British Telecom (BT) looks set to drop several major firms from its prized roster of advisers this month as the Ftse 100 giant gears up to unveil a new five-member line-up of core advisers.

The telecommunications giant’s primary advisers are understood to have been whittled down to Allen & Overy (A&O), Linklaters, Wragge & Co, Bird & Bird and one other regional firm that has yet to be disclosed.