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Vodafone and EE 'in talks' over Phones 4U assets | Vodafone and EE 'in talks' over Phones 4U assets |
(35 minutes later) | |
Mobile phone network operators Vodafone and EE are in discussions to buy parts of stricken retailer Phones 4U, sources say. | Mobile phone network operators Vodafone and EE are in discussions to buy parts of stricken retailer Phones 4U, sources say. |
The moves come after the High Street retailer collapsed into administration. | The moves come after the High Street retailer collapsed into administration. |
Phones 4U blamed its decline on EE's decision not to renew its contract. This followed a similar move from Vodafone earlier in September. | Phones 4U blamed its decline on EE's decision not to renew its contract. This followed a similar move from Vodafone earlier in September. |
Accountancy firm PwC was appointed to see if any of the 560 stores and 160 concessions can be re-opened or sold. | Accountancy firm PwC was appointed to see if any of the 560 stores and 160 concessions can be re-opened or sold. |
As well as Vodafone and EE, overseas operators with an eye to entering the UK market have expressed an interest, a source told the BBC. | As well as Vodafone and EE, overseas operators with an eye to entering the UK market have expressed an interest, a source told the BBC. |
In an e-mailed statement, Vodafone said: "We can confirm that we have been approached by the administrators of the Phones4U business." | In an e-mailed statement, Vodafone said: "We can confirm that we have been approached by the administrators of the Phones4U business." |
EE and PwC declined to comment. | |
The Financial Times first reported the discussions late on Tuesday. | The Financial Times first reported the discussions late on Tuesday. |
Phones 4U went into administration on Monday, putting 5,596 jobs and more than 700 outlets at risk, after Vodafone, EE and O2 did not renew their contracts with the company. | Phones 4U went into administration on Monday, putting 5,596 jobs and more than 700 outlets at risk, after Vodafone, EE and O2 did not renew their contracts with the company. |
'Unprecedented assassination' | 'Unprecedented assassination' |
John Caudwell, the founder of Phones 4U, has blamed the demise of his former company on the "ruthless actions" of "predatory" mobile phone networks. | John Caudwell, the founder of Phones 4U, has blamed the demise of his former company on the "ruthless actions" of "predatory" mobile phone networks. |
Phones 4U said it had been a profitable business, with turnover of £1bn, underlying profits of £105m in 2013 and plenty of cash in the bank, but that without the contracts from the phone networks it no longer had a business. | Phones 4U said it had been a profitable business, with turnover of £1bn, underlying profits of £105m in 2013 and plenty of cash in the bank, but that without the contracts from the phone networks it no longer had a business. |
This was an "unprecedented assassination", Mr Caudwell told the BBC's Today programme on Tuesday. | This was an "unprecedented assassination", Mr Caudwell told the BBC's Today programme on Tuesday. |
The mobile firms rejected his claims. | The mobile firms rejected his claims. |
Mr Caudwell sold Phones 4U to Providence Equity and Doughty Hanson for £1.5bn in 2006. | Mr Caudwell sold Phones 4U to Providence Equity and Doughty Hanson for £1.5bn in 2006. |
The retailer, now owned by private equity firm BC Partners, has said established mobile contracts taken out through Phones 4U will not be affected, although phones ordered and not despatched - for example anyone ordering the new iPhone 6 over the weekend - would be. | The retailer, now owned by private equity firm BC Partners, has said established mobile contracts taken out through Phones 4U will not be affected, although phones ordered and not despatched - for example anyone ordering the new iPhone 6 over the weekend - would be. |