Potential buyers eye up Currys Greece and Cyprus arm
Electrics retailer Currys has been approached by several buyers for the Greece and Cyprus arm of its business.
In a brief announcement to markets on Tuesday morning the retailer said it received the offers after it placed the company up for review during the summer.
Currys said the interested parties have submitted non binding offers for Kotsovolos, which has 90 stores in Greece and Cyprus.
Its board and its advisers are currently evaluating the proposals but noted that there was no certainty a sale would take place.
“The strategic review remains ongoing, and Currys will provide a further update when appropriate. At this stage there can be no certainty as to the outcome of the review,” the company said.
Currys took on the business in 2021, when it completed its takeover of Dixons Carphone.
Its Greece division has performed well with like-for-like sales up three per cent in the 17 weeks to the end of August — surpassing Currys UK arm which reported a two per cent decline in the same period.
The company, which Frasers Group has built a nine per cent stake in, has been hindered in recent months by the cost of living crisis which has seen customers put off making bigger purchases such as washing machines.
Currys has remained hopeful about the outlook of the year maintaining its annual profit guidance of £110-120m.
Currys share price was up 2.86 per cent this morning as markets responded to the news.