Mobile phones retailer Phones 4u could be sold within weeks to private equity firm BC Partners after talks have been resurrected to buy the retailer, according to reports.

The mobile phone retailer could be bought by BC Partners for £700m – the original asking price of owners Providence Equity Partners.

Phones 4u was up for sale in September after Providence Equity Partners received several approaches.

However, talks stalled in December after BC Partners had difficulties in raising the debt to buy the retailer at the owner’s £700m asking price. It was thought to have made an offer of between £655m and £680m.

Potential bidders in the early stages also included Blackstone Group and Advent International.

BC Partners declined to comment and Phones 4u also declined to comment on the new sale.