Currys plc
{{Short description|British retail company}}
{{about|the parent company formed as Dixons Carphone following the 2014 merger|the retail chain it owns|Currys}}
{{Use British English|date=November 2019}}
{{Use dmy dates|date=November 2019}}
{{Infobox company
| name = Currys plc
| logo = File:Currys Logo.svg
| logo_size =
| logo_alt = The company logo of Currys PLC
| former_name = {{Ubl
| New Carphone Warehouse plc (2009{{endash}}2010)
| Carphone Warehouse Group Public Limited Company (2010{{endash}}2014)
| Dixons Carphone plc (2014{{endash}}2021){{Cite web |date=2009-12-15 |title=Currys PLC overview - Find and update company information - GOV.UK |url=https://find-and-update.company-information.service.gov.uk/company/07105905 |access-date=2024-01-28 |website=Companies House |language=en}}
}}
| type = Public limited company
| traded_as = {{LSE|CURY}}
FTSE 250 Component
| industry = Consumer electronics
| predecessor = {{Ubl
}}
| founded = {{Start date and age|2014|08|07|df=yes}}
| location = London, England, UK
| num_locations = 727 stores (2024)
| area_served = {{Ubl
| United Kingdom
| Ireland
}}
| key_people = {{Ubl
| Ian Dyson (Chairman)
| Alex Baldock (Group Chief Executive)
}}
| revenue = {{decrease}} £8,476 million (2024){{cite web|title=Annual Results 2023/24|url=https://www.currysplc.com/media/domlnwb3/currys-annual-report-2023-24-web.pdf|publisher=Currys|access-date=9 February 2025}}
| operating_income = {{decrease}} £117 million (2024)
| net_income = {{increase}} £27 million (2024)
| assets =
| equity =
| num_employees = 24,000 (2025){{cite web|url=https://www.currysplc.com/about-us/at-a-glance/|title=At a glance|publisher=Currys plc|access-date=9 February 2025}}
| subsid = Elkjøp Nordic AS
- Elgiganten
- Gigantti
- Elko
- Elding
| website = {{URL|https://currysplc.com}}
}}
Currys plc is a British multinational electrical and telecommunications retailer, and services company headquartered in London, England,{{citation|url=https://find-and-update.company-information.service.gov.uk/company/07105905|title=Dixons Carphone|publisher=Company Information Service|access-date=28 February 2021}} 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.
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 and 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.{{cite web|title=Dixons and Carphone warehouse merge to exploit internet of things|url=http://www.marketingweek.co.uk/sectors/retail/news/dixons-and-carphone-warehouse-merge-to-exploit-internet-of-things/4010505.article|work=Marketing Week|access-date=1 Sep 2014|date= 15 May 2014}}{{cite web|title=Dixons and Carphone Warehouse shares drop on merger|url=https://www.bbc.co.uk/news/business-27420599|work=BBC News|access-date=15 May 2014|date=15 May 2014}} Carphone Warehouse's Sir Charles Dunstone was appointed chairman, and Sebastian James became chief executive.{{cite web|last=Ruddick|first=Graham|title=Carphone Warehouse and Dixons agree £3.8bn merger|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10832594/Carphone-Warehouse-and-Dixons-agree-3.8bn-merger.html|archive-url=https://web.archive.org/web/20140515173538/http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10832594/Carphone-Warehouse-and-Dixons-agree-3.8bn-merger.html|url-status=dead|archive-date=15 May 2014|work=Daily Telegraph|access-date=15 May 2014|date=15 May 2014}}
On the first day of trading, the company opened Carphone Warehouse concessions in seven PC World or Currys stores.{{cite web|url=https://www.bbc.co.uk/news/uk-28689236|title=Dixons Carphone unveils new stores|date=7 August 2014|website=BBC News|access-date=7 August 2014}} In December 2016, Dixons and SSE, a domestic energy supplier, announced a partnership to provide "connected home" services in the United Kingdom.{{Cite news|url=https://uk.reuters.com/article/uk-dixons-carphone-sse-jointventure-idUKKBN143004|archive-url=https://web.archive.org/web/20161214001233/http://uk.reuters.com/article/uk-dixons-carphone-sse-jointventure-idUKKBN143004|url-status=dead|archive-date=14 December 2016|title=Dixons Carphone joins with energy supplier SSE for UK 'connected home' venture|date=2016-12-14|work=Reuters|access-date=2019-11-18|language=en}}
