Dixons Carphone sells Spanish business for £50m

Dixons Carphone's Oxford Street store

Dixons Carphone has offloaded its Spanish business for almost £50m as it continues a retreat from Europe that has seen it exit markets in Portugal, Germany and the Netherlands in recent years.

The company said it had agreed to sell The Phone House of Spain, Smarthouse and Connected World Services Europe to Bilbao-based Global Dominion Access.

Dixons Carphone will receive €55m (£48.4) for the trio, which will be paid in two tranches. It said the proceeds from the sale would be invested back into the business.

Chief executive Sebastian James
Chief executive Sebastian James CREDIT: HEATHCLIFF O’MALLEY

In 2015, the company sold its Phone House businesses in the Netherlands, Germany and then Portugal.

The move comes weeks after it reported record profits, with chief executive Sebastian James declaring it was “no longer a retailer” as it now makes more than half of its profits from services.

Dixons Carphone has been immune from the gloom in the retail sector, posting a 10pc lift in pre-tax profits to £501m as it boosted its services division, which includes mobile phone repairs and clinics that advise on computer upgrades.

[Source”cnbc”]

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