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Wednesday, April 22, 2009

Carphone Warehouse confirms demerger plans

As expected, The Carphone Warehouse has confirmed that it plans to split its retail and fixed-line businesses. Its fourth quarter trading update also announced an increase of 74,000 broadband customers and a 12% increase in mobile connections.

CEO Charles Dunstone was quoted as saying “We believe shareholder value will be best served by a demerger of the two operating businesses to create two separately-listed companies.  However, the timing of any demerger will depend on the cost and reallocation of the Group’s credit facilities.  Meanwhile, the operational separation of the two businesses has already effectively been achieved”. Mr Dunstone is expected to remain in charge of both businesses. [Trading update]

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