TalkTalk has offloaded swathes of customers to a start-up rival as it scrambles to raise cash.
The deal to sell 120,000 customers to fledgling provider Rise Fibre marks the latest effort by the debt-ridden broadband provider to shore up its balance sheet. Terms of the sale were not disclosed.
It comes as the broadband firm, which was founded by Sir Charles Dunstone, struggles under a £1.4bn debt pile.
TalkTalk secured a £115m lifeline from Ares Management and other shareholders, including £65m in fresh debt, earlier this year.
This was less than 12 months after backers were forced to provide a £235m emergency bailout to avoid a looming debt default.
The deal with Rise Fibre marks the latest whittling down of TalkTalk’s customer base after it reached an agreement to sell 29,000 subscribers to Utility Warehouse for £5m earlier this year.
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