Sainsbury’s sells Argos credit cards portfolio to NewDay Group
Sainsbury’s is selling its Argos Financial Services cards portfolio to NewDay Group as part of its strategy to focus on its core retail business.
With the purchase price expected to be around £720 million, the cards are held by around two million Argos customers and support around 20% of sales.
Sainsbury’s has also announced that it is partnering with NewDay to create a new Argos-branded digital credit proposition. In time, this will replace the current Argos card credit propositions to offer a wider choice of flexible and convenient ways for customers to manage the cost of purchases.
In June, Sainsbury’s announced the sale of Sainsbury’s Bank‘s personal loan, credit card and retail deposit portfolios to NatWest Group. This was followed by the sale of Sainsbury’s Bank’s ATM business in September to NoteMachine. The retailer continues to expect both these transactions to complete in the first half of 2025.
Simon Roberts, Sainsbury’s chief executive, said: “As we make progress with the plan for Next Level Sainsbury’s, this is a key milestone in building our future model for financial services.
“It’s really important we work with partners who share our values and customer focus. NewDay is a complementary fit for us as we strive to give customers at Argos the best value and choice and make it as easy as possible for them to buy the products they need.”
