The sale of the troubled telecoms carrier
Vanco is expected within the
coming two weeks, at a price likely to be slashed from a peak value of £400m to
as little as £1.
Andrew Coppel, the restructuring expert brought in to rescue the company, has
warned buyers he needs to strike a deal in days before Vanco runs out of cash.
BT is one of several companies
said to be considering an offer, according to Sunday Times.
Shares in the virtual network operator, which rented band-width from rivals
but owned little of its own infrastructure, were suspended 12 days ago when
Allen Timpany, chief executive, resigned.
It is expected the company will be placed in administration and then sold.
While shareholders like JO Hambro and Fidelity will get nothing, lenders led by
Lloyd TSB, are negotiating to claw back some of Vanco’s £123m debt.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016