Following six years where the supermarket has increasingly focused on its food offering, Sainsbury’s announced in late July that it has agreed the sale of its Argos division to Swift partners in a deal worth more than £120 million.
Swift Partners is a newly-created entity featuring Richard Pennycook, Trevor Strain and Matt Truman which, alongside True Capital, will take control of the brand and its existing outlets as well as its online offering. Pennycook and Strain both have extensive FTSE100 retail leadership experience while Truman brings expertise in consumer brands, retail technology, digital innovation and AI transformation. Pennycook will serve as executive chair while Strain and Truman will serve on the Argos Board.
The supermarket stated that, with the sale of the brand, Argos would be best placed to succeed with an owner “focused solely on helping the business grow, innovate and adapt”.
Argos will continue to trade through its existing channels, including the stores inside Sainsbury’s. Swift Partners will also acquire Sainsbury’s distribution centre in Daventry and its sourcing offices in Shanghai and Hong Kong.
“What attracted us to Argos is the strength of the business with a trusted brand, loyal customers and dedicated colleagues,” said Pennycook. “We believe strongly in Argos’s future and see real opportunities to invest and build on its progress.”
Simon Roberts, chief executive of J Sainsbury plc, added:
“Sainsbury’s has transformed Argos into a leading multichannel retailer with millions of customers and thousands of talented colleagues. 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.”
