Supermarket group Sainsbury’s has announced the sale of Argos to Swift Partners in a deal worth £120m.
Under the terms of the sale, Sainsbury’s expects to realise cash proceeds of at least £120m, with at least £70m expected to be received upon completion, which is expected to be February 2027, with full separation expected by February 2029.
The sale will enable full focus on Sainsbury’s core food business and support next phase of growth for Argos.
Swift Partners is a new company established for this acquisition by Richard Pennycook, Trevor Strain and Matt Truman alongside True Capital, combining extensive experience of retail ownership and leadership with expertise in technology, digital innovation and AI transformation.
Swift will build on the strength of the Argos brand, multichannel model and store network, bringing expertise and investment to accelerate growth and innovation in a fast-moving and competitive general merchandise market.
Simon Roberts, Chief Executive of J Sainsbury plc, said: “Sainsbury’s has transformed Argos into a leading multichannel retailer with millions of customers and thousands of talented colleagues. As we have strengthened our core food business, we have carefully considered what it will take to create the strongest possible future for Argos.
“Swift brings retail leadership, operational expertise, technology capability and long-term investment, alongside a deep commitment and belief in the future potential for Argos customers and colleagues. Richard, Trevor and Matt understand and value the Argos brand, share our values and will accelerate Argos’s transformation through their dedicated expertise and long-term investment.
“I would like to thank Argos colleagues for all of their commitment and hard work. Today is an important next step in building the strongest future for Argos and I would like to reassure our colleagues, customers and suppliers that it’s business as usual.
“For Sainsbury’s, this is a further step forward in our strategy. Having rebuilt the core strengths of our food business, this agreement allows us to focus all our resources and investment on the significant opportunities ahead.”
Richard Pennycook, Swift Partners, said: “What attracted us to Argos is the strength of the business, with a trusted brand, loyal customers and dedicated colleagues. We believe strongly in Argos’s future and see real opportunities to invest and build on its progress.
“Argos’s combination – of a strong digital business supported by standalone stores, stores inside Sainsbury’s and Local Fulfilment Centres – gives it a distinctive position in the market and an excellent platform for growth. We hold Argos senior management in high regard and plan to build on its strengths – bringing additional experience and skills to complement and augment the existing team. We see clear potential to strengthen Argos’s customer proposition, digital capabilities and nationwide reach.
“Trevor, Matt and I share a strong belief in Argos, its people and what it can achieve in the years ahead. We are all making a long-term commitment to the business and look forward to working closely with the team to deliver even more for customers, while maintaining Argos’s strong values.”
