Sainsbury’s is selling Argos to Swift Partners in a £120 million deal, as it focuses on its food business. The acquisition is led by former Co-op boss Richard Pennycook and former Morrisons chief operating officer Trevor Strain, alongside Matt Truman and True Capital.
Swift Partners is a new company set up for the acquisition, with Pennycook serving as executive chair three days a week. Trevor Strain and Matt Truman will sit on the Argos board, working closely with the existing Argos leadership team.
Swift is planning to build on the strength of the Argos brand and invest in innovation and accelerating growth.
Simon Roberts, chief executive of Sainsbury’s, said: “Sainsbury’s has transformed Argos into a leading multichannel retailer with millions of customers and thousands of talented colleagues. As we have strengthened our core food business, we have carefully considered what it will take to create the strongest possible future for Argos.”
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Roberts added that Swift brings retail leadership, operational expertise, technology capability, and long-term investment, alongside a deep commitment and belief in the future potential for Argos customers and colleagues.
Sainsbury’s will put in place a series of commercial agreements to enable Argos to continue operating in Sainsbury’s stores, sell Habitat products, and offer customers Nectar points.
The transaction is expected to complete in February 2027, with the full separation expected two years later.
Richard Pennycook said: “The strength of the business, with a trusted brand, loyal customers and dedicated colleagues, attracted us to Argos. We believe strongly in Argos’s future and see real opportunities to invest and build on its progress.”
Pennycook also noted that Argos’s combination of a strong digital business supported by standalone stores, stores inside Sainsbury’s, and local fulfilment centres gives it a distinctive position in the market and an excellent platform for growth.
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Argos customers will likely see continued investment in the brand, with a focus on digital capabilities and nationwide reach.
The new ownership structure may also lead to increased competition in the market, as Argos looks to build on its strengths and expand its customer base.
The deal will ensure continuity for customers, colleagues, and suppliers, while enabling both businesses to benefit from an ongoing relationship. Roberts said: “I would like to thank Argos colleagues for all of their commitment and hard work. Today is an important next step in building the strongest future for Argos and I would like to reassure our colleagues, customers, and suppliers that it’s business as usual.”
They will continue to focus on multichannel retailing as a key area, as they look to build on their strengths and expand their customer base.
