Mon, 13 Sep 2010 | BUSINESS SALE
Phones4U, the independent mobile phone retailer, may be sold after a number of takeover bids were made for the group.
Analysts estimate the Phones4U chain to be worth between £700 million and £800 million and its private equity owner, Providence Equity, has received numerous indications of interest from prospective buyers.
Following this flurry of interest, Providence is now considering selling up, for the right price, but discussions remain at an early stage. A source close to Providence said, “There have been several unsolicited approaches and Providence is considering those.”
The chain, which was started in 1987 by John Caudwell, when he bought 26 phones from the US for more than £1,000 each and sold them on in the UK, now has 476 stores. Providence bought the firm from Caudwell in 2006 for £1.46 billion - although the deal also included the 20:20 phone distribution arm – turning him into one of Britain's richest men.
Possible interested parties are rumoured to include electronic goods retailer Dixons, which recently announced a pairing up with Phones4U in which Phones4U concessions will be put into all Currys Megastores and some Dixons outlets.
Other mobile phone operators are also said to be interested, as owning independent shops can help them encourage consumers to switch provider.
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