Argos owner to buy Home Store stake

Fri, Feb 23, 2007, 00:00

The British owner of Argos and Homebase stores is set to buy a stake in Irish retailer Home Store + More and help fund the chain's expansion.

Home Retail Group is to take 33 percent share in the Irish homewares retailer, and plans to invest £7 million in expanding  the out-of-town homewares chain. The group said the deal would also strengthen its position in the highly fragmented homewares market.

 Meanwhile, Home Retail is to launch its Argos stores in India under the 'HyperCITY-Argos' brand.   "These two ventures provide an exciting but cost-effective opportunity to leverage our skills, sourcing scale and capabilities over time," Chief Executive Terry Duddy said in a statement.

"However our core focus continues to be driving the organic growth opportunities within Argos and Homebase."