The following statement from Lee has been posted on our homepage.
Today we have announced that BT has made a recommended offer to buy the entire share capital of PlusNet.
Due to the nature of our business, and our key relationships with our customers and our employees, we have given due consideration to BT’s intention to maintain and develop those relationships.
We have to be sure that any approach for our business has to deliver a good return for shareholders whilst ensuring an enhanced strategy for our customers and employees.
Essentially, the key strength of our business is the entrepreneurial spirit combined with a sense of community in our approach to customers and employees. These qualities are some of the factors that make our business attractive to BT.
We have a close working relationship with BT and have explored a number of projects that could drive benefit to our business and customers and to this end we can now progress this value creation and benefits to our customers.
This transaction will allow us to develop our business model, maintain our cultural approach and benefit from:
greater investment capability
access to new products and services including BT’s WiFi Fusion and BT Vision propositions ; and
access to BT Retail’s broadband network platform and the associated scale benefits.
BT’s immediate plans are to continue to operate PlusNet as a separate entity within the BT group from its Sheffield offices. It is of great importance to BT to retain PlusNet’s distinct identity and culture and for it to continue to trade under the PlusNet brand.
BT intends to continue to leverage and develop PlusNet’s Workplace platform and has no immediate plans to integrate PlusNet into existing BT services, maintaining its focus on the internet serviced, discerning user, at competitive broadband rates. BT believes that, by combining this platform with its existing resources and expertise within BT Retail, the customer experience will be enhanced.
CEO PlusNet PLC