us to drive forward our subscriber base in the UK and in Continental Europe.
"We believe that the next five years will be very exciting for Demon
.Independent commentators believe that the total Internet subscriber base will grow by 200-300 per cent per year during that period.This stock issue will ensure that Demon
wil play a leading role in the worldwide provider market and reap the rewards of our strong position in the Internet market."
, aged 41, Managing DirectorCliff Stanford
has over 15 years experience as a pioneering programme for Internet related services.He
trained as an accountant with AW Mudd & Co.He founded Demon through Demon Internet Services in April 1992 and Demon in August 1992.He
has been responsible for growing the subscriber base of Demon
Internet from 200 subscribers in June 1992 to approximately 45,000 dial-up subscribers in September 1995.He
is widely regarded as a leading authority on the Internet and as a pioneer in providing Internet services in the UK.At Demon, Cliff Stanford is Chairman and Managing Director with overall responsibility for the Group's operations.