Phones 4u administrators hunt for buyers

Phones 4u administrators hunt for buyers

Phones 4u administrators said today [Monday 15 September] they want to talk to potential buyers but will also look at reopening the stores if they can get sufficient funds to pay employees' wages.

Rob Hunt, one of three joint administrators appointed by Price Waterhouse Coopers said: ‘This is a very sad day for the business and the many people working there. In light of our impending appointment the directors understandably took the decision to close all the shops today and sent many staff home.

‘Our initial focus will be to quickly engage with parties who may be interested in acquiring all or part of the business, and to better understand the financial position and options for the company. The stores will remain closed while we have these conversations.

‘We will also be talking to network operators and suppliers, and trying to access funds to pay for the costs of the business, including wages.

‘These conversations will determine whether we can re-open stores and trade, and also if and when we can pay the arrears of wages to employees. Our hope is that we will be able to pay all the outstanding wages arrears.’

Price Waterhouse Coopers was appointed by Phones 4u owners BC Partners, after the equity house decided to put the company into administration, following the loss of major contracts with EE and Vodafone.

The three administrators appointed by PWC are Robert Jonathan Hunt, Ian David Green and Robert John Moran. They will act as administrators for Phones 4u Limited (P4U), which has an annual turnover of £1bn, more than 700 stores and 5,596 employees.

The business also includes Phones 4u’s MVNO Life Mobile Limited, which is also in administration.

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