MAQ RASUL, one of Scotland's richest men, has been forced to give up the business which made him his fortune.
Mr Rasul, 54, announced yesterday that he has handed over Global Video to administrators.
The company, founded by Mr Rasul in 1985, had transformed him from small businessman to one of Scotland's biggest entertainment tycoons.
Last year, Rasul ranked in the top five of Scotland's richest Asians in a survey published by radio station Sunrise, with an estimated fortune of GBP20m.
But yesterday Mr Rasul's company went into administration after losing GBP2.5m in two years.
Maqbool Hussain Rasul moved to Gorbals in Glasgow in 1964 from Pakistan.
Despite a tough upbringing as one of 11 children, he gained a degree in civil engineering from Paisley College.
He went on to start a grocery shop in 1977 before opening his first video rental store in 1985 in Glasgow's Albert Drive.
After a year he opened a second shop in Thornliebank, and in 1987, sold his grocery shops and sub-post office to concentrate on the new business.
His company grew to become the UK's secondlargest film hire chain, with a membership database numbering 1.5 million.
At its peak, in 2000, the company had more than 1300 staff and 260 outlets, stretching from northern Scotland to the Midlands.
Its annual profits reached GBP3.2m, and Mr Rasul announced plans for a 300strong network of stores.
When profits began to decline, he tried to respond to the changing marketplace by placing greater emphasis on computer games, sold on Global Video's website alongside DVD and VHS movies.
He initiated a scheme to sell mobile phones over the web and had also unveiled plans for an online DVD rental service, following the success of internet businesses such as Netf lix.
But while these initiatives helped buy time, they could not save the company from administration.
Of the company's remaining 110 stores, 40 were closed and 70 were sold to a new company, Global DVD, last week.
The 19 Scottish shops which have closed are in Cathcart Road, Castlemilk, and Buxton Terrace Glasgow, Milngavie, Newton Mearns, Paisley, Port Glasgow, Barrhead, Coatbridge, Penicuik, Johnstone, Falkirk, Broughty Ferry, Dumfries, Hawick, Glenrothes, Arbroath, Stranraer, Bathgate.
Mr Rasul is the only director from Global Video who did not transfer to the new company.
He is married to Shenaz, with three children Zahed, 28, Syema, 25, and Abid, 20.
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