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Sainsbury's Sells Argos for £120m as It Refocuses on Its Core Food Business
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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UK's Sainsbury's to sell Argos for $161 million as it sharpens food focus
Britain's Sainsbury's said on Friday it had agreed to sell its digital retailing business Argos to Swift Partners for at least £120 million ($161.28 million), as the supermarket group sharpens its focus on its core food business.
·London, United Kingdom
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Coverage Details
Total News Sources11
Leaning Left3Leaning Right3Center5Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 27%
C 46%
R 27%
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