Best Buy Europe, the joint venture between Carphone Warehouse and US electricals group Best Buy, is to sell its Belgian retail business.

Carphone Warehouse said agreement has been reached to offload the 83-store chain - which trades as The Phone House - to Belgacom for e22m (£19.4m), subject to clearance by Belgium’s competition authorities.

The deal is understood to have been triggered by the compelling valuation put on the business by Belgacom and does not mean the retailer will dispose of its stores in other international markets.

Best Buy Europe’s insurance business in Belgium is not included in the deal.

Best Buy Europe’s The Phone House runs stores in countries ranging from Spain to Sweden and there are also Best Buy Mobile joint venture stores in the US.

Carphone Warehouse issues a fourth-quarter trading update on May 5 and preliminary results in early June.

Best Buy Europe opens its seventh UK big-box store tomorrow in Hayes, Middlesex, and another next Thursday in Bristol. Another three are in the pipeline at present.

Topics