REG - Sainsbury(J) PLC - Sale of Argos Store Card Portfolio

J SainsburyAnnouncement

03/03/2025 07:15

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RNS Number : 9459Y  Sainsbury(J) PLC  03 March 2025

3 March 2025

 

SALE OF ARGOS FINANCIAL SERVICES STORE CARD PORTFOLIO

J Sainsbury plc

(the 'Company')

 

On 31 October 2024, J Sainsbury PLC announced the sale of the Argos Financial
Services card portfolio to NewDay Group.

 

NewDay has today announced that, having successfully obtained appropriate
financing and antitrust approvals, it has now acquired beneficial title to the
AFS Portfolio. NewDay will acquire legal title to the AFS portfolio and take
responsibility for servicing at migration, which is expected to occur in Q1
2026.

 

Consistent with the October 2024 announcement, we continue to expect
Sainsbury's Bank to return excess capital of at least £250 million to
Sainsbury's and Sainsbury's continues to intend to return this capital to
shareholders. We will provide a further update on timings with Preliminary
results in April 2025.

 

Customers with an Argos-branded store card do not need to take any action as a
result of this announcement. There will be no immediate changes to AFS
customers' existing terms and conditions.

 

 

Enquiries

Investor
Relations
Media

James
Collins
Rebecca Reilly

 +44 (0) 7801 813
074
+44 (0) 20 7695 7295

 

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