Sainsbury's to divest Argos for £120 million, refocusing on groceries
Sainsbury's has agreed to sell its Argos division to Swift Partners for £120 million, aiming to concentrate on its core food operations.
The supermarket chain will transfer ownership of Argos to Swift Partners, a vehicle that includes former Co-operative Group chief Richard Pennycook. The agreement keeps Argos stores inside Sainsbury's outlets and preserves the sale of Habitat items and Nectar loyalty points. Sainsbury's assures customers, employees and suppliers that services will continue unchanged. Completion of the transaction is slated for February of next year.
Why it matters
The sale lets Sainsbury's streamline its portfolio and concentrate on its primary grocery market.
In this story
Sainsbury'sArgosSwift Partnerssale£120 millionfood businessHabitatNectar points