Currys plc

Last updated

Currys plc
Formerly
  • New Carphone Warehouse plc (2009–2010)
  • Carphone Warehouse Group Public Limited Company (2010–2014)
  • Dixons Carphone plc (2014–2021) [1]
Company type Public limited company
LSE:  CURY
FTSE 250 Component
Industry Consumer electronics
Predecessor
Founded7 August 2014;10 years ago (2014-08-07)
Headquarters Lambeth, London
Number of locations
830 stores (2023) [2]
Area served
Key people
RevenueDecrease2.svg £9,511 million (2023) [3]
Decrease2.svg £(346) million (2023) [3]
Decrease2.svg £(481) million (2023) [3]
Number of employees
28,000 (2024) [2]
Subsidiaries Elkjøp Nordic AS

iD Mobile

Carphone Warehouse
Website currysplc.com

Currys plc is a British multinational electrical and telecommunications retailer and services company headquartered in London, [4] which was formed in 2014 by the merger of Dixons Retail and Carphone Warehouse Group. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Contents

The company operates under a number of brands in the United Kingdom, Ireland and mainland Europe. These include Currys in the United Kingdom and Ireland and Elkjøp, Elgiganten Gigantti in the Nordics.

History

Following shareholder agreement in July 2014, the £3.8 billion merged entity was launched on 7 August 2014; on the first day of trading the shares in the merged business were owned 50:50 by the former Dixons Retail and former Carphone Warehouse shareholders. [5] [6] Carphone Warehouse's Sir Charles Dunstone was appointed chairman, and Sebastian James became chief executive. [7]

On the first day of trading, the company opened Carphone Warehouse concessions in seven PC World or Currys stores. [8] In December 2016, Dixons and SSE, a domestic energy supplier, announced a partnership to provide "connected home" services in the United Kingdom. [9]

In January 2018, Sebastian James resigned as chief executive to become president and managing director of Boots UK. [10] Alex Baldock left his previous role as chief executive of Shop Direct (the company responsible for brands such as Very and Littlewoods) to succeed James as chief executive of Dixons Carphone. [11]

In March 2019, Dixons Carphone was given a £29.1m fine from the Financial Conduct Authority (FCA) for mis-selling its Geek Squad services. The FCA found that the company's staff were trained to sell the service to customers who already had an insurance cover. [12] During the period under investigation, between 1 December 2008 and 30 June 2015, Carphone Warehouse sold Geek Squad policies worth more than £444.7m. [13] Dixons Carphone did not contest the FCA's findings and qualified for a 30% discount, reducing the fine from £41.6m. [14]

In June 2019, shares in Dixons Carphone fell almost 20% following a significant decline in full year profits, mainly caused by consumers' growing delay in upgrading their mobile phones. [15]

On 3 April 2020, the company permanently closed 531 stand-alone Carphone Warehouse stores that were solely focused on telephone devices. Subsequently, 3,000 job positions related to the affected stores were cut. According to the firm, the reason behind the closure of the stores was the online shift of customers and a lesser extent of phone upgrades. [16]

Following the spread of the COVID-19 pandemic, on 4 August 2020, Dixons Carphone announced 800 job cuts in response to increased costs. The company also announced plans to re-organise its operations in its bigger stores. Regarding the decision, the firm's chief operating officer stated that they wanted "to empower store leadership teams, create a flatter management structure and make it easy for customers to shop with us." [17]

The business was renamed from Dixons Carphone to Currys plc in September 2021. The Currys brand also replaced the company's PC World, Team Knowhow and Carphone Warehouse brands. [18]

In June 2023, Frasers Group acquired a stake in Currys, which would increase during the year. [19]

In November 2023, Currys announced that they would be selling their Greek and Cypriot business, Kotsovolos, and would be leaving the South Eastern European market. Outside the UK and Ireland, the company would do business only in the Nordic countries. [20]

On 17 February 2024, Sky News reported that Elliott Investment Management was interested in buying Currys for £700M; Currys turned down the offer. [21] [22] A leading shareholder in Currys demanded that the company's board not engage with potential suitor Elliott Advisors unless it proposed a minimum offer of 75p-a-share, valuing the retailer at around £800m, amid claims that a 62p-a-share offer from Elliott undervalued the company. [23]

