British Currys sells its Greek division Kotsovolos

British electrical retailer Currys is offering its Greek electronics retailer Kotsovolos to potential buyers after the FTSE 250-listed company announced a strategic review of the business.

Kotsovolos is one of the leading electrical and electronics retailers in Greece, with a network of over 90 stores, including a growing presence in Cyprus, which was first established in 1950, and two online sites, kotsovolos.gr and kotsovolos.cy .

Kotsovolos started its activity in 1950 in a small shop in the center of Athens. It is a division of the British company Dixons. In September 2019, Dixons changed its name to Currys.

Currys today announced that it is initiating a strategic review of its market-leading Greek business, Kotsovolos, which could result in the sale of operations. Kotsovolos, which also has a growing presence in Cyprus, is a well-performing and profitable business with high brand awareness, a single e-commerce platform and a diverse range of products and services.

The Currys Board of Directors regularly reviews the group’s structure for shareholder value enhancement and believes that the strength of the Kotsovolos brand, long-term track record of profitable supply and market leadership are not currently reflected in the group’s valuation. Given Greece’s strong economic outlook and future business growth opportunities, the Board believes now is the time to explore all options for Kotsovolos.

Alex Baldock, Group Chief Executive: “The performance of Currys in the UK and Italy, where our transformation is working, is strong and we have taken steps to ensure a profitable recovery in the Nordic countries. Kotsovolos is a great business with a bright future and now is the time to evaluate how best to develop Kotsovolos to maximize value for our shareholders.” This statement was made by Nigel Paterson, General Counsel and Company Secretary.

PS It seems that the growth of the Greek economy is “up and running” like the metro in Thessaloniki, as one ND minister erroneously claimed. The same goes for economic growth and inflation… in official reports. We are waiting for the elections, after which we, more likely, find out what is really happening with the economy.

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