Sainsbury's to sell Argos for £120m
Summary
Sainsbury's has agreed to sell Argos for £120 million to a group called Swift Partners. Despite the sale, Argos will keep operating inside Sainsbury's stores and continue offering the same products and loyalty points to customers.Key Facts
- Sainsbury's is selling Argos for £120 million.
- The buyer is Swift Partners, a new company formed for this purchase.
- Richard Pennycook, former boss of the Co-operative Group, is involved with Swift Partners.
- Argos will still operate inside Sainsbury's supermarket stores.
- Argos will continue to sell Habitat products.
- Customers will still earn and use Nectar loyalty points with Argos.
- Sainsbury's says there will be no change for customers, staff, or suppliers.
- The sale is expected to finish by February next year.
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