Sainsbury’s Sells Argos Credit Portfolio, Forms New Partnership

J Sainsbury plc (GB:SBRY) has released an update.

J Sainsbury PLC has announced the sale of its Argos Financial Services cards portfolio to NewDay Group for approximately £720 million, as part of a strategy to focus on its core retail business. This move also includes a partnership with NewDay to develop a new digital credit offering for Argos customers, enhancing their purchasing flexibility. The transaction is expected to contribute to sustainable annual financial services income for Sainsbury’s, aligning with its broader financial restructuring efforts.

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