TalkTalk FY23: Commercial pullback and a pivot to disposals
In the run-up to refinancing deadlines both with banks and bondholders, TalkTalk is pivoting its message with a clear focus on boosting near-term cashflow through reducing SACs (but this has already led to an accelerated loss in customer volumes); and ultimately trying to delever the business through asset sales – at first a sale of the B2B assets, which seems highly likely to complete, but then a far harder challenge to sell a stake in its wholesale access network.
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