Business
Strategic Review of Kotsovolos
Strategic Review of Kotsovolos.
About this update from Currys Plc
[{"type":"text","content":"\n\n16 June 2023\nFOR IMMEDIATE RELEASE\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n\n \nCurrys plc (\"Group\" or \"Currys\") Strategic Review of Kotsovolos\n\nCurrys today announces that it is commencing a strategic review of its market-leading Greek business Kotsovolos, which could lead to a sale of the operations. Kotsovolos, which also has an emerging presence in Cyprus, is a strong-performing and profitable business, with high brand awareness, a unified ecommerce platform and a diverse mix of products and services.\n\nThe Board regularly reviews the Group structure through the lens of driving shareholder value and believes that the strength of the Kotsovolos brand, the long-term track record of profitable delivery and leading market position are not currently reflected in the Group's valuation. 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.\n \nAlex Baldock, Group Chief Executive \"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.\"\nA copy of this announcement is also available on Currys' website at https://www.currysplc.com/\nThis announcement is made by Nigel Paterson, General Counsel & Company Secretary.\nNext scheduled announcement\nThe Group is scheduled to publish its full year results on 6 July 2023.\nFor further information\n\n\n\n\nDan Homan\n\n\nInvestor Relations\n\n\n+44 (0)7401 400442\n\n\n\n\nToby Bates\n\n\nCorporate Communications\n\n\n+44 (0)7841 037946\n\n\n\n\nTim Danaher\n\n\nBrunswick Group\n\n\n+44 (0)2074 045959\n\n\n\n\nInformation on Currys plc is available at www.currysplc.com Follow us on Twitter: @currysplc\n \nAbout Currys plc\nCurrys plc is a leading omnichannel retailer of technology products and services, operating online and through 826 stores in 8 countries. We Help Everyon...