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Currys is considering a store in “Kotsovolos”.

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Curries considers three possible scenarios for “Kotsovolos”.

Πωλητorριο στην «Κωτσβλο ;ς» εξετàζει η Currys

Dimitra Manifava

The sale of “Kotsovolos” is being investigated by the parent Currys group, considering that its subsidiary in Greece with activity in Cyprus is a good source of income, as in recent years it is essentially the only subsidiary with a significant increase in sales and profitability.

According to sources close to “Kotsovolos”, Currys is considering three possible scenarios: the sale of 100% of “Kotsovolos”, the sale of a majority stake, or ultimately maintaining control of the company. By the end of 2023, however, the relevant decisions are expected to have been made. In fact, the group considers “Kotsovolos” the best “silver” at the moment and therefore considers that it can strengthen its liquidity through the sale of the Greek subsidiary. In particular, the sales of “Kotsovolos” constitute 20% of the total revenue of the Currys group. The task of evaluating options and looking for buyers has been undertaken by consultants reportedly JP Morgan and Citigroup.

In a statement issued a while ago by the British Currys group, it states the following: “Currys today announces that it is starting a strategic review of the activity of “Kotsovolos”, which is the leader of the category in the Greek market, a review which could lead to the sale of said activity. Kotsovolos, which also has a growing presence in Cyprus, is a company with strong performance and profitability, high brand recognition, an integrated e-commerce platform and a diverse mix of products and services.

The board of directors regularly reviews the group's structure from the perspective of delivering value to shareholders and believes that the strength of the “Kotsovolos” brand, its years of profitability and its leading position in the Greek market do not correspond to its valuation now the Currys Group. Given the strong economic outlook for Greece and the company's future growth potential, management believes now is the right time to explore all options for Kotsovolos.

The CEO Alex Baldock of Currys said:

“Currys' performance in the UK and Ireland is strong, where transformation is paying off and we have taken action to return to profitability in the Nordics. “Kotsovolos” is an excellent company with a bright future and now is the right time to assess how best to promote Kotsovolos to maximize value for our shareholders”

“Kotsovolos” closed the financial year 2022-2023 with an increase in turnover by 12% in a comparable number of stores, achieving for another year the best performance in the Currys group (formerly Dixons), where the Greek company belongs. The full results will be announced on July 6, 2023. What is certain is that with the above performance, “Kotsovolos” is expected to have far exceeded 700 million euros in turnover for the fiscal year May 1, 2022 – April 29, 2023, given that according to in the previous fiscal year 2021-2022, it recorded a turnover, including the activity in Cyprus, of 664.42 million euros.

“Kotsovolos” currently has 93 stores in Greece and three in Cyprus (in Nicosia, Limassol and Paphos) with the Paphos store being the last to open, about two months ago.

Source: www.kathimerini.com.cy

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