Best Buy’s plans to capture a huge slug of the UK electricals market have suffered a massive blow with the departure of Paul Antoniadis, its UK brands chief executive, just three months after launching the first stores in this country.
Three stores have opened across the UK this year – in Thurrock, Hedge End and Merry Hill – and there are two more, in Aintree and Croydon, scheduled to welcome customers later this year, but the latest announcement could prove to be a set back.
It now remains to be seen whether Best Buy can carry on in the same robust manner without the guidance of Antoniadis, who said earlier this year that the company is confident it can “deliver a whole new experience in consumer electronics retailing” in the UK.
Chief Executive of Best Buy Scott Wheway said the firm was “sorry” about the departure of Antoniadis, who has left the business “to continue his passion for international start-ups and new business ventures”.
Wheway explained: “We are grateful to Paul for his outstanding contributions not only to Best Buy Europe but also the Best Buy business, particularly in China and Mexico and we wish him every success in the future.”
The company denied suggestions that he had left becuase of underperformance from Best Buy’s stores including its first opening in Thurrock Essex three months ago.
A spokesman said: “As we move from start-up to the scaling phase of our Best Buy UK business, we are sorry that Paul has decided to leave Best Buy Europe to continue his passiion for international start ups and new business ventures.”
Established UK retailers, which have been anticipating a new battle for market share in the year ahead, include PC World and Currys owner DSG International as well as Comet.
Both companies have reported mildly positive financial results in recent weeks, and they will be listening to developments at Best Buy with some interest. Both have however claimed that the arrival of Best Buy has not seemed to affect them, yet.