Phones 4u founder misses windfall

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The Phones 4u tycoon John Caudwell will miss out on a further cash windfall after the US owners of the mobile phone retailer ditched plans to sell the company.

The Private equity firm Providence bought 75 per cent of the company four years ago from Mr Caudwell. Phones 4u is thought to be worth in the region of £700m to £800m and Providence had been looking to sell the company after a number of takeover approaches. It has now decided not to go ahead with its plans.

Mr Caudwell, a billionaire who still owns a stake in the business, would have had a second pay day had any deal gone ahead.

The group began in 1987 when Mr Caudwell bought 26 phones from the US for more than £1,000 each and sold them on in the UK.