Phones 4U up for sale

Deutsche Bank is believed to have drawn up a shortlist of bidders for a sale of phone company Phones 4U, including private equity giant Blackstone Group and BC Partners. The company, founded by John Caudwell in 1987 and sold in 2006 to Providence Equity Partners and Doughty Hanson for £1.5bn, could now be sold for just £800m. Phones 4U currently operates 476 stores in the UK and made a pre-tax profit of £13.7m last year, down from £33m in 2008. The sale could be completed by the end of the year.