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.”
A copy of this announcement is also available on Currys’ website at https://www.currysplc.com/
This announcement is made by Nigel Paterson, General Counsel & Company Secretary.
Next scheduled announcement
The Group is scheduled to publish its full year results on 6 July 2023.
For further information
Dan Homan | Investor Relations | +44 (0)7401 400442 |
Toby Bates | Corporate Communications | +44 (0)7841 037946 |
Tim Danaher | Brunswick Group | +44 (0)2074 045959 |
Information on Currys plc is available at www.currysplc.com
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