Vodafone Group Plc made an official statement, revealing that its division located in the U.K., which has roughly 19 million customers, plans to invest about 1 billion pounds (1.66 billion dollars) in networks and services in 2014. The company said that it plans to add 150 new stores to its chain and create 1 400 jobs on the territory of the United Kingdom.
The head of the companys U.K. Unit – Mr. Jeroen Hoencamp, said in the statement, which was cited by the Wall Street Journal: “This year well invest more than ever before to provide our customers with the strongest network and best services in the U.K.”
In the past, the company has shared its desire to improve its retail services. It considers the planned investment as a way to make its network and provided mobile services better for customers. In addition, Vodafone Group Plc also explained that it expects about 100-million-pound growth in retail services in the U.K. over the next one year due to the jobs it plans to create and the openings of a considerable amount of stores.
This announcement comes only a couple of weeks after the company revealed in March that it reached an agreement to acquire Ono SA in a deal estimated to 7.2 billion euros (10 billion dollars). About half a year ago, it finalized a deal with Kabel Deutschland Holding AG to purchase the latter for a similar amount of money.
Prime Minister Mr. David Cameron expressed his support for Vodafones plans. He said in a statement, which was cited by Reuters: “It is a sign that our long-term economic plan to create jobs and build a stronger, more competitive economy is working.”
According to the companys statement, the new shops that are to be opened will increase the total number of Vodafone stores on the territory of the U.K. to more than 500. Some of the places where Vodafone Group Plc plans to open the first ones of the new 150 outlets are: Fulham, Wembley, Notting Hill, Bicester, Walthamstow and Parry Barr.
Vodafone Group Plc fell by 0.57% to 219.90 pence by 9:11 GMT in London, marking a one-year change of +15.26%. The company is valued at 58.25 billion pounds. According to the Financial Times, the 20 analysts offering 12 month price targets for Vodafone Group Plc have a median target of 250.00 pence, with a high estimate of 290.00 pence and a low estimate of 215.00 pence. The median estimate represents a 13.48% increase from the last price of GBX 220.30.