Currys considers sale of Greek business

Electricals retailer Currys said on Friday that it is considering putting its Greek business Kotsovolos up for sale, as it kicks off a strategic review.

The company said 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".

However, Currys believes that the strength of the 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," it said.

Chief executive Alex Baldock 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."