Virgin ready to float mobiles

VIRGIN will unveil plans this week to float its mobile phones division in a move that could value the business at up to £1.3bn.

But its advisers, JP Morgan and Investec, are expected to spend two weeks horsetrading with institutions over the price of the share offering and how much debt the company will take on board. There is unlikely to be an offering of shares to private investors.

And City sources said that the announcement might yet spark a lastminute trade sale of up to half the business instead of a float.