Wed, 15 Oct 2014 | ADMINISTRATION
EE is set to take on Phones 4U’s mobile business Life Mobile and, it is thought, will pay less than £5 million for it.
The sale will mark the last significant sell off from the remains of Phones 4U’s business, after it was pushed into administration last month following EE and Vodafone’s product withdrawals.
The pair has already snapped up parts of the retailer’s shop portfolio to add to their own retail chains since its downfall.
Life Mobile, which entered administration along with the rest of the group, had been seen as an important part of Phones 4U’s future, and was dependent on the four UK networks to provide the services it would sell. Just weeks before its failure, Phones 4U had reported the network was “enjoying a great first year, with customer growth ahead of our expectations”.
Life Mobile is already operated on the EE network as part of a wholesale arrangement, so the purchase is an easy move for EE. Other potential buyers that had been interested in the sale were Argos and TalkTalk.
The network’s new owner EE, which will inherit Life Mobile’s 85,000 customers, has not yet decided if it will keep the brand operating in the future.
The deal has yet to be given the green light by the administrators at PwC, a source close to the situation told Mobile News.
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