Thu, 05 Sep 2013 | BUSINESS SALE
Dixons Retail has confirmed that it is to sell Pixmania, its loss-making European digital division.
Pixmania operates in France and the Czech Republic but has proven to be a drag on Dixons' broader business, bringing down its profits significantly as the overseas business lost nearly £20 million in 2012.
It looks like a buyer for Pixmania has already been lined up in the form of a Europe-based private equity firm. Early reports suggest that the offer is from mutares AG, a German listed industrial holding company. A deal is still being worked on and is awaiting approval from the relevant legal departments.
The sale is not a surprise to the market. Humphrey Singer, finance director with Dixons, confirmed back in June that Dixons was seeking an exit when he revealed the firm's full-year results: “We certainly would be interested in ways in which we could exit through a sale process. I think closure in France is extremely difficult so it is right for us to explore all the other avenues before we contemplate that, but ultimately that is an option.”
Chief executive of Dixons, Sebastian James, commented today: “I am very pleased to be able to announce today that we have received an irrevocable offer for Pixmania. If this proceeds to completion Pixmania would benefit from an injection of entrepreneurial vigour and with a very solid capital base would be able to deliver on the robust business plan proposed by mutares AG.”
Dixons is the biggest electrical goods retailer in the UK and continues to operate a number of overseas businesses, including Elkjop in the Nordic region and UniEuro in Italy.
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Related information:
Dixons mulls sale of Pixmania
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