A BUSINESSMAN who grew up in Wiveliscombe has lost his billionaire status, according to The Sunday Times Rich List 2023.

But Peter Kelly, who was educated at Taunton School, still remains a multi-millionaire despite dropping down 18 places to 186th in the annual table of the country's wealthiest people.

The Sunday Times says Mr Kelly is now worth £889million - a fall of £176million from the £1.065billion he was said to hold a year ago.

View the Sunday Times Rich List 2023 HERE.

He made his fortune through founding IT infrastructure and services provider Softcat in 1993.

Mr Kelly, who now lives in Buckinghamshire, stepped down from his non-executive director role at Softcat in 2015 but the IT company has continued to expand, with its ninth office opening in Birmingham in 2019.

Softcat, which is based in Marlow, is regularly voted among the top places in the country to work and became the first company in Europe to have its net-zero targets for emission reduction approved in August 2022.

Earlier this year, the Sunday Times Tax List 2023 said Mr Kelly paid £56.9million in tax last year.

READ MORE: Billionaire pays £1million a week in tax.