Dixons Retail has announced the sale of its loss making online retailer Pixmania.

The group received an offer for the brand earlier this month from German industrial company Mutares which has developed a “robust” plan to build on Pixmania's pure play e-commerce operations as well as to further develop its market-leading software platform.

Dixons Retail will provide approximately £59million of ring-fenced capital to support this.
Completion of the transaction is expected to take place at the end of December.

Commenting on the transaction, Sebastian James, Group Chief Executive, said: "I am delighted that we have been able to conclude consultations with the works councils so swiftly.  This is testament to the strength of the plans that Mutares has for the business, and to the vision that they were able to share with our colleagues at Pixmania.  I believe that the company has an exciting future, and I look forward to watching it flourish under new ownership."