Friday 31 July 2026 7:38 am
| Updated:
Friday 31 July 2026 7:39 am
Sainsbury’s has said it will sell long-struggling catalogue retailer Argos to a private equity-backed consortium in a £120m deal. The supermarket giant said the sale will enable it to focus on its food business and deliver higher cash generations and healthier margins. Sainsbury’s bought Argos a decade ago but the retailer has long dragged on the supermarket’s profits, fuelling rumours that it would seek to offload the business.Argos will be bought by a new company led by On the Beach chairman Richard Pennycook and former Morrisons boss Trevor Strain. Their takeover will be backed by private equity firm True Capital.Sainsbury’s chief executive Simon Roberts said: “Sainsbury’s has transformed Argos into a leading multichannel retailer with millions of customers and thousands of talented colleagues. “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.”More to follow.
