Atlantic Telecom's UK business is to be broken up after vital sell-off talks collapsed. The publicly-quoted telco hit the rocks last month, calling in administrators.
Hopes of selling the entire business have been scuppered as administrator PricewaterhouseCoopers (PwC) failed to agree terms with potential bidders for underwriting Atlantic's losses until a sale can be completed.
It had previously been hoped that the UK business would remain afloat, because its German and Dutch operations were the largest drain on Atlantic's cash.
But PwC said on Thursday that Atlantic's UK assets would have to be separated. These include a fixed wireless operation, a cable business and sponsorship rights to the forthcoming Commonwealth Games.
The decision means a further 60 jobs cuts, leaving a headcount of just 127. At the start of the year, the firm employed 1200.
"Despite a significant degree of interest we are unable to agree terms for a sale of the business as a whole," said Steven Pearson, joint administrator at PwC. "We are now progressing the sale of one part of the business and continuing to explore options with the other parts."
Potential bidders are thought to have included Atlantic founder Graham Duncan, electricity group Norweb and rival telco Kingston Communications, among others.
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