The company, which had signed up just 36,000 residential phone customers in Ireland, sold its combined British and Irish operations for €12.6 million. It blamed the decision on unattractive conditions for new entrants in both markets.

“The decision to divest our UK and Ireland operations has not been taken lightly and is a result of thorough analysis of the market and our various options,” said Tele2 chief executive Lars-Johan Jarnheimer.

“The way the market for alternative operators in the UK and in Ireland looks today, we can get significantly better returns by reallocating its budget to other markets.”