Apple’s Biggest Reseller Put Up For Sale
The move comes amid mounting concerns that consumers and businesses are holding on to smartphones for longer, and that Apple may have a limited future in the smartphone market.
Private equity group NorthEdge Capital is seeking a buyer for Jigsaw24
It was only a week ago that Dixons Carphone issued a profit warning because of a slowdown in the mobile market.
Chief executive of Dixons Carphone Seb James warned last month that people were holding onto their phones for between four to six months longer, especially as companies like Apple were attempting to lift the price of the iPhone with the new iPhone 8 set to cost over $1,400.
Jigsaw24 generated a turnover of A206M in the year to May, up from about A$98 in 2013, and now claims to be the largest reseller of Apple products to businesses in the UK with over 23,000 customers.
According to the Telegraph a deal is expected to be announced at the end of this year or early next. Sources close to the process insisted the move was not linked to concerns that people had reached “peak phone” consumption and said the group wanted to exit at a time that left “plenty of runway for the next people”.
Meanwhile, Apple is set to release a new range of iPhones this week, including a high-end model costing more than $1,400 At an event at the company’s new headquarters on Wednesday, it is expected to unveil the radical, new model featuring a bigger screen, glass design and facial recognition. Investors hope the new iPhone will prompt growth after two years of flat sales.