Potential buyers approach Currys over Greece and Cyprus business

Currys said there were ‘several potential buyers’ for the Kotsovolos business.

The Greek unit had managed to grow sales despite this summer’s wildfires (Currys/PA) (PA Media)

Electronics retailer Currys said it has been approached by several suitors who may be interested in buying its Greek and Cypriot arm.

The company said it received bids after putting the unit up for review in June.

The board is assessing whether these bids live up to what Currys wants from a deal, it added.

“Currys announced on June 16 2023 that it was commencing a strategic review to evaluate all options in relation to its market-leading business in Greece and Cyprus, Kotsovolos,” Currys said in a short update to shareholders on Tuesday.

At this stage there can be no certainty as to the outcome of the review

Currys

“Further to speculation in local media and subsequent announcements by public companies, Currys confirms that the strategic review has elicited interest from several potential buyers of Kotsovolos, who have in turn submitted non-binding offers which the board and its advisers are currently evaluating.

“The strategic review remains ongoing, and Currys will provide a further update when appropriate. At this stage there can be no certainty as to the outcome of the review.”

Kotsovolos was hit earlier this year by the wildfires that ravaged several Greek islands.

Despite this, which hit footfall in August, sales in the country grew by 3% on a like-for-like basis in the 17 weeks to the end of August.

Shares in Currys rose by 4.2% on Tuesday morning.