Dixons offloads European units

ELECTRICALS retailer Dixons has shed its loss-making Pixmania online business, as well as its Turkish operations, after posting a small rise in first-quarter sales.

German holding company Mutares has agreed to take over the Pixmania operation, but Dixons will have to pay a €69 million (£58.2m) dowry to provide “ongoing funding” for the business, which is based in France.

Chief executive Sebastian James said: “If the transaction progresses, they will acquire Pixmania with a well-funded balance sheet and an excellent management team.”

Dixons is also selling its ElectroWorld business in Turkey to local firm Bimeks for about £2m.

The deals were unveiled as the Currys and PC World owner announced a 2 per cent rise in like-for-like sales for the three months to July, driven by a 6 per cent gain in the UK and Ireland.