In January 2018, Sebastian James resigned as chief executive to become president and managing director of Boots UK.{{Cite news|url=https://www.theguardian.com/uk-news/2018/jan/20/dixons-carphone-ceo-sebastian-james-will-step-down-to-run-chemist-chain-boots|title=Dixons Carphone CEO will step down to run chemist chain Boots|last=Slawson|first=Nicola|date=2018-01-20|work=The Guardian|access-date=2019-02-21|language=en-GB|issn=0261-3077}} 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.{{Cite news|url=https://www.telegraph.co.uk/business/2018/01/19/dixons-carphone-hires-shop-directs-baldock-top-role-chief-executive/|title=Dixons Carphone hires Shop Direct's Baldock to top role after chief executive quits for Boots|last=Boland|first=Hannah|date=2018-01-19|work=The Telegraph|access-date=2019-02-21|language=en-GB|issn=0307-1235}}
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.{{Cite web|url=https://www.retailgazette.co.uk/blog/2019/03/dixons-carphone-slugged-with-29-1m-fine-for-mis-selling-mobile-insurance/|title=Dixons Carphone slugged with £29m fine for mis-selling mobile insurance|last=Jahshan|first=Elias|date=2019-03-13|website=Retail Gazette|language=en-GB|access-date=2019-12-09}} During the period under investigation, between 1 December 2008 and 30 June 2015, Carphone Warehouse sold Geek Squad policies worth more than £444.7m.{{Cite news|url=https://www.bbc.com/news/business-47551496|title=Geek Squad fine over insurance mis-selling|date=2019-03-13|access-date=2019-12-09|language=en-GB}} Dixons Carphone did not contest the FCA's findings and qualified for a 30% discount, reducing the fine from £41.6m.{{Cite web|url=https://www.independent.co.uk/news/business/news/dixons-carphone-warehouse-fine-geek-squad-phone-insurance-fca-a8820416.html|title=Dixons Carphone fined £29m for pushing phone insurance customers didn't need|last=Chapman|first=Ben|date=2019-03-13|website=The Independent|language=en|access-date=2019-12-09}}
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.{{Cite news|url=https://www.theguardian.com/business/2019/jun/20/dixons-carphone-reveals-big-losses-at-mobile-phone-shops|title=Dixons Carphone reveals big losses at mobile phone shops|last=Kollewe|first=Julia|date=2019-06-20|work=The Guardian|access-date=2019-12-04|language=en-GB|issn=0261-3077}}
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.{{cite news|url=https://www.ft.com/content/98253d92-6823-11ea-a3c9-1fe6fedcca75|title= Dixons Carphone Warehouse closes 530 UK stores with loss of 3,000 jobs |work=Financial Times|last1=Provan|first1=Sarah|last2=Eley|first2=Jonathan|date=17 March 2020|access-date=11 August 2020}}
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."{{cite news|url=https://www.ft.com/content/cfad0d98-7995-46fb-9f3f-0ae260541884|title= Dixons Carphone to axe 800 jobs in revamp of operations |work=Financial Times|last=Eley|first=Jonathan|date=4 August 2020|access-date=11 August 2020}}
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.{{cite news |last1=Onita |first1=Laura |title=Dixons, PC World and Carphone Warehouse to disappear in Currys rebrand |url=https://www.telegraph.co.uk/business/2021/05/13/pc-world-carphone-warehouse-disappear-currys-rebrand/ |access-date=15 May 2021 |work=The Telegraph |date=13 May 2021}}
In June 2023, Frasers Group acquired a stake in Currys, which would increase during the year.{{Cite web |last=Sensi |first=Jasdip |date=2023-07-13 |title=Frasers Group increases stakes in N Brown and Currys |url=https://internetretailing.net/frasers-group-currys/ |access-date=2023-10-30 |website=Internet Retailing |language=en}}
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.{{Cite web |last=Hill |first=Eloise |date=2023-11-03 |title=Currys to sell Greek and Cypriot business for £175m - Retail Gazette |url=https://www.retailgazette.co.uk/blog/2023/11/currys-sell-greek/ |access-date=2023-11-03 |website=www.retailgazette.co.uk |language=en-GB}}
On 17 February 2024, Sky News reported that Elliott Investment Management was interested in buying Currys for £700M; Currys turned down the offer.{{Cite web |title=Waterstones-owner Elliott plots £700m takeover bid for high street giant Currys |url=https://news.sky.com/story/waterstones-owner-elliott-plots-700m-takeover-bid-for-high-street-giant-currys-13073609 |access-date=2024-02-17 |website=Sky News |language=en}}{{Cite web |last=Goldfingle |first=Gemma |date=2024-02-18 |title=Currys rejects takeover bid from Waterstones owner Elliott - Retail Gazette |url=https://www.retailgazette.co.uk/blog/2024/02/currys-takeover-bid-elliott/ |access-date=2024-02-18 |website=www.retailgazette.co.uk |language=en-GB}} 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.{{Cite web |last=Kleinman |first=Mark |date=19 February 2024 |title=Top shareholder wants £800m for electricals retailer Currys |url=https://news.sky.com/story/top-shareholder-wants-800m-for-electricals-retailer-currys-13075210 |access-date=2024-02-19 |website=Sky News |language=en}}
