Dixons sells off e-tailer PIXmania and Electroworld stores as group sales grow

High street chain Dixons as confirmed that it is selling off pure e-tailer PIXmania, and electrical goods retailer ElectroWorld operations in Turkey.

PIXmania has been sold to German industrial holding company A.G. (release). Dixons boss Sebastian James said that being a purely online business "PIXmania needs a different kind of entrepreneurial vigour".

Dixon's ElectroWorld operations in Turkey have been sold to electrial specialist retailer Bimeks (release). Completion is due by the end of 2013, and Dixons "expects to receive a cash consideration of approximately £2 million over two years."

The company also released sales data for the first quarter ending 31 July, which say total multi-channel like-for-like growth up four per cent (release).

Despite a sunny July and compared with last year's Olympics boost, the UK and Ireland saw like-for-like growth up six per cent on the same period last year.

Sebastian James, chief executive, commented on the company's first quarter results:

I am a passionate believer that Dixons succeeds where we offer our customers an integrated multi-channel proposition, where we are the market leader and that we do best when we stick to our knitting. So 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.

I am also pleased that we have agreed the sale of our ElectroWorld operations in Turkey to Bimeks, one of the leading electrical specialist retailers in Turkey.

Despite some reports of improved economic conditions, we remain cautious on the state of the market for the year ahead. But with this good start, I am excited about the rest of the year and about the future for a successful and simplified Group.