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.
___________________________________________________________________________
Related information:
Dixons mulls sale of Pixmania
View the latest businesses for sale
Exceptionally busy MOT testing station and vehicle repairs/servicing business which has been in the same hands for over 30 years and proved particularly profitable for the vendor.
Long established haulage contractor operating over 25 years is now seeking a well-earned retirement. The business serves a large number of regular clients and enjoys a fantastic reputation within the industry, operating with a modern fleet and tradin...
This is perhaps the best pub in the county that we have offered for sale in many years and produces superb net profits for our clients. This is genuinely a rarity to acquire such a successful pub with extensive freehold property which has had substan...
FREEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.