Tesco sells Dobbies Garden Centres
Tesco are clawing back from their mess, and have raked in £271 million with the sale of their garden centre chain Dobbies.
This follows the supermarket chain's sale of UK restaurants