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Private company Providence, which bought 75pc society four M. Caudwell, abandoned years ago its auction after the collapse of rival BC Partners meet his asking price.

Providence, recommended by the Deutsche Bank, wanted more than 700 m from ￡ but initiated say that BC Partners abandoned its final bid by 50 m ￡ due to distorted debt markets.

Both companies were in talks for a month after a reduced auction bidders to handshake process. M. Caudwell might still be in line to pick up a sum of money, if Providence decides to refinancing of society, which would trigger its shareholder loan note.

Shortly after the purchase of its shareholding in the company in 2006 to ￡ 1. 46bn, Providence sold 20: 20 Phone4U business distribution Doughty Hanson to 347 million from ￡.

However, the group still has debt of nearly 300 m ￡.

Is now the largest Phones4U part of its funds from its insurance arm, which has seen sales fall into recession. Gains have also been affected by the restoration shops and integrate acquisitions, but still pink 45pc ￡ 59. 5 m in the first half of this year.

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