Azzurri Communications’ shareholders and lenders will meet this week to discuss the company’s future following a number of approaches by rival firms interested in buying the troubled telecoms company.
Daisy Group and TalkTalk are tipped as the strongest potential bidders. Other names in the frame include Cable & Wireless, KCOM, Virgin Media and BT. One banking source told Mobile that a number of buyers had already expressed an interest in the business.
The extraordinary meeting will vote on three options – to make an immediate sale; to delay a sale until the economic climate improves; or to carry on trading.
Sources close to shareholders say a sale is inevitable. One said: ‘It is likely the sale will go ahead. The question is when. Shareholders are split between an immediate sale and a delayed sale. Doing nothing is not considered an option.’
Azzurri was forced to make a refinancing deal in December after running up debts of over £100m pursuing an aggressive ‘buy and build’ strategy that saw the company make a total of 16 acquisitions over eight years. Azzurri CEO Mark Quatermaine resigned from the business shortly after the deal was signed and was replaced by Vim Vithaldas.
Azzurri Communications delivers mobile, voice, data, consultancy, networking and digital print solutions. The company’s clients include B&Q, Hanson, Tesco, Trinity Mirror and University College of London Hospitals.
Editor: Carol Millett