Operations
=United Kingdom and Ireland=
- Currys – specialises in home electronics, household appliances and computing
- iD Mobile – a mobile virtual network operator (UK only)
- Carphone Warehouse – online retailer of mobile handsets (closed physical concessions in 2020){{Cite news |date=2020-03-17 |title=Carphone Warehouse to close all standalone stores at cost of 2,900 jobs |url=https://www.bbc.com/news/business-51923295 |access-date=2022-12-15 |work=BBC News |language=en-GB}}
=Nordics (Elkjøp Nordic)=
- Elkjøp – ("Electrical Buy") sells home electronics and household appliances in Norway
- Elgiganten – ("Electrical Giant") sells home electronics and household appliances in Denmark and Sweden, franchised{{cite web |title=About us |url=https://www.elkjopnordic.com/about-us |access-date=7 January 2023 |website=Elkjøp Nordic}} by Pisiffik on Greenland{{Cite web |title=Elgigantenbrand Pisiffik.gl |url=https://www.pisiffik.gl/da/content/97-elgigantenbrand |access-date=8 January 2023 |website=Pisiffik |language=da}}
- Gigantti – ("Giant") sells home electronics and household appliances in Finland
- Elko – franchise owned by Festi hf that uses the same brand markers, selling home electronics and household appliances in Iceland{{cite web |title=Um ELKO |url=https://elko.is/um_elko|access-date=7 January 2023 |website=ELKO |language=is}}
- Elding Elrisin – Elgiganten franchise on the Faroe Islands
= Former brands =
== Former retail brands ==
| class="wikitable"
! Brand ! Description ! Founded ! Ceased |
| Dixons
| A high-street retailer of consumer electronics in the United Kingdom and Ireland | 1937 | 2012 |
| PC World
| A retail chain of mass-market computer megastores | 1991 | 2021 |
| Dixons Travel
| A technology retailer operating in airports | 1994 | 2021 |
== Former operational brands ==
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.{{Cite web|title=Board of Directors|url=https://www.currysplc.com/about-us/leadership/board-of-directors/|access-date=2021-11-19|website=www.currysplc.com|language=en-US}} The CEO of Currys plc is Alex Baldock, appointed in 2018. The CFO of the business is Bruce Marsh, appointed in July 2021.
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.{{cite web|url=https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2018/01/carphone-warehouse-fined-400-000-after-serious-failures-placed-customer-and-employee-data-at-risk/|title=Carphone Warehouse fined £400,000 after serious failures placed customer and employee data at risk|date=10 January 2018|website=ICO|publisher=Information Commissioner's Office|access-date=13 June 2018}} A further security breach, said to affect 1.2 million customers, was reported by the company in June 2018.{{cite web|url=http://otp.investis.com/clients/uk/dixons_carphone_plc1/rns/regulatory-story.aspx?cid=1408&newsid=1053062|title=Investigation Into Unauthorised Data Access|date=13 June 2018|website=Investis|publisher=RNS London Stock Exchange|access-date=13 June 2018}} The number of customers affected was later increased to 10 million.{{Cite news|url=https://www.bbc.com/news/business-45016906|title=Nine million more hit by Dixons data breach|date=31 July 2018|work=BBC News: Business|access-date=1 August 2018|language=en-GB}}
References
{{reflist}}
{{Currys plc}}
{{FTSE 250 Index constituents}}
{{Authority control}}
Category:2014 establishments in England
Category:British companies established in 2014
Category:Companies in the FTSE 250 Index
Category:Companies listed on the London Stock Exchange
Category:Consumer electronics retailers of the United Kingdom
Category:Electronics companies established in 2014
Category:Manufacturing companies based in London
Category:Mobile phone companies of the United Kingdom
Category:Mobile phone manufacturers
Category:Multinational companies
Category:Multinational companies headquartered in the United Kingdom
Category:Online retailers of the United Kingdom
Category:Retail companies established in 2014