British retailer Currys has commenced a strategic review of its market-leading Greek business Kotsovolos, which could lead to a sale of the operations. Kotsovolos, which also has an emerging presence in Cyprus, is a strong-performing and profitable business, with high brand awareness, a unified ecommerce platform and a diverse mix of products and services.
The Board regularly reviews the Group structure through the lens of driving shareholder value and believes that the strength of the Kotsovolos brand, the long-term track record of profitable delivery and leading market position are not currently reflected in the Group’s valuation. Given the robust economic outlook for Greece and future growth opportunities for the business, the Board believes that now is the right time to explore all options for Kotsovolos.
Alex Baldock, Group Chief Executive of Currys, said: “Currys’ performance is robust in UK&I, 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.”