Mobile phone chain Phones 4u is to lure high-level graduates into the group by offering them starting salaries of up to £60,000, it emerged today.

Phones 4u owner The Caudwell Group, which was founded by business tycoon John Caudwell, owns a range of mobile telephone businesses.

But the group has been hit by a tight recruitment market and is therefore launching the Caudwell Graduate High Flier Scheme to attract high-level graduates.

Chairman and chief executive Mr Caudwell, who is ranked 23rd on The Sunday Times Rich List, said: "We are missing opportunities in UK and European markets because we simply cannot recruit exceptional people fast enough."

The intention is that the graduates, who will aim to become group managing directors by the age of 30, will help the firm hit targeted sales of £20bn by 2020 - last year's sales hit £1bn.

Graduates will initially be paid between £40,000 and £60,000 and will also get a small company car.

But the candidates will have to negotiate with Mr Caudwell if they want to take home the full amount.

A spokesman said the group had looked at graduate starting salaries at some well-established companies - which, at their estimates, were between £40,000 and £50,000 - and then topped it.