Sainsbury’s to sell Argos for £120m

Sainsbury’s has agreed to sell Argos for £120m as the supermarket chain aims to focus on its core food business.

The buyer, Swift Partners, is a company which has been created to buy the brand and includes former Co-operative Group boss Richard Pennycook.

Under the terms of the deal, Argos will still operate in Sainsbury’s shops, sell Habitat products, and offer Nectar points.

Sainsbury’s said it would be “business as usual” for customers, staff, and suppliers. The deal is expected to complete next February.