Swift Partners, led by former Co-op boss Richard Pennycook, bought Argos from Sainsbury's for £120m and hopes to turn around the retailer.

The deal will see Argos stores and collection points sold to Swift Partners, a new company which has been set up for this acquisition

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