Sainsbury’s has agreed to sell Argos for at least £120 million to a firm headed by retail veterans, 10 years after it bought the chain for £1.4 billion.
The supermarket giant said the deal will see Swift Partners – a new company set up by retail experts including former Co-operative Group boss Richard Pennycook – buy the entire Argos business, including its 201 standalone shops and 466 stores within Sainsbury’s supermarkets, as well as more than a further 450 collection points.
