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UK’s Currys to sell its Greek retail arm Kotsovolos

UK’s electrical retailer 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 is one of the leading electrical and electronics retailers in Greece, it has a network of over 90 stores including an emerging presence in Cyprus – having first been founded in 1950 – alongside two online websites, kotsovolos.gr and kotsovolos.cy.

Kotsovolos started in a small neighborhood store in downtown Athens in 1950.

Currys today announces that it is commencing 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
“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.”

This announcement is made by Nigel Paterson, General Counsel & Company Secretary.

PS It seems Greece’s growth is “up and running” like the Metro in Thessaloniki as one ND Minister falsely claimed.

Note that German white good retailer Mediamarkt merged with Public in April 2023, after a presence since 2006.

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