Electricals group Currys has begun a strategic review of its Greek division, Kotsovolos, which could lead to a sale.
Currys said that Kotsovolos, which also operates 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”.
The potential disposal followed what Currys described as a regular review of group structure “through the lens of driving shareholder value”.
Currys concluded 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”.
It added: “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.”
Currys group chief executive Alex Baldock said: “Currys’ performance is robust in UK and Ireland, 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.”
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