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| Dixons Retail to sell loss-making online store Pixmania | Dixons Retail to sell loss-making online store Pixmania |
| (about 1 hour later) | |
| Dixons Retail, the owner of PC World and Currys, has received an offer for loss-making online retailer Pixmania. | |
| The firm said German industrial group Mutares had agreed to buy the firm. Under the offer, Dixons will provide 69m euros (£58m) to support Pixmania. | The firm said German industrial group Mutares had agreed to buy the firm. Under the offer, Dixons will provide 69m euros (£58m) to support Pixmania. |
| Pixmania lost £31m in the financial year ending 30 April 2013. | Pixmania lost £31m in the financial year ending 30 April 2013. |
| Dixons also reported 2% rise in first-quarter sales on a like-for-like basis from the same period last year, which strips out sales in new stores. | Dixons also reported 2% rise in first-quarter sales on a like-for-like basis from the same period last year, which strips out sales in new stores. |
| Dixons paid a hefty one-off charge to reorganise Pixmania. | Dixons paid a hefty one-off charge to reorganise Pixmania. |
| In a statement with the trading update, Dixons chief executive Sebastian James said: "Despite a July that was sizzling in the north (of Europe) and chilly in the south - affecting electronics and air conditioning sales respectively for that month - we have had an encouraging start to the year. | In a statement with the trading update, Dixons chief executive Sebastian James said: "Despite a July that was sizzling in the north (of Europe) and chilly in the south - affecting electronics and air conditioning sales respectively for that month - we have had an encouraging start to the year. |
| "Margins have held up reasonably well across the group despite some anticipated and vigorous skirmishes in the Nordics where, I am happy to say, we have continued to grow market share." | "Margins have held up reasonably well across the group despite some anticipated and vigorous skirmishes in the Nordics where, I am happy to say, we have continued to grow market share." |
| The deal to sell France-based Pixmania still requires negotiation with representatives of the firm's 1,200 staff. | The deal to sell France-based Pixmania still requires negotiation with representatives of the firm's 1,200 staff. |
| Mr James says that if the deal goes through the company should benefit from "an injection of entrepreneurial vigour". | Mr James says that if the deal goes through the company should benefit from "an injection of entrepreneurial vigour". |
| The buyer, Mutares, owns a portfolio of medium-sized businesses, including a manufacturer of office furniture, a maker of bed frames and an auto parts firm. | The buyer, Mutares, owns a portfolio of medium-sized businesses, including a manufacturer of office furniture, a maker of bed frames and an auto parts firm. |