Currys PLC

Management Reports • Jul 31, 2015

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RNS Number : 7660U

Dixons Carphone PLC

31 July 2015

Disposal of The Phone House Portugal

31 July 2015

Dixons Carphone plc, Europe's leading specialist electrical and telecoms retailer and services company, has today entered into an agreement to dispose of The Phone House Portugal (THE PHONEHOUSE - Comércio e Aluguer de Bens e Serviços, Lda) to Digital Place SA, a company owned by the shareholders of the TLCI group of companies, a leading telecoms retailer and wholesaler in the region. 

The Phone House Portugal operates 130 stores and for the 13 months to 2 May 2015, reported losses after restructuring costs of £8 million. The Group also recognised impairment of £13m in respect of its Portuguese operations.

Following completion, which is expected to take place by the end of August, Dixons Carphone will receive a small cash consideration, together with a contingent deferred cash consideration measured against profitability and payable over five years. Consideration received will be used in the business and operations of the Group.

On completion, Dixons Carphone will enter into a contract to provide insurance services to The Phone House Portugal through its Connected World Services division. This disposal is in line with the Group's stated strategy of focusing on market leadership positions. 

For further information

Kate Ferry                                           IR, PR & Corporate Affairs Director            +44 (0)7748 933 206

Hannah Collyer                                    Head of Media Relations                             +44 (0)1727 203 041

Nick Cosgrove, Helen Smith                Brunswick Group                                        +44 (0)207 404 5959

Information on Dixons Carphone plc is available at www.dixonscarphone.com Follow us on Twitter: @dixonscarphone and @DCSebJ

About Dixons Carphone

Dixons Carphone plc is Europe's leading specialist electrical and telecommunications retailer and services company, employing over 40,000 people in 9 countries.

Focused on helping customers navigate the connected world, Dixons Carphone offers a comprehensive range of electrical and mobile products, connectivity and expert after-sales services from the Geek Squad and KNOWHOW.

Dixons Carphone's primary brands include Carphone Warehouse, Currys and PC World in the UK & Ireland, Elkjøp, Elgiganten, Gigantti and

Lefdal in the Nordic countries, Kotsovolos in Greece, Dixons Travel in a number of UK & Ireland airports and Phone House in Spain and

Sweden. Our key service brands include KNOWHOW in the UK, Ireland and the Nordics, and Geek Squad in the UK, Ireland and Spain.

Business-to-business (B2B) services are provided through Connected World Services, PC World Business and Carphone Warehouse Business. Connected World Services aims to leverage the Group's existing expertise, operating processes and technology to provide a range of services to businesses.

About the Digital Place SA

Digital Place SA is a company owned by the shareholders of the TLCI, MMCI and Mobile World.  These four companies, owned by two shareholders, are leading telecoms retailers and wholesalers in the Portuguese market, offering a broad range of fixed, multimedia and mobile telecoms products in 27 MEO network stores, as well as 29 NOS network stores and 16 Vodafone stores. MMCI also provides infrastructures services for NOS network.

This information is provided by RNS

The company news service from the London Stock Exchange

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