Carphone Warehouse today announced it is selling its Swiss network of retail stores to telecoms group Swisscom as it seeks to invest in more profitable markets.

No financial details were disclosed but the British group said it had been seeking to exit the Swiss market for some time and that Swisscom's offer was a good one.

Its 62 Swiss branches operate under the name The Phone House Switzerland and employ around 250 staff, the majority of whom will be taken on by Swisscom.

While not losing money, Carphone’s Swiss network has not proved profitable enough, ranking fourth in a market dominated by homegrown Swisscom.

The branches will be transferred to the Swiss group in stages from May 1.

Carphone Warehouse retains its TalkTalk fixed-line broadband service in Switzerland, which boasts more than 80,000 customers, and its mobile phone insurance service, currently covering 30,000 people.

The group operates in ten countries and plans to expand its US operation, where it has tied up with local mobile retail chain Best Buy.

Carphone currently has just over 200 stores in partnership with Best Buy and aims to increase this to 1,000 locations by 2009.

Its share price this morning was up almost 3p to 273.5p or just over 1 per cent.

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