Currys could offer up its Greek electronics retail arm Kotsovolos to potential buyers, with the FTSE 250 firm announcing a strategic review of the businesses.
Kotsovolos has a network of 90 stores, including an emerging presence in Cyprus – having first been founded in 1950 – alongside two online websites, kotsovolos.gr and kotsovolos.cy.
Currys took on the business in 2021, when it completed its takeover of Dixons Carphone.
The board is now weighing up a sale as it believes the Kotsovolos brand, long-term track record of profitable delivery and leading market position are not currently reflected in the group’s valuation.
It said the recovering economic outlook for Greece and future growth opportunities for the business mean now is the right time to explore all options for Kotsovolos.
Kotsovolos is a profitable business, with high brand awareness and a unified ecommerce platform.
Alex Baldock, group chief executive said: “Currys’ performance is robust in UK and Ireland, where our transformation is working, and we’ve taken action to drive a profitable recovery in the Nordics. Kotsovolos is an excellent business with a bright future, and now is the right time to assess how best to take Kotsovolos forward to maximise value for our shareholders.”
Currys finished yesterdays trading at 51.6p per share on the London Stock Exchange, with an investor response to the announcement set to be reflected in its share price when the market reopens this morning.
Last month, the electronics titan lifted its prospects for the rest of the year, revealing its profit before tax is expected to be £110-120m, up from previously around £104m.