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Currys has announced that it is commencing a strategic review of its Greek business, Kotsovolos, which could lead to a sale of the operations.
This comes as the board is of the opinion that the strength of the Kotsovolos brand, its long-term track record of profitability and market position are not currently reflected in the retailer’s valuation.
According to the announcement, the retailer’s board regularly reviews its group structure through “the lens of driving shareholder value”.
Due to Greece’s “robust” economic outlook and future growth opportunities, the board believes that now is the right time to explore all options for Kotsovolos.
Kotsovolos, which also has an emerging presence in Cyprus, is said to be a strong-performing and profitable business, with high brand awareness, a unified ecommerce platform and a diverse mix of products and services.
Alex Baldock, chief executive of Currys, 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.”
The group is also scheduled to publish its full year results on 6 July 2023.