Operations

The company owns the following brands: [24] [25]

United Kingdom and Ireland

Nordics (Elkjøp Nordic)

Former brands

Former retail brands

BrandDescriptionFoundedCeased
Dixons A high-street retailer of consumer electronics in the United Kingdom and Ireland19372012
PC World A retail chain of mass-market computer megastores19912021
Dixons Travel A technology retailer operating in airports19942021

Former operational brands

BrandDescriptionFoundedCeased
Geek Squad UK A provider of aftersales and insurance for Carphone Warehouse 20062017
Tech Guys [30] An operational services brand for Currys and PC World stores20062010
Knowhow [30] An operational services and aftersales brand for Currys and PC World stores as well as Elkjøp-brands in the Nordics20102017 (UK)

2020 (Nordics)

Team Knowhow [31] An operational and aftersales services brand for Currys PC World and Carphone Warehouse stores20172021 [24]

Leadership

The company's board is chaired by Ian Livingston. The non-executive directors are Andrea Gisle Joosen, Eileen Burbidge, Fiona McBain, Gerry Murphy and Tony DeNunzio. [32] The CEO of Currys plc is Alex Baldock, appointed in 2018. [32] The CFO of the business is Bruce Marsh, appointed in July 2021. [32]

Data security breaches

The group was fined £400,000 by the Information Commissioner in January 2018, as a result of unauthorised access to the personal data of over three million customers in 2015. [33] A further security breach, said to affect 1.2 million customers, was reported by the company in June 2018. [34] The number of customers affected was later increased to 10 million. [35]

Related Research Articles

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Dixons Retail plc was one of the largest consumer electronics retailers in Europe, which merged with Carphone Warehouse in 2014 to create Dixons Carphone, which was renamed Currys plc in 2021. In the United Kingdom, the company operated Currys, Currys Digital, PC World, Dixons Travel and its service brand Knowhow.

<span class="mw-page-title-main">The Warehouse Group</span> New Zealand retail group

The Warehouse Group (TWG) was established by Stephen Tindall in 1982 and is the largest retail group in operation in New Zealand. It is a corporate conglomerate that consists of The Warehouse, Warehouse Stationery and Noel Leeming.

Carphone Warehouse is a mobile phone retailer based in London, United Kingdom. In August 2014 the company became a subsidiary of Currys plc, which was formed by the merger of its former parent Carphone Warehouse Group with Dixons Retail. Prior to this merger, Carphone Warehouse Group was listed on the London Stock Exchange, and was a constituent of the FTSE 250 Index. Following the closure of all stand-alone UK stores in April 2020, all remaining Carphone Warehouse UK outlets were within branches of Currys PC World. In April 2021, the Carphone Warehouse business in Ireland was closed with immediate effect. Currys continued to use the Carphone Warehouse brand in the United Kingdom, online and, until 2021, inside Currys stores.

<span class="mw-page-title-main">Geek Squad</span> Subsidiary of Best Buy

Geek Squad, Inc. is a subsidiary of American and Canadian multinational consumer electronics corporation Best Buy, headquartered in Richfield, Minnesota. The subsidiary was originally an independent company founded by "Chief Inspector" Robert Stephens on June 16, 1994, and offers various computer-related services and accessories for residential and commercial clients. In 2002, they merged with Best Buy, retaining Stephens as the primary corporate leadership for the subsidiary. The Geek Squad provides services in-store, on-site, and over the Internet via remote access, and also provides 24-hour telephone and emergency on-site support. Geek Squad no longer works solely on computer-related devices. It now diagnoses issues in and repairs all consumer electronics, as well as appliances.

Dixons was a British high-street retailer of consumer electronics, originally founded in 1937 as a photographic studio by Charles Kalms. The company would later deal in many consumer electronics, with nationwide outlets in the United Kingdom and Ireland.

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<span class="mw-page-title-main">Currys</span> British consumer electronics retailer owned by Currys plc

Currys is a British electrical retailer and aftercare service provider operating in the United Kingdom and Ireland, specialising in white goods, consumer electronics, computers and mobile phones.

