A second round of talks. Has TeleCity found the extra money it needed?
Published: 14 November 2001 08:30 GMT
Web hosting firm TeleCity is considering re-entering into talks with rival Redbus as it looks to find a partner to merge with.
Previous merger talks between TeleCity and Redbus fell through in August after TeleCity failed to come up with enough money to seal the deal.
Now, the company is hoping some kind of partnership will help cut costs and spread the geographical coverage of the combined company's internet hotel offerings.
TeleCity has already pulled the plug on operations in Barcelona, Brussels, Madrid and Paris is terminating leases for a second data centre in Manchester and a third in London. The closures saw the company cut a fifth of its workforce and losses have trebled for the first nine months of the year to £30m.
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