Sainsbury’s has agreed to sell its Argos general merchandise business to Swift Partners in a deal worth at least £120 million. Multiple outlets report that Swift Partners is a newly formed acquisition company, set up specifically for the purchase. The consideration is described as cash proceeds of at least £120 million, including an initial £70 million payment at completion, with completion expected in February next year. The transaction covers Argos standalone stores as well as Argos concessions within Sainsbury’s supermarkets, along with associated sales channels such as collection points. Bloomberg and other reports describe Swift Partners as being backed by figures from the retail and finance sector, including former Co-op boss Richard Pennycook, former Morrisons finance chief Trevor Strain, and True Capital co-founder Matt Truman. The Financial Times adds that the sale represents the second attempt by Sainsbury’s to dispose of Argos as it focuses more on its core food business. Reporting also includes references to job concerns, with Usdaw vowing to protect jobs, though specific terms are not detailed across all sources.
Sainsbury’s agrees £120m sale of Argos to Swift Partners
Sainsbury’s has agreed to sell its Argos general merchandise business to Swift Partners in a deal worth at least £120 million. Multiple outlets report that Swift Partners is a newly formed acquisition...
- Sainsbury’s agrees to sell Argos to Swift Partners for at least £120 million.
- Swift Partners is a newly formed company established for the acquisition.
- The deal includes Argos standalone stores and Argos within Sainsbury’s supermarkets, including collection points/concessions.
- Cash proceeds include £70 million paid up front at completion, which is expected in February next year.
- The transaction is presented as part of Sainsbury’s broader shift toward its core food business.
Trio set up Swift Partners for the acquisition, allowing supermarket to focus on core food businessSainsbury’s has agreed to sell the Argos retail chain for £120m to allow it to concentrate on its core food business.The supermarket announced on Friday it was selling the catalogue shopping business to a trio of retail veterans, a decade after buying the company for more than £1bn. Continue reading...
1 month agoSainsbury's will get cash proceeds of at least £120 million from the sale, with a £70 million up-front payment when the deal completes, which is expected in February next year.
1 month agoThe deal will include Argos standalone stores and those within Sainsbury’s shops.
1 month agoSainsbury's will get cash proceeds of at least £120 million from the sale, with a £70 million up-front payment when the deal completes, which is expected in February next year.
1 month ago
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