The administrators of Phones 4U have said that a last-minute rescue plan put forward by a group of bondholders in the chain is “not feasible”.

The group had vowed to cut the sums they were owed by the collapsed phone retail chain in order to facilitate a deal with networks. However, administrators PwC said that the focus was on a sale of all or parts of the business and that the rescue plan was unlikely to succeed.

EE, Vodafone and Dixons Carphone are currently in acquisition discussions for various-sized portions of the business.