Robert Jonathan Hunt, Ian David Green and Robert John Moran of PwC have today been appointed as administrators to Phones 4u Limited (P4U), a leading independent mobile phone retailer with an annual turnover of £1 billion, operating from more than 700 outlets with 5,596 employees.
In addition to its retail operations, P4U also runs its own network operator, Life Mobile Limited, which is also in administration.
Rob Hunt, joint administrator and PwC partner, said:
"This is a very sad day for the business and the many people working there. In light of our impending appointment the directors understandably took the decision to close all the shops today and sent many staff home.
"Our initial focus will be to quickly engage with parties who may be interested in acquiring all or part of the business, and to better understand the financial position and options for the company. The stores will remain closed while we have these conversations.
"We will also be talking to network operators and suppliers, and trying to access funds to pay for the costs of the business, including wages.
"These conversations will determine whether we can re-open stores and trade, and also if and when we can pay the arrears of wages to employees. Our hope is that we will be able to pay all the outstanding wages arrears.”