Former Colchester schoolboy John Pluthero is set to become Britain's answer to computer mogul Bill Gates.

The former Colchester Royal Grammar School pupil will be an internet millionaire within months.

Mr Pluthero is boss of Freeserve, the internet service provider, and is at the centre of one of the most eagerly-awaited stock market flotations of the year.

Freeserve yesterday announced plans for a £1.5 billion float on the Stock Exchange - just a year after it was set up.

Mr Pluthero, 35, was a keen sporstman when he was a pupil at the Lexden Road school from 1975 to 1982.

He studied economics at the London School of Economics and gained a first.

He helped set up Freeserve, owned by retail giant Dixons, last September and as chief executive steered it to become Britain's largest internet service provider.

Stewart Francis, headteacher at the Royal Grammar School, said of Mr Pluthero's success: "We are delighted that one of our old boys is being so innovative and successful."

He added that Mr Pluthero, believed to still live in the county, was remembered by staff as an excellent prefect and a talented cricketer and rugby player.

Software experts have hailed Mr Pluthero's vision in seeing a gap in the market as revolutionary, but City analysts believe only time will tell if the gamble to float so soon will sustain Freeserve's rapid rise.

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