Sebastian James, the boss of Currys and PC World owner Dixons, has vowed to stick to the High Street in the future after the sale of its loss-making online-only business Pixmania came a step closer.
He said: “What we’ve learned is we win when we do what we know, which is working as a multichannel retailer and as the market leader or a strong number two. Pixmania was neither of those things. While it has lots of assets, it’s not our cup of tea and not what we do. We will stick to what we know and leave online-only to others.”
A deal to offload the French business to German restructuring specialist Mutares AG is now just months away after it was signed off by unions. Dixons will pay £59m for future development of the online electrical retailer, trading in 14 countries, bringing the total cost of the venture to around £250m since bought in 2006. The City approved the deal, as shares hit a five-year high.