Dixons agrees to sell ElectroWorld operations in Turkey to local Bimeks. [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Dixons Retail plc, announced on Thursday (Sep 5) that it has entered into an agreement to sell the ElectroWorld operations in Turkey to Bimeks.
Following completion, which is expected to take place by the end of this calendar year, and which remains subject to certain conditions, Dixons Retail expects to receive a cash consideration of approximately GBP 2mn (around EUR 2.4mn) over two years, Dixons said in the statement.
For the year to April 2013, the assets being disposed of generated retail operating losses of GBP 9mn and losses before tax of GBP 13.8mn on turnover of GBP 170.7mn and gross assets of GBP 42.3mn from 32 stores (including 18 franchise stores), Dixons detailed.
Dixons Retail is one of Europe's leading specialist electrical retailing and services groups, employing 35,500 people in 14 countries.
According to the press release, Turkish electrical retailer Bimeks offers information technology products, consumer electronics, white goods and small home appliances to its customers through 81 stores in Turkey. Bimeks is one of the country's leading and pioneering brands with a turnover TRY 494mn in 2012 and total sales volume growing at an annual average rate of 30% over the last 8 years.
Istanbul Stock Exchange-listed Bimeks targets to have a total of 154 stores in 81 cities by the end of 2015. The majority stake is held by the Akgiray Family.
Local media reported in July that Turkish conglomerate Sabanci Group's consumer electronics retailer Teknosa initiated talks with Dixons to buy shares in ElectroWorld Turkey.
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