Broadband start-up goes titsup.com OnCue
Broadband in Britain was dealt another blow last week after OnCue Telecommunications called in the liquidators on Friday with the loss of 100 jobs.
The start-up was set up 18 months ago to offer broadband services to businesses as part of local loop unbundling in Britain.
Its backers include Soros Private Equity Partners, Madison Dearborn Private Equity Partners and
T D Capital.
The company employed 130 staff with offices based in Manchester, Milton Keynes and London.
In a short statement, David Waterhouse of liquidators PricewaterhouseCoopers (PwC) said: "We are reviewing the assets of the company and working with the directors and a retained team of approximately 30 employees to realise maximum value from those assets.
"Initial expressions of interest in the assets have already been received," he said.
However, a posting on an ADSLguide bulletin board from someone calling themselves "TheInformer" claims OnCue is in discussion with BTopenworld concerning the transfer of its customer base.
The unconfirmed report also claims: "Two of their three backers, Maddison Dearborn & TD Capital, pulled out on Wednesday due to on-going delays with the network build. As a result, their remaining backer (George Soros Private Equities Ltd) had no choice other than to call in receivers to recover what can be of their £80 million outlay to date."
TheInformer also raises doubt as to whether there's enough cash to pay staff. ®