Dixons' CFO to lead finance in Carphone Warehouse merger

by Kevin Reed

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15 May 2014

  • Financial Director
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Currys PC World Store on Oxford Street

HUMPHREY SINGER will lead the finance function of the merged Dixons and Carphone Warehouse business.

Singer has been lined up as group CFO of the combined entity, which will be known as Dixons Carphone. He has served as Dixons' CFO for two years, having joined Dixons Retail in 2007. Before Dixons, Singer served as Coca Cola's UK FD and with Cadbury Schweppes.

Carphone Warehouse CFO Nigel Langstaff, who has served with the business since 1997, will leave the new company.

Along with plans to drive value by combining the new group's brands and services, £80m of recurring synergies have been outlined. Half of the synergies are expected to come from integrating mobile offerings into Dixons shops alongside more efficient procurement.

Support functions

The second half of the synergies will come from rationalising support and operational functions and subsequent savings on rent and infrastructure, with some 2% of the combined group's roles to be lost between 2015 and 2018. However, the group expects to see a 4% increase in posts across the business due to new opportunities created by the merger.

"The integration of the businesses will clearly require some roles to change but, with more new roles being created than those that are lost, it is hoped that there will be opportunities for many of the people involved," said the companies in a statement to the London Stock Exchange.

"Specific roles have not yet been identified, outcomes will depend on integration planning and will, of course, be subject to consultation with our colleagues."

The costs of the synergies is estimated at £55m to £60m, with the bulk of this incurred in the 2105/16 financial year. Capex of £60m to £70m will be incurred during the period to the end of 2017/18.

Following initial discussions in February between the two companies, a joint synergy team was formed between their strategy and finance personnel to identify and quantify the benefits of the deal.

Deloitte, Carphone's auditors, provided a report stating its opinion that the financial benefits had been properly compiled.

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