David Ross, co-founder of Carphone Warehouse, said the 0.1p-a-share deal was the only option for the heavily indebted group which was originally established by his great grandfather.
Cosalt, which has net debt of about £14m, had previously said it was exploring several options for its future. Ross has provided a £300,000 personal guarantee to cover costs in a legal action against Scottish businessmen Calum and Stuart Melville who sold their family business to Cosalt.