15th Sep 2014 05:48
LONDON (Alliance News) - Phones 4U, the British mobile phone retailer founded by entrepreneur John Caudwell that is currently owned by London buyout house BC Partners and employs 5,596 people, has gone into administration, the Financial Times reports.
The company said on Sunday that it had been forced to seek protection from its creditors after two of the UK?s largest mobile phone operators, EE and Vodafone Group PLC, decided to withdraw their products from its stores next year.
Despite the company?s troubles, BC Partners, which acquired Phones 4U in 2011 for about GBP600 million, will have secured a 30% profit on its investment thanks to the payout funded last year through the dividend recapitalisation, the FT said.
http://www.ft.com/cms/s/0/7cf7a8c0-3c55-11e4-a6ce-00144feabdc0.html?ftcamp=crm/email/2014915/nbe/UKBusiness/product&siteedition=uk#axzz3DMP0oC7U
By Steve McGrath; [email protected]; @stevemcgrath1
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