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Another of the top risers on the FTSE 100 this morning is Sainsbury’s. The supermarket chain is up 4% after it said it had agreed the £120m sale of catalogue shopping business Argos to a trio of retail veterans – a decade after buying the company for more than £1bn.
Sainsbury’s said it would be able to fully focus on its core food business and “creating a simpler business with higher margins, higher growth and stronger free cash flow generation”.
What attracted us to Argos is the strength of the business, with a trusted brand, loyal customers and dedicated colleagues. We believe strongly in Argos’s future and see real opportunities to invest and build on its progress.
Argos’s combination – of a strong digital business supported by standalone stores, stores inside Sainsbury’s and local fulfilment centres – gives it a distinctive position in the market and an excellent platform for growth.
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