The London-listed telecoms group Gamma Communications is lining up the former boss of IT services provider Softcat as its next chairman.

Sky News has learnt that Gamma is in detailed talks with Martin Hellawell about taking over from Richard Last, its long-serving chair.

The hunt for a new chairman comes amid persistent bid speculation about Gamma, which has a market capitalisation of about £1.1bn.

City sources described Mr Hellawell as the frontrunner for the post, although they cautioned that an appointment was unlikely before the company’s annual meeting this month.

Gamma provides telecoms services to small and medium-sized business customers, and has built a strong cash position, although its shares have remained largely flat over the last year.

If confirmed, Mr Hellawell’s appointment is likely to be regarded as a coup by Gamma shareholders.

He recently confirmed his departure as Softcat chairman, having steered the company through its initial public offering on the London Stock Exchange.

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Softcat now has a market value of about £2.7bn.

Mr Hellawell also chairs AIM-listed musicMagpie and Raspberry Pi Trading, the privately held technology company.

A Gamma spokesman declined to comment.

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