A British entrepreneur has handed over his £1m turnover PR consultancy, complete with company assets and £10,000 cash in the bank, to new owners without asking for a penny in return.

Simon Cohen is the founder of Global Tolerance, a consultancy which has represented a long list of notables including the United Nations and the Dalai Lama.

Earlier this year Mr Cohen launched a competition to find a new owner. Under the terms of the deal he would retain five per cent of the business plus a permanent advisory role.

Applicants from 30 countries entered a five-stage interview process culminating in a Dragons’ Den style pitch to a panel of executives on a yacht moored on the Thames in London.

In the event, two finalists won the ‘prize’: Noa Gafni, a digital strategist from the World Economic Forum and Rosie Warin, an award-winning PR director from Forster Communications.

Commenting, Mr Cohen said: “In Noa and Rosie, I have found two amazing leaders, two inspirational ladies who permeate the values of Global Tolerance. I’m excited to see the direction they take the company in.”

Iain Bundred, a director at Ogilvy PR who sat in the judging panel, said: "It was great to collaborate with such an innovative business transition.

“When Simon Cohen first told me he planned to do this, I was curious as to whether he could follow through on his promise to hand his whole company over to the next generation of talent.

"While I know it has been truly terrifying experience for Simon, it has also been a terrific learning process.”