Conduit secures €15m refinancing deal

Directory services group Conduit, which operates the 11850 service in Ireland, says it has completed a €15m deal with a group of investors aimed at securing the refinancing of the company.

The investors, which include Bank of Scotland Ireland, will become Conduit's majority shareholders.

The deal is subject to regulatory approval in Switzerland and Ireland.

Conduit has recently restructured its business in the UK, laying off hundreds of workers, after it did not receive the amount of calls it expected following the deregulation of the UK directory services market.

A proposed takeover of the company's business in the UK and Spain by German group Telegate collapsed last month.

The Irish company, which operates in Ireland, Germany, Austria, Spain and the UK, was taken private by management in a €55.4m deal last year.