Pipex to sell off remainder of business?
28th September 2007
Pipex is to sell off its remaining assets after recording a loss for the first half of 2007, it has been reported.
The broadband service provider is looking to sell after posting a net loss of £8.39 million during the first six months of the financial year. This compares with a profit of £6.6 million for the same period last year.
According to a report from the Independent, this has prompted the firm to appoint investment bank UBS to enact the sale of its divisions that have not been acquired by rival provider Tiscali in a deal closed earlier this year.
The remaining divisions include a wireless broadband joint venture with Intel, a network services division and a web-hosting unit.
Peter Dubens, chief executive of Pipex, said he is seeking a single buyer for the hosting division, but that the wireless unit will be floated.
Pipex received £210 million for its broadband and telecoms assets through their sale to Tiscali.
Member of the Internet Services Providers' Association
Member of the Broadband Stakeholder Group