<span class="mw-page-title-main">Elkjøp</span> Norwegian consumer electronics retailer owned by British Currys plc

Elkjøp, better known as Elgiganten outside Norway, is the largest consumer electronics retailer in the Nordic Countries with four hundred stores in six countries and 24,000 employees. Elkjøp was founded by Trygve Fjetland on 16 March 1962. It was purchased in November 1999 by Currys plc. Elkjøp owned stores for a time in the Czech Republic and Slovakia.

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The Link was an internet based mobile phone and communications retailer in the United Kingdom. It was owned by Dixons Retail, the United Kingdom's largest consumer electronics retail group, and traded online through a dedicated retail website, which in addition to mobile phones also offered satellite navigation systems and broadband Internet services.

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<span class="mw-page-title-main">Stanley Kalms, Baron Kalms</span> British businessman (born 1931)

Harold Stanley Kalms, Baron Kalms is the life president and former chairman of Currys plc. Currys plc owns Currys, as well as the now phased-out brands "PC World", "Team Knowhow" and various international electronics retailers. Dixons Retail merged with Carphone Warehouse in October 2014 to become Dixons Carphone. He spent his entire career from 1948 working for Dixons, which was founded by his father Charles Kalms in 1937.

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<span class="mw-page-title-main">Elgiganten</span> Swedish/Danish consumer electronics retailer owned by British Currys plc

Elgiganten is a consumer electronics retailer operating in Denmark and Sweden, where its parent Elkjøp operates in Norway and have subsidiaries like Gigantti (Finland), Elko (Iceland) and Elding. There are Elgiganten A/S (Denmark) and Elgiganten AB (Sweden) both directly operated under Elkjøp Nordic AS.

<span class="mw-page-title-main">Electro World (retailer)</span>

Electro World is an electronics online retailer founded in 2002 and operating in Sweden. It also operated in Czech Republic, Hungary, Slovakia, Poland, Greece and Turkey, as a subsidiary of Currys plc, until operations in those countries were sold off.

<span class="mw-page-title-main">Sebastian James</span> British businessman (born 1966)

Sebastian Richard Edward Cuthbert James is a British businessman, who was formerly CEO of Dixons Carphone, and is the current CEO of Boots UK.

iD Mobile British mobile virtual network operator

iD Mobile is a British mobile virtual network operator (MVNO) operating as iD Mobile Limited, using the Three network. The company is a wholly owned subsidiary of Currys plc, and its services were launched on 12 May 2015. Until April 2018, service was also provided in Ireland, again using the Three network.

Alexander David Baldock is a British businessman, former banker, and the chief executive (CEO) of Currys plc.

