The founder of a Marlow-based IT company who lives in Penn is no longer a billionaire, according to The Sunday Times 2023 Rich List.

Peter Kelly, 65, who founded the leading IT infrastructure and services provider Softcat in High Wycombe in 1993, appeared in 186th place on The Sunday Times Rich List of the wealthiest people living in the UK in 2023.

Mr Kelly's fortune was reported by the paper to be £889 million, a £176 million fall from 2022, relinquishing the Bucks native of his billionaire status.

Despite being in good company on the list, which also featured King Charles III, Mr Kelly was among six prominent figures who were certified as multimillionaires after a drop in their net worth.

The 2023 Rich List marks the first decrease in the number of UK billionaires since the 2007-2008 financial crisis.

While the fluctuating finances of the super rich may seem trivial, Times reporter Robert Watts warned readers that a decrease in billionaires could have repurcussions for the rest of the country.

Writing: "Rich Listers do not operate in a vacuum: cautious billionaires and multimillionaires may be less likely to start businesses that create jobs, help to power economic growth and boost the public finances."

Mr Kelly 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 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.