Supermarket Sainsbury's has said it will sell the firm - whose products range from furniture to technology - to a team of retail veterans, including former executives of Co-op and Morrisons.

Sainsbury’s has said it will sell long-struggling catalogue retailer Argos to a private equity-backed consortium in a £120m deal.

The UK’s second-largest supermarket chain said the firm will buy Argos standalone stores and those within Sainsbury’s shops