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Dixons to sell ElectroWorld business in Central Europe

Dixons Retail, the owner of Currys and PC World, has entered into an agreement to sell its ElectroWorld business in Central Europe to local electrical specialist NAY.

GENERAL MERCHANDISE

Dixons to sell ElectroWorld business in Central Europe

The retailer said it expects to receive a small deferred cash consideration spread over three years from the disposal of Electroworld. The deal is expected to complete over the summer.

ElectroWorld operates 26 specialist electrical retail stores across Czech Republic and Slovakia. For the year to April 2014, the business generated a pre-tax loss of £5.6 million on turnover of £129 million.

Dixons Retail chief executive Sebastian James said: “I am very pleased that we have been able to secure a strong future for Electroworld who will be able to flourish as a part of the NAY Group in Central Europe. Following this transaction Dixons will be a market leader in every market in which it operates, delivering on one of our key strategic objectives."

Last week, Dixons Retail announced plans to merge with Carphone Warehouse in a £3.8 billion deal.

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