TalkTalk hits impasse in bid to raise £450m as deadline looms

TalkTalk’s negotiations with investment giant Macquarie over a proposed £450 million deal have stalled as the troubled telecoms operator races to refinance its debt mountain this month.

The Salford-based business, founded by Sir Charles Dunstone, had its credit rating downgraded last week by Fitch, moving its risk status to “very high”.

Dunstone is preparing to meet bondholders and banks in London tomorrow afternoon to thrash out the details of a £400 million package that he has pledged to win their support for a refinancing plan.

TalkTalk, which was taken off the stock market by Dunstone in 2021 and is now co-owned by hedge fund Toscafund, has debts of £1 billion. These are partially comprised of a £330 million revolving credit facility that is due