High street retailer Phones 4U collapsed with £168m of unsecure debts, according to new reports, including nearly £80 million owed to HMRC that the taxpayer will lose in the administration process. Phones 4U operated 1,270 stores and employed 5,596 people but collapsed when the mobile network operators pulled out of supply contracts.~

Other debts include £4.8 million to Phones 4u customers, many of who had pre-ordered new phones prior to the collapse, £42 million to suppliers, £25.9 million to employees and £17.2 million in unpaid bills.

At the time of the collapse, David Kassler, chief executive of Phones 4U, said: “The great service we have provided should have guaranteed a strong future, but unfortunately our network partners have decided otherwise. The ultimate result will be less competition, less choice and higher prices for mobile customers in UK.”