Banks seal Energis takeover

Norman conquest

By Tim Richardson • Get more from this author

Posted in Business, 16th July 2002 11:07 GMT

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A consortium of banks has bought ailing alternative telco, Energis, it was confirmed today.

Chelys - a company chaired by Tory MP and one-time ASDA boss, Archie Norman - has bought the UK business of Energis plc after it ramped up debts of £690m.

As widely reported in the press over the weekend, Chelys will pump £150m of cash into Energis to finance the development of the business.

The new owners claim that Energis' UK business is sound. In the last three months Energis won new sales orders valued at more than £41 million, including contracts with Virgin Mobile and Eurostar.

Chelys will trade under the Energis name.

Said Archie Norman in a statement: "This is a business with very strong customer support and committed employees.

"When approached I said I would be keen to help but only if there was financial security for the business and the prospect of building a great team.

"Chelys delivers both and provides an opportunity to rebuild a strong business for the customers, employees and investors."

Archie Norman lined up for Energis as banks take over

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