Debt-laden telecommunications company TalkTalk is offloading customers as part of a strategy to raise much-needed funds.

Ares Management is set to provide an additional £115 million in capital to UK broadband provider TalkTalk, as potential buyers explore various options for the company.

Vodafone and Three have reportedly submitted bids for TalkTalk's consumer broadband business, a move that would help the UK's largest mobile operator, Vodafone, achieve its goal of doubling its broadband operations.

Ovo Energy has initiated legal action against TalkTalk following a botched takeover attempt.