Dixons to sell central European operations

Monday 19 May 2014 11.28
Dixons Retail to sell its ElectroWorld operations in Central Europe
Dixons Retail to sell its ElectroWorld operations in Central Europe

Dixons Retail, Europe's second biggest electricals retailer which last week said it planned to merge with Carphone Warehouse, has agreed to sell its ElectroWorld operations in Central Europe to local specialist NAY. 

Electroworld operates 26 specialist electrical retail stores across Czech Republic and Slovakia. It made a pretax loss of £5.6m on turnover of £129m in Dixons' 2013-14 year.

Following completion, which is expected to take place during the summer, and which remains subject to regulatory clearance, Dixons expects to receive a small deferred cash consideration spread over three years.

Having announced the merger on Thursday, Dixons and Carphone have moved quickly to tidy up their portfolios. 

On Friday, Carphone said it had agreed to sell its 46% stake in Virgin Mobile France.