South African business offloaded
GUS, owner of catalogue store group Argos and information business Experian, is to offload its 50 per cent stake in South African retailer Lewis.
Lewis was floated in South Africa last October and GUS's decision to dispose of its remaining interest represents the latest phase of the group's drive to release shareholder value.
GUS chief executive John Peace (pictured) described the decision as 'another important step in reshaping the GUS portfolio'.
There has been widespread speculation that GUS, which posts full-year results on May 25, will eventually demerge Argos or Experian.
Lewis operates 400 eponymous furniture stores and two electricals fascias; Best Electric and Lifestyle Living. It is the biggest South African furniture retailer in terms of store numbers.
Proceeds of the sale will be used to cut GUS's debt.
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