Argos business to be sold to Barclay brothers

Argos-owner GUS today announced the £590m (€814m) sale of its home shopping businesses in the UK, Ireland and Sweden to the millionaire Barclay brothers in a move designed to cut its debts.

David and Frederick Barclay, who were estimated to be the 34th richest men in Britain by the Sunday Times Rich List, are set to merge GUS’s mail order arm with the Littlewood business they bought from the Moores family.