Currys begins strategic review of Greek business Kotsovolos
Currys is conducting a strategic review of its Greek business Kotsovolos, which could lead to a sale of the electricals company.
In a statement, the retailer said Kotsovolos is a strong-performing and profitable business, with high brand awareness. In addition to stores and and ecommerce operations in Greece, it also has a growing presence in Cyprus.
Giving reasons for the move, Curry said: “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, Currys group chief executive, added: “Currys’ performance is robust in the UK and Ireland, 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.”
According to Curry’s website, Kotsovolos has 2,600 colleagues working in its online operations and across 93 stores.
