Sainsbury’s has agreed to sell Argos for £120m as the supermarket chain aims to focus on its core food business.
The buyer, Swift Partners, is a company which has been created to buy the brand and includes former Co-operative Group boss Richard Pennycook.
There are Argos 667 shops across the UK, with 201 operating as standalone stores and 466 operating within Sainsbury’s. It also has more than 450 collection points.
Swift Partners’ Pennycook said he believed “strongly in Argos’s future and see real opportunities to invest and build on its progress”.
The deal is expected to be completed in February next year.
Sainsbury’s bought Argos – and all the other retail brands owned by Home Retail Group – in 2016 for £1.4bn.
I have always liked Argos. Like many of you I have fond memories of flicking through the toy section of the catalogue when I was a kid. It did seem to be the one brand who could take on Amazon as the only thing better than next day delivery is same day delivery, which Argos was able to offer. But the problem has been they were never as slick as Amazon. The app and web buying experience was always very clunky in comparison to the one-click wonder of Amazon.
But maybe the new owners can revitalise the brand as I do think it has good potential given the right leadership.
For those looking for a trip down memory lane, you can view online versions of the old catalogues here.
Managing Editor of Slugger O’Toole. I help to manage Slugger by taking care of the site as well as running our live events. My background is in business, marketing and IT. My politics tend towards middle-of-the-road pragmatism; I am not a member of any political party. When not stuck in front of a screen, I am a parkrun Run Director.
Discover more from Slugger O'Toole
Subscribe to get the latest posts sent to your email.
