Catalogue group floats South African arm

Argos owner GUS today outlined plans for the partial flotation of a South African-based retailing business it has owned for more than 50 years.

The group has 18 stores in Ireland, with plans to open more in Dublin, Cork and Galway, and employs a permanent staff of approximately 550. Sales at the Irish Argos outlets reached €181.1m in year to September 2003.