Supermarket Sainsbury’s has agreed to sell its Argos business to a firm set up by retail veterans including former Co-operative Group boss Richard Pennycook in a deal worth at least £120 million.
The grocery chain said Swift Partners will buy 201 Argos standalone stores, as well as its 466 stores within Sainsbury’s shops based on a long-term agreement and a further 466 collection points, logistics network, pet insurance and product warranty cover.
