Joshua Searle

Sainsbury’s has agreed to sell Argos to newly formed retail investment group Swift Partners for at least £120 million, including a £70 million upfront payment expected when the deal completes in February next year. The transaction covers 201 standalone stores, 466 outlets within Sainsbury’s supermarkets, collection points, logistics operations, a Daventry distribution centre and sourcing offices in Shanghai and Hong Kong. Led by former Co-operative Group chief Richard Pennycook and backed by True Capital, Swift Partners intends to invest in Argos and retain its store-in-store, standalone-store and Local Fulfilment Centre model. Sainsbury’s is using the sale to concentrate more heavily on grocery operations, while Usdaw has expressed concern about employee uncertainty and will seek to protect jobs and employment conditions. Full separation of Argos is targeted for 2029.

Andy Burnham prepares to become UK prime minister with a pledge to provide households with cost‑of‑living relief and deliver more stable governance. Keir Starmer will resign before Burnham is invited to form a government, after which he is expected to name his Cabinet. Potential early actions include addressing frozen tax thresholds, considering energy bill measures, reviewing North Sea drilling policy, and deciding whether to temporarily nationalise Thames Water. Burnham has also committed to devolving power, creating a “No 10 North” in Manchester, and scrapping Labour’s digital ID plans. He faces pressure from environmental groups, the Liberal Democrats, and Conservatives on energy, social care, and economic policy as he enters office amid significant political and economic challenges.