Fri, 22 Feb 2013 | DIVISION SALE
The Carphone Warehouse, the largest retailer of mobile phones in Europe, is in discussions to sell its French operations, Phone House, as part of a review of its overall business, the Financial Times has reported.
The review is in response to a recent price war in the mobile phone market. It is expected that the strategic review will be concluded next month. The Carphone Warehouse has not yet decided whether to sell the French business, which has 250 stores across the country and takes about €300 million in revenues a year.
The Phone House business has drawn plenty of interest already from telecoms firms with retail operations and domestic retailers.
Phone House is half-owned by US electrical retailer Best Buy, the co-owner of the Carphone Warehouse Europe group.
The competition in the French phone market has heated up following the entry of Free, Iliad’s low cost retailer. The move has led to a price war between the two businesses, resulting in prices being pushed down by up to a third over the past 12 months.
A successful sale could mean a windfall for Carphone Warehouse’s shareholders, including its founder Sir Charles Dunstone who holds 28 per cent of the business.
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