Caudwell Group up for sale

The Caudwell Group, who announced its plans to launch into the UK mortgage market just over a month ago, is up for sale.

The group, which owns phone retailer Phones 4 U, says its plans follow a strategic review of the business.

The review concluded that the groups business model has the strength and potential to deliver significant expansion into the European and global markets. It says: “There are many untapped opportunities and the group is ideally poised to seize these.”

The group has confirmed that it is appointing a group director of mortgages, who will help develop the groups existing lifestyle products.

The group says since it announced it was undertaking a strategic review, the board has received many approaches from buyers interested in acquiring all or part of the group. Therefore it has decided to invite offers for 100% of the share capital of Caudwell Holdings Limited.

Founded in 1987, the Caudwell Group has a combined annual turnover of over 2bn and employs 8,500 people.