Sainsbury's has agreed to sell Argos for £120m as the supermarket chain aims to focus on its core food business. The deal will see the retail brand transfer to Swift Partners, a company created to buy Argos and which includes former Co-operative Group boss Richard Pennycook.
What will happen to Argos after the sale?
Argos will continue to operate in Sainsbury's shops under the terms of the deal, and it will still sell Habitat products and offer Nectar points. Sainsbury's said it would be
business as usualfor customers, staff, and suppliers.
When will the deal complete?
The sale is expected to complete next February, with Argos remaining part of the Sainsbury's retail environment until then and after the ownership change under the agreed terms.
Swift Partners has been created specifically to buy the brand, and the agreement marks Sainsbury's continued move to concentrate on its core food business while keeping the Argos operation running in stores.
