26 September 2007
Former internet service provider (ISP) Pipex is looking to sell off its remaining assets following losses of over £8 million earlier this year.
The firm has experienced difficult times after selling its broadband and telecoms branch to Tiscali in a £210 million deal this month.
Despite recording revenue increases of 60% to £189 million over the first six months of the year, the company admitted that the large proportion of this figure was due to its broadband and telecoms business.
Now it has reportedly approached investment bank UBS to sell off its remaining businesses, including a web hosting service and a wireless broadband venture with Intel called WiMax.
Peter Dubens, Pipex founder and chairman, explained that he wanted to find a single buyer for the hosting and network services businesses and was looking to float the wireless division.
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