Sainsbury’s to sell Argos to three retail veterans in £120m deal
Summary
Sainsbury’s is selling the Argos retail chain for £120 million to a group of experienced retail leaders called Swift Partners. This move will let Sainsbury’s focus on its main food business while Argos continues operating as usual.Key Facts
- Sainsbury’s bought Argos in 2016 for over £1 billion.
- Argos is being sold to Swift Partners, led by Richard Pennycook and other former supermarket executives.
- The sale price is £120 million.
- Argos has more than 660 stores, two-thirds of which are inside Sainsbury’s supermarkets.
- The sale is expected to finish by early 2027, with full separation by early 2029.
- Argos will keep trading normally, with agreements to stay in Sainsbury’s stores and continued use of the Nectar loyalty program.
- Sainsbury’s shares went up by over 3% after the announcement.
- The workers’ union Usdaw supports keeping Argos’s store model and wants fair talks about any changes.
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