BC Partners and Phones 4U in sales negotiations
BC partners is the last firm standing in business talks with Phones 4U regarding the sale of the phone retailer.
BC Partners is the last company involved in sales negotiations with Phones 4U but is expected to offer £50 million below the asking price for firm.
An article in the Daily Telgraph notes this is because of an increasingly fragile debt market, but Phones 4U may have no other option than to accept after Blackstone and Everything Everywhere withdrew from business talks.
The mobile phone retailer had been developed into one of the largest independent stores trading in the UK with 450 outlets under John Caudwell, who still retains a stake in the firm.
Earnings have recently been hit by the cost of refurbishing shops and integrating acquisitions, while sales have dropped in the insurance side of the company due to the onset of the recession.
Last week, Lancashire based telecoms firm business Daisy completed sales negotiations with NEG MBO Two, which resulted in it buying the healthcare communications provider for £23.5 million.