Dixons Carphone begins trading on London Stock Exchange

Dixons Carphone begins trading on London Stock Exchange

Dixons Carphone has begun trading on the London Stock Exchange. The establishment of the new consumer electronics retailer follows on from the £3.9bn merger between Carphone Warehouse and Dixons, owner of Currys and PC World.

Dixons Carphone will employ around 43,500 people in Europe with the new brand including around 3,000 stores from Carphone Warehouse and Dixons.

The retailer has launched the first seven stores in England with another 23 set to open by the end of this year.

Dixons Carphone will offer electrical and mobile products, supported by expert after-sales services from the Geek Squad and Knowhow.

The company will place much emphasis on the interconnectivity of smartphones and household appliances, such as washing machines and fridges, otherwise known as the 'Internet of Things' (IoT).

Business-to-business services are provided through Connected World Services, PC World Business and Carphone Warehouse Business.

Founded in the 1930s, Dixons has 943 stores operating across seven countries with more than 500 of these in the UK. Established in 1989, Carphone Warehouse has around 2,000 stores in operation, including 800 UK stores.

The new retail business is forecast to return combined yearly savings of £80m with extra investment of £70-80m and restructuring costs of £55-60m.

The two companies received EC approval for the merger in June.

Sebastian James, CEO of Dixons, will take the same role in the new group with Charles Dunstone, the founder of Carphone, becoming its chairman.

'Today is a big day: our shares officially start trading on the stock exchange and we are off to a flying start with the opening of our first seven combined shops,' said James.

Customers using Currys, PC World and Carphone Warehouse websites will 'be guided to the right place' to buy from the whole range, he explained.

'Our offices now proudly show our new combined identity and up and down the country we are delivering a clear message to our teams and to our customers: We are one.'

He added that Dixons Carphone will not only help customers to access the technology and the connectivity that is right for them, but also find the expertise and services that bring them to life - 'the first and best company to offer this complete end-to-end proposition'.

Shares in Dixons Carphone rose 2% or 7.2p to 350.4p in early trading.

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