Feeds

Hutchison picks up 3 UK's tab

Settles £1.5bn debt

  • alert
  • submit to reddit

Choosing a cloud hosting partner with confidence

Hutchison Whampoa, the Hong Kong parent of mobile network 3 UK, is paying off more a billion pounds of debt for its spendthrift offspring.

Hutchison owns 80 per cent of 3 and is believed to be in talks to acquire the remaining 20 per cent from NTT DoCoMo.

It will pay the banks £1.5bn which 3 was due to pay back in March next year. The company says there was no pressure from the banks, but with disappointing subscriber numbers it is not surprising the mobile network has needed bailing out.

Hutchison told the BBC: "We have a lot of cash on hand and the UK loan is rather expensive." The 3G network owes a total of £2.5bn.

3 claims 210,000 subscriberms in the UK. It has just started offering pay-as-you-go services. ®

Related stories

Three new handsets from 3
Merging Hutchison Whampoa
3 has too few handsets to meet million user target

Internet Security Threat Report 2014

Whitepapers

10 ways wire data helps conquer IT complexity
IT teams can automatically detect problems across the IT environment, spot data theft, select unique pieces of transaction payloads to send to a data source, and more.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
How to determine if cloud backup is right for your servers
Two key factors, technical feasibility and TCO economics, that backup and IT operations managers should consider when assessing cloud backup.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.