// Currys kicks off strategic review of its Greek business
// The electricals retailer said Kotsovolos’s track record of profitability was not “reflected in the group’s valuation”
Currys has launched a strategic review of its Greek business Kotsovolos, which it said could lead to the sale of its operations.
The electricals retailer said it believes the strength of its Greek brand and long-term track record of profitability “are not currently reflected in the group’s valuation”.
Kotsovolos, which also has an emerging presence in Cyprus, has a unified commerce platform and an expansive range of products and services.
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“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,” the company said in a statement.
Chief executive Alex Baldock 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.”
Last month, Currys revealed its Nordic operations were being investigated by the European Economic Area regulator over a possible violation of competition rules in Norway.
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