Sainsbury’s to sell Argos to three retail veterans in £120m deal

Trio set up Swift Partners for the acquisition, allowing supermarket to focus on core food business

Sainsbury’s has agreed to sell the Argos retail chain for £120m to allow it to concentrate on its core food business.

The supermarket announced on Friday it was selling the catalogue shopping business to a trio of retail veterans, a decade after buying the company for more than £1bn.