Richard Pennycook, the former chief executive of Co-op, has led a team of retail veterans in buying Argos from Sainsbury's for £120m. The new owners, Swift Partners, include Pennycook and Trevor Strain, a former Morrisons executive. The deal offers 'mutual benefits' to Sainsbury's and Argos' new owners, according to analysts at Shore Capital.
Argos Sold to Retail Veterans for £120m
UKPulse Money DeskRichard Pennycook, former chief executive of Co-op, has led a team of retail veterans in buying Argos from Sainsbury's for £120m.
- Argos has been sold to Swift Partners, a newly-formed company, for £120m.
- The new owners include Richard Pennycook, former chief executive of Co-op, and Trevor Strain, former Morrisons executive.
- Argos will continue to operate hundreds of Sainsbury's sites and offer Nectar points.
Why this matters: The sale of Argos may allow Sainsbury's to focus on its core business, while the new owners may bring a renewed energy and focus to the catalogue retailer.
What this means for you: If you are a customer of Argos or Sainsbury's, you may see changes in the products and services offered by the retailer.