Currys launched a strategic review to evaluate all options for Kotsovolos in June this year. Credit: MariaMvrd/commons.wikipedia.org.

UK-based electricals retailer Currys has confirmed that it has received non-binding offers from several potential buyers for its Greek business, Kotsovolos.

In a statement, the company said: “Currys confirms that the strategic review has elicited interest from several potential buyers of Kotsovolos, who have in turn submitted non-binding offers which the Board and its advisers are currently evaluating.”

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The confirmation comes after Currys launched a strategic review of its business, which it says could lead to a 100% divestiture of the operations or a majority share sale.

The strategic review is said to be ongoing and there is no certainty that the deal will go ahead.

In its report for the full year of 2022/23 (FY22/23), Currys said that its Greek business recorded strong sales growth, driven by a combination of a strong economy and government subsidies.

Group sales in Greece grew by 15% to £637m ($777.57m) in FY22/23, compared to £554m in fiscal year 2021/22.

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Its adjusted earnings before interest and taxes (EBIT) were £18m, down 14% from £21m a year ago.

At the time of announcing the strategic review, Currys Group 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.”

Currys is an omnichannel retailer of technology products and services with a network of 826 stores in eight countries.

It trades as Currys in the UK and Ireland, as Elkjøp in the Nordics, and as Kotsovolos in Greece.