BoxClever bids 'short of expectations'

INVESTMENT bank Goldman Sachs is believed to be exploring alternative ways of refinancing troubled TV rental company BoxClever. Bids for the company fell significantly short of expectations.

Goldman Sachs was expected to reveal a preferred bidder this week, but insiders say the three bank owners of BoxClever - Germany's WestLB, France's CDC and Canada's CIBC - are dismayed by the offers. They are owed about £800 million by the company.

An insider said: 'The highest bid is far below the level at which they want to sell. I am not sure what will happen.'

The four short-listed bidders include entrepreneur Martin Dawes, who owns more than 100 rental shops in northern England and who sold his mobile phone company to BT for £70 million.

He is competing against private equity firms Terra Firma, run by City banker Guy Hands, Fortress Investments and Cerebus, which has teamed up with BoxClever chief executive Roger Mavity.