Currys shareholder urges retailer to sell its mobile phone division
A major Currys shareholder has been urging the business to offload its mobile phones division.
The news follows recent failed takeover attempts of the electricals and tech retailer by US firm Elliott Advisors and Chinese retailer JD.com.
According to The Sunday Times, JO Hambro wants Currys to sell ID Mobile, which offers mobile phone contracts and is said to be valued at around £350 million.
In a letter to investors, JO Hambro said: “The pressure will now be on the board to realise shareholder value, where our favoured option would remain the sale of ID Mobile.”
The fund manager is Currys’ eighth largest shareholder and owns a 4.5% stake in the company. It was previously one of the shareholders who encouraged Currys to hold out for at least £1 billion from any potential sale.
In March, Currys raised its profit forecast, saying that trading since its peak period had been stronger than expected. It now anticipates that adjusted annual pre-tax profit will be at least £115 million compared to a previous guidance of £105 million to £115 million.