References

  1. ↑ "Currys PLC overview - Find and update company information - GOV.UK". Companies House . 15 December 2009. Retrieved 28 January 2024.
  2. 1 2 "At a glance". Currys plc. Retrieved 12 February 2024.
  3. 1 2 3 "Annual Results 2022/23" (PDF). Currys. Retrieved 12 February 2024.
  4. ↑ Dixons Carphone, Company Information Service, retrieved 28 February 2021
  5. ↑ "Dixons and Carphone warehouse merge to exploit internet of things". Marketing Week. 15 May 2014. Retrieved 1 September 2014.
  6. ↑ "Dixons and Carphone Warehouse shares drop on merger". BBC News. 15 May 2014. Retrieved 15 May 2014.
  7. ↑ Ruddick, Graham (15 May 2014). "Carphone Warehouse and Dixons agree £3.8bn merger". Daily Telegraph. Archived from the original on 15 May 2014. Retrieved 15 May 2014.
  8. ↑ "Dixons Carphone unveils new stores". BBC News. 7 August 2014. Retrieved 7 August 2014.
  9. ↑ "Dixons Carphone joins with energy supplier SSE for UK 'connected home' venture". Reuters. 14 December 2016. Archived from the original on 14 December 2016. Retrieved 18 November 2019.
  10. ↑ Slawson, Nicola (20 January 2018). "Dixons Carphone CEO will step down to run chemist chain Boots". The Guardian. ISSN   0261-3077 . Retrieved 21 February 2019.
  11. ↑ Boland, Hannah (19 January 2018). "Dixons Carphone hires Shop Direct's Baldock to top role after chief executive quits for Boots". The Telegraph. ISSN   0307-1235 . Retrieved 21 February 2019.
  12. ↑ Jahshan, Elias (13 March 2019). "Dixons Carphone slugged with £29m fine for mis-selling mobile insurance". Retail Gazette. Retrieved 9 December 2019.
  13. ↑ "Geek Squad fine over insurance mis-selling". 13 March 2019. Retrieved 9 December 2019.
  14. ↑ Chapman, Ben (13 March 2019). "Dixons Carphone fined £29m for pushing phone insurance customers didn't need". The Independent. Retrieved 9 December 2019.
  15. ↑ Kollewe, Julia (20 June 2019). "Dixons Carphone reveals big losses at mobile phone shops". The Guardian. ISSN   0261-3077 . Retrieved 4 December 2019.
  16. ↑ Provan, Sarah; Eley, Jonathan (17 March 2020). "Dixons Carphone Warehouse closes 530 UK stores with loss of 3,000 jobs". Financial Times . Retrieved 11 August 2020.
  17. ↑ Eley, Jonathan (4 August 2020). "Dixons Carphone to axe 800 jobs in revamp of operations". Financial Times. Retrieved 11 August 2020.
  18. ↑ Onita, Laura (13 May 2021). "Dixons, PC World and Carphone Warehouse to disappear in Currys rebrand". The Telegraph. Retrieved 15 May 2021.
  19. ↑ Sensi, Jasdip (13 July 2023). "Frasers Group increases stakes in N Brown and Currys". Internet Retailing. Retrieved 30 October 2023.
  20. ↑ Hill, Eloise (3 November 2023). "Currys to sell Greek and Cypriot business for £175m - Retail Gazette". www.retailgazette.co.uk. Retrieved 3 November 2023.
  21. ↑ "Waterstones-owner Elliott plots £700m takeover bid for high street giant Currys". Sky News. Retrieved 17 February 2024.
  22. ↑ Goldfingle, Gemma (18 February 2024). "Currys rejects takeover bid from Waterstones owner Elliott - Retail Gazette". www.retailgazette.co.uk. Retrieved 18 February 2024.
  23. ↑ Kleinman, Mark (19 February 2024). "Top shareholder wants £800m for electricals retailer Currys". Sky News. Retrieved 19 February 2024.
  24. 1 2 "Our brands". Currys. Retrieved 15 December 2022.
  25. ↑ "What we do". Elkjøp Nordic. Retrieved 7 January 2023.
  26. ↑ "Carphone Warehouse to close all standalone stores at cost of 2,900 jobs". BBC News. 17 March 2020. Retrieved 15 December 2022.
  27. 1 2 3 4 5 "About us". Elkjøp Nordic. Retrieved 7 January 2023.
  28. ↑ "Elgigantenbrand Pisiffik.gl". Pisiffik (in Danish). Retrieved 8 January 2023.
  29. ↑ "Um ELKO". ELKO (in Icelandic). Retrieved 7 January 2023.
  30. 1 2 "Dixons sets up new technical support service Knowhow". The Guardian. 21 November 2010. Retrieved 11 March 2023.
  31. ↑ "Dixons Carphone expands services offering at Currys PC & Carphone Warehouse stores with roll out of Team Knowhow". Retail Gazette. 27 July 2017. Retrieved 11 March 2023.
  32. 1 2 3 "Board of Directors". www.currysplc.com. Retrieved 19 November 2021.
  33. ↑ "Carphone Warehouse fined £400,000 after serious failures placed customer and employee data at risk". ICO. Information Commissioner's Office. 10 January 2018. Retrieved 13 June 2018.
  34. ↑ "Investigation Into Unauthorised Data Access". Investis. RNS London Stock Exchange. 13 June 2018. Retrieved 13 June 2018.
  35. ↑ "Nine million more hit by Dixons data breach". BBC News: Business. 31 July 2018. Retrieved 1 August 2018.
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