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On March 3, 2025, NewDay Group acquired beneficial title to the Argos Financial Services card portfolio from J Sainsbury PLC, a sale originally announced on October 31, 2024. NewDay is expected to acquire legal title and servicing responsibility in Q1 2026. Sainsbury's Bank continues to expect to return at least £250 million in excess capital to J Sainsbury PLC, which the company intends to return to shareholders.
| Date | 3 Mar 2025 |
| Time | 07:05:00 |
| Category | Miscellaneous |
| ID | 9459Y |
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
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James Collins Rebecca Reilly
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