Currys to sell Greek arm for £175m to strengthen balance sheet

Electrical retailer Currys has confirmed a £175m sale of its Greek and Cyprus arm, just two years after it took on the business.

Earlier this year, the firm announced that it was looking to offload the 90 stores across Southeastern Europe in an effort to strengthen its balance sheet.

Currys share price rose over five per cent this morning as the London market responded to the news.

The disposal is expected to be completed in the first quarter of 2024, and the firm intends to use the cash raised from the sale to reduce net debt.

Currys took on the business which trades as Kotsovolos in 2021 when it completed its takeover of Dixons Carphone.

Its Greek 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.

Currys has struggled in recent months, as customers put off buying big-ticket items during the cost of living crisis.

Alex Baldock, chief executive at Currys said: “This proposed sale of Kotsovolos is an excellent outcome for Currys and for our shareholders.

“It recognises Kotsovolos‘s value and accelerates its realisation. As a group, we’re focused on maintaining our encouraging momentum in the UK&I and getting the Nordics back on track; this disposal will further strengthen the foundations on which we do both.”

He added: “Kotsovolos is a fine business that we’ve been proud to own. I’d like to thank our Greek colleagues for everything they’ve done for the group, and wish them every future success.”