Sainsbury's has sold Argos to a new group, Swift Partners, which includes experienced retail veterans. The sale comes 10 years after Sainsbury's acquired the chain, selling it for less than the original purchase price.
Swift Partners has stated it sees "real opportunities" for growth, including the opening of new standalone Argos shops. The retailer currently has around 200 standalone stores, a reduction from approximately 845 in 2012, but has also opened about 450 shop-within-shops in Sainsbury's stores.
Argos will retain all its concessions within Sainsbury's shops following the takeover, and customers will continue to earn Nectar loyalty card points on purchases. However, the new owners have ruled out deals with rival supermarkets.
Last year, Argos recorded £4.1bn in sales and is reportedly used by around half of all UK households. The chain faces competition from online retailers like Amazon, which had £32bn in UK sales last year.