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Sainsbury's agrees to sell Argos for £120m
The sale includes Argos stores, logistics assets and overseas sourcing offices, while Sainsbury's gets at least £120 million and an upfront £70 million payment.
- Supermarket Sainsbury announced it will sell Argos to Swift Partners in a deal worth at least £120 million, allowing the grocery giant to focus on its core food business.
- Sainsbury bought Argos for £1.4 billion in 2016, when it had 845 standalone stores, but the retailer has consistently weighed on profits as many stores were shut in recent years.
- Swift Partners is led by retail veterans Richard Pennycook and Trevor Strain, backed by Matt Truman of True Capital; Pennycook will act as executive chairman, dedicating three days a week to the business.
- National officer Bally Auluk at retail trade union Usdaw welcomed Swift's commitment to transparency and pledged the union will provide support and representation for affected employees throughout the transition.
- The deal includes transferring Sainsbury's distribution centre in Daventry and sourcing offices in Shanghai and Hong Kong; completion is expected in February next year, with full Argos separation by 2029.
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Oxford Mail+2 Reposted by 2 other sources
Hundreds of stores sold as major supermarket chains sells Argos
Hundreds of jobs are at risk after Sainsburys decides to sell Argos in £120m deal with an investment deal.
·Oxford, United Kingdom
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Total News Sources69
Leaning Left5Leaning Right3Center47Last UpdatedBias Distribution85% Center
Bias Distribution
- 85% of the sources are Center
85% Center
C 85%
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