Phones4U in £700m sale
Staffordshire-headquartered Phones4U has been sold in a deal believed to be worth £700m. BC Partners has snapped up the mobile phone retailer which has more than 500 stores and employs about 6,000 staff.
Phones4U is mainly owned by American-based investor Providence Equity though founder John Caudwell and the management team hold a 25 per cent stake. Caudwell will now be set for another payout to add to the £1.46bn he made by selling 75 per cent of the business and his 20:20 distribution arm in 2006.
BC Partners' portfolio includes Baxi, Fitness First, Amadeus and Office Depot.
The Staffordshire-based retailer reported a 20 per cent rise in sales to £900m in 2010.
There has been widespread speculation of a £700m takeover, as Midlands Business Insider reported in February. That was despite Providence saying it wanted to continue to control the business.
