US retailer Best Buy Co Inc has sold its 50 per cent stake in a joint venture with Europe’s biggest independent mobile phone retailer Carphone Warehouse Group over to its European partner. The sale, thought to amount to around GBP 500 million, (USD 775 million) is the latest effort by Best Buy is scale back its overseas operations in order to focus on its troubled US business.

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Carphone Warehouse's first store in Marylebone. Third quarter sales at Carphone Warehouse stores open over a year rose 7.8 per cent, as strong trading in the UK managed to offset more challenging conditions in France. The results came in comfortably ahead of analysts’ consensus forecast for a like-for-like rise of 4 per cent, according to a company poll, and a 5 per cent gain in the previous quarter.

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After revealing a 1.6 per cent rise in like-for-like first half sales at its core European unit on Wednesday, it’s now thought the group could buy US retailer Best Buy out of their joint venture in Europe, in a deal which would put it in line for a return of up to £550 million.

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Europe’s biggest independent mobile phone retailer on Wednesday reported a 1.6 per cent rise in underlying sales at its core European unit, as the company braced itself for a decline in the first six months of the year. Strong demand in the UK for promotions in postpay products and smartphones were said to drive a rise in sales at CPW Europe stores open for more than a year, while the company said it has now forecast a 2 per cent decline overall in the six months to 30 September.

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Self-dubbed ‘university outfitters’ Jack Wills has left speculation rife over a possible sale or floatation after the clothing retailer announced a new chief operating officer. Former Vodafone and Carphone Warehouse executive Wendy Becker will join the apparel group as chief operating officer, in a move many see to suggest the group is preparing to sell a stake or preparing to float the business next year.

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A contract clause in Best Buy’s joint venture with Carphone Warehouse could give the UK retailer a £660 million reason to exit the deal. Terms of the deal between the two companies brought to light by the Guardian on Thursday show that if Best Buy’s buyout goes ahead, Carphone Warehouse founder Charles Dunstone could buy back the 50 per cent stake in the joint venture for “fair market value” once there is a change in ownership at Best Buy.

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Roger Taylor, Carphone Warehouse Group chief executive, is set to collect £34 million in cash and shares this year despite the failure of the Best Buy UK chain, the creation of which he spearheaded.

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Carphone Warehouse is reportedly seeking international partners to aid its expansion outside Britain and France where economic growth is strained, at best.

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Best Buy’s 11 UK big-box stores and website will close down on 15 January, signaling the end of its attempt to revolutionize the electricals market.

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Managing director of the department store Andy Street has pledged to create enough jobs next year to replace the 1,000 under threat from the collapse of Best Buy UK. Street has suggested Best Buy underestimated the competition it faced when launching in the UK back in 2009, and is determined to replace the jobs put in jeopardy by the closure of eleven Best Buy stores in Britain.

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