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Currys PLC said on Friday that it was starting a strategic review of its Greek business Kotsovolos, which could potentially lead to a sale of the operations. The London-based electronics and electrical goods retailer said that the strength of the Kotsovolos brand in Greece, its ‘emerging’ presence in Cyprus, its long-term track record of profitability, and its market position are not currently reflected in the company’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,’ explained Currys. Kotsovolos is the Heraklion, Greece-based electrical and electronics retailer. Currys, formerly Dixons, acquired majority control of Kotsovolos in July 2004; paying €53.7 million to buy a 39% stake in the company, on top of a 13.6% stake it acquired three years prior. Currys Chief Executive Alex Baldock said: ‘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.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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