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John Caudwell is supposed to have more ?1. 24bn accumulated after agreeing to sell the company he started in 1987 to two investors private in 2006.

While the owner Phones4u Providence started an auction for the retailer, it is understood that he also seeks an agreement for the restructuring of the debt, which is currently under 300 m ￡.

A sale or refinancing of debt would see the Group paying M. Caudwell for a credit note issued in 2006 for the acquisition of. 46bn ￡ 1 Providence .the ' ready shareholder note - who has accumulated almost 10pc of interest each year - authorized capital company buying group with less bank debt.As it is now it will be net M. Caudwell little less 200 million from ￡.

Refinance - which would mean an extension from three to five years in the property of Providence - would be the second choice for the House of redemption, which stands on the vente.Elle must clear at least 500 m to ￡ to a dividend of the agreement.

U.S. private equity rival Blackstone has also become a bidder alongside BC Partners.Il is heard that Blackstone presented a verbal offer leverage group over 550 million from ￡.

Sources said that in total five bidders were indicative bid and a second round will begin this week.

It is believed that M. Caudwell have more than ￡ 1. 24bn accumulated in 2006.

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