Currys has entered into an agreement to sell its retail business in Greece and Cyprus for £175m.
The electrical retailer said on Friday that this disposal will simplify its structure, enabling the group to focus on its larger markets of the UK & Ireland and the Nordic countries. It’s also expected to strengthen its balance sheet, increasing flexibility to invest and grow.
The deal comes just two years after Currys took on the business, which trades as Kotsovolos, as part of its takeover of Dixons Carphone. The business will be sold to Greek electric utility Public Power Corporation S.A. (PPC).
Kotsovolos operates a total of 95 stores, of which 80 are owned and 15 franchisees, including three stores in Cyprus.
“This proposed sale of Kotsovolos is an excellent outcome for Currys and for our shareholders,” said Alex Baldock, Currys chief executive. “It recognises Kotsovolos’s value and accelerates its realisation.
“As a group, we’re focused on maintaining our encouraging momentum in the UK&I and getting the Nordics back on track; this disposal will further strengthen the foundations on which we do both.”
Currys expects to complete the disposal in the first quarter of 2024, subject to shareholder approval and regulatory clearance.
