Currys has entered an agreement to sell its Greek business, Kotsovolos, to Greek electricity supplier Public Power Corporation (PPC) as it aims to strengthen its balance sheet and focus on the UK, Ireland and Nordic markets. 

Kotsovolos store

Currys is selling its Greek business, Kotsovolos, for £175m

The deal is valued at €200m (£175m) on a debt-free, cash-free basis, excluding lease liabilities, and is expected to be completed by the first quarter of 2024.

Currys said it aims to simplify the group’s structure with the sale, “enabling it to focus on its larger markets of the UK and Ireland and Nordics, while simultaneously strengthening Currys’ balance sheet, increasing flexibility to invest and grow the business and improve shareholder returns”.

Currys chief executive Alex Baldock said: “This proposed sale of Kotsovolos is an excellent outcome for Currys and for our shareholders. It recognises Kotsovolos’ value and accelerates its realisation.

“As a group, we’re focused on maintaining our encouraging momentum in the UK and Ireland and getting the Nordics back on track; this disposal will further strengthen the foundations on which we do both.

“Kotsovolos is a fine business that we’ve been proud to own. I’d like to thank our Greek colleagues for everything they’ve done for the group and wish them every future success.”