Mobile phone retailer Phones4U has revealed a plunge in profits last year.
The retailer, which is considering a sale after its owner private equity company Providence Equity received a number of takeover bids last month, experienced a 58% fall in profits to £13.7m in the year to December 31. Sales dropped 5.6%.
Phones4U blamed the especially challenging” retail environment, in documents filed at Companies House.
The retailer also cited its failure to secure the rights to sell Apple’s iPhone.
Entrepreneur John Caudwell founded Phones 4U in 1987 and sold it to Providence Equity in 2006 for £1.5bn.