Business
Sale of Argos Store Card Portfolio
Sale of Argos Store Card Portfolio.
About this update from J Sainsbury Plc
[{"type":"text","content":"\n\n3 March 2025\n \nSALE OF ARGOS FINANCIAL SERVICES STORE CARD PORTFOLIO\nJ Sainsbury plc\n(the 'Company')\n \nOn 31 October 2024, J Sainsbury PLC announced the sale of the Argos Financial Services card portfolio to NewDay Group.\n \nNewDay has today announced that, having successfully obtained appropriate financing and antitrust approvals, it has now acquired beneficial title to the AFS Portfolio. NewDay will acquire legal title to the AFS portfolio and take responsibility for servicing at migration, which is expected to occur in Q1 2026.\n \nConsistent with the October 2024 announcement, we continue to expect Sainsbury's Bank to return excess capital of at least £250 million to Sainsbury's and Sainsbury's continues to intend to return this capital to shareholders. We will provide a further update on timings with Preliminary results in April 2025.\n \nCustomers with an Argos-branded store card do not need to take any action as a result of this announcement. There will be no immediate changes to AFS customers' existing terms and conditions.\n \n \nEnquiries\nInvestor Relations Media\nJames Collins Rebecca Reilly\n +44 (0) 7801 813 074 +44 (0) 20 7695 7295\n \n\n","length":3017,"tagName":"div"}]