23 September 2005
John Caudwell, founder of phones 4u, wants to sell his home telephone business, it emerged today.
The entrepreneur, whose revenues have grown exponentially over the past few years, is looking to sell fixed-line service Caudwell Communications in order to concentrate on mobile phones in emerging markets, the Telegraph reports.
The newspaper says that Mr Caudwell has received "a number of approaches from third parties interested in acquiring ", and that he could earn £100 million from the sale.
In a memo seen by trade journal the Register, Mr Caudwell wrote that "with greater focus on mobile and expansion into European and Middle Eastern markets fixed line is not necessarily central to the future development of the Caudwell Group and this is why I have agreed to allow discussions about a potential sale of the business".
Caudwell Communication's customers should not be concerned by the developments, Mr Caudwell continued: "In assessing any interest and offers the future development plans for the business will be closely reviewed to ensure the interests of all staff and our 600,000 customers are fully considered."
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