Sainsbury’s agrees £120m deal to sell Argos to Swift Partners

• Sainsbury's has agreed to sell its Argos business to Swift Partners, a new firm established by retail specialists.
• The deal is valued at a minimum of £120 million and includes Argos standalone stores and its concessions within Sainsbury's shops.
• Swift Partners will also acquire Sainsbury's distribution centre in Daventry and sourcing offices in Shanghai and Hong Kong.
• The new firm, Swift Partners, was set up by retail experts including former Co-operative Group boss Richard Pennycook and ex-Morrisons chief operating officer Trevor Strain.
• Sainsbury's expects to receive an upfront payment of £70 million when the sale concludes, which is anticipated in February next year.

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Sainsbury’s to sell Argos in £120m deal