PwC appointed receivers to European Telecom
PricewaterhouseCoopers has today (Tuesday) been appointed administrative receivers to AIM-listed European Telecom and its subsidiary, Service Xpress.
European Telecom asked its lenders to appoint administrative receivers, after it failed to get rid of its loss-making distribution division within a reasonable limit.
PwC partners Steven Pearson and Michael Gercke have been appointed joint administrative receivers.
Pearson said: ‘We are currently clarifying the financial position of the companies, and are actively involved in discussions with prospective purchasers for the sale of European Telecom’s distribution business.’
The mobile telephones distributor has operations in France, Spain, Austria, Benelux and Africa as well as the UK. Overseas subsidiaries are unaffected by the announcement.