UK-based sportswear and fashion retailer Frasers Group has increased its stake in electricals retailer Currys.
Frasers raised its stake in the company from 10.4% to 11.1%. Financial terms of the transaction have not been disclosed.reported last week that Currys was exploring “a number of avenues” for possible partnership with Frasers.
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Currys & Frasers
Currys boss Alex Baldock has warned price increases are set to continue as the electricals retailer looks to safeguard its profit margin.Discussions about a possible tie-up with shareholder Frasers, which widened its stake in the business to 10.4% last week.“This is a potentially interesting partnership,” he said, “There are a number of avenues that we’re exploring.”
Currys results
This morning Currys PLC have announced Full Year results for FY22/23, with group adjusted profit at the top end of guidance. Alex Baldock, Group CEO: “We’ve had a very mixed year. Our strengthening UK&I performance shows our long-term strategy is working well. But our long track record of success in the Nordics was brought to an abrupt halt. I’m proud of how our colleagues rose to this challenge, continuing to bring the benefits of technology within easy reach of millions of customers. Our long-term confidence is undimmed, with a business well set to benefit from an eventual macro recovery.”
Electrical retailer Hughes invests £750k in upgrading facilities in Ipswich
electrical goods retailer has completed £750k worth of works on its Ipswich premises to create a “state-of-the-art” facility.
Around 150 people now work at the 33,000sq ft Hughes Electrical plant on Felixstowe Road – which houses departments including a call centre, web management, a trade outlet, a retail shop and a depot.roof of the building now supports 774 solar panels capable of producing up to 301kW of energy as part of the firm’s commitment ot net zero customer deliveries.
Hughes – which has owned the site since 1998 – said it had made the investment for several reasons.”It is the perfect location to develop a business hub, for now and the future, serving a vital geographical area for our business,” he said.
“We want to be an integral part of its development and growth.
“We see it as both a cultural and operational centre for Hughes. It is also the ideal location for our newly created rental call centre, underlining the importance of the rapidly growing rental side of our business.”
The site is set to become the base for trialling electric vans, and will also see the installation of large batteries to store electricity generated from the solar panels.family-owned company, started just over a century ago, is the country’s fourth largest specialist electrical retailer and the biggest provider of home entertainment and kitchen appliance rentals.
It has stores in Lincolnshire, Norfolk, Suffolk, Essex and Cambridgeshire
Frasers getting into appliance retail
Frasers has upped its stake in AO World and Currys as it continues its acquisition spree.
The Mike Ashley owned group raised its holdings in the Bolton-based online electrical retailer for the third time this month to 22.2% from 21.3%.
It also lifted its shareholdings in Currys to 10.4%, which it said last week was part of a “strategic investment” as it looks to increase its “foothold in the electricals industry”.
Frasers acquires stake in Currys
Frasers Group, the retail empire founded by billionaire entrepreneur Mike Ashley, has snapped up an 8.9% stake in Currys, with the news coming a little over a week after the group acquired a substantial portion of online electricals retailer, AO World.
Frasers’ shareholding in Currys is worth around £53.5m given the firm’s market capitalisation of £601.9m.
Currys reviews Greek business
Currys has launched a strategic review of its Greek business Kotsovolos, which it said could lead to the sale of its operations.
The electricals retailer said it believes the strength of its Greek brand and long-term track record of profitability “are not currently reflected in the group’s valuation”.
Kotsovolos, which also has an emerging presence in Cyprus, has a unified commerce platform and an expansive range of products and servicesChief executive Alex Baldock said: “Currys’ performance is robust in UK&I, where our transformation is working, and we’ve taken action to drive a profitable recovery in the Nordics.
“Kotsovolos is an excellent business with a bright future, and now is the right time to assess how best to take Kotsovolos forward to maximise value for our shareholders.”
Last month, Currys revealed its Nordic operations were being investigated by the European Economic Area regulator over a possible violation of competition rules in Norway
Marks Electrical sales soar in record year
Marks Electrical has enjoyed a record year as savvy shoppers researched online for better prices on large appliances.
The performance represents a record year for the group despite a strong prior year comparative of 44%, and low consumer confidence for high-value purchases during the cost-of-living crisis.
Frasers Group takes 19% stake in AO World
Frasers Group has taken an 18.9% stake in the online electricals retailer AO World in a £75m deal involving buying out shares held by Odey Asset Management
AO.com most trusted retailer
AO.com is the UK’s most trusted major electricals retailer
Recently AO.com passed the incredible milestone of 400,000 reviews on Trustpilot, and we are delighted that so many of these reviews are four and five stars – 93% to be exact
It means that when it comes to major UK electricals retailers, AO.com has the largest volume of ⭐⭐⭐⭐⭐ reviews – with more than Currys, Argos and John Lewis combine
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