A Kotsovolos store in Greece. Credit: MariaMvrd/commons.wikipedia.org.

UK-based electrical retailer Currys has commenced a strategic review of its Greek retail business, Kotsovolos.

According to the company, the review could lead to a 100% divestiture of the operations or a majority share sale.

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The announcement comes as the company’s board regularly reviews the group structure to maximise shareholder value.

The board believes that the brand’s strength and long-term track record of profitability “are not currently reflected in the group’s valuation.”

In a statement, the company said: “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.”

Kotsovolos is claimed to be a strong-performing and profitable business with strong brand awareness.

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The electronics retail chain, which has an emerging presence in Cyprus, also has an integrated e-commerce platform and a wide range of products and services.

Currys chief executive Alex Baldock said: “Currys’ performance is robust in UK&I, where our transformation is working and we’ve taken action to drive a profitable recovery in the Nordics.

“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.”

Last month, the European Economic Area’s competition regulator, European Free Trade Association Surveillance Authority announced that it is investigating the Nordic units of Currys.

In the same month, the UK-based electrical products retailer revised its full-year adjusted profits before taxes estimate for 2022-2023 to be between £110m ($140.9m) and £120m ($153.7m).