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Currys PLC on Tuesday confirmed that its strategic review into its Greek business has elicited interest from ‘several potential buyers’. Currys shares were up 4.2% to 48.98 pence each in London early Tuesday. In June, the London-based electronics and electrical goods retailer began a strategic review to evaluate Kotsovolos, its ‘market-leading’ business in Greece and Cyprus. Currys claimed 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 market valuation. Kotsovolos is a Heraklion, Greece-based electrical and electronics retailer. On Tuesday, Currys confirmed that the strategic review has elicited interest from several potential buyers of Kotsovolos, who have in turn submitted non-binding offers. The board and its advisers are currently evaluating the offers. ‘The strategic review remains ongoing, and Currys will provide a further update when appropriate. At this stage there can be no certainty as to the outcome of the review,’ it added. 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. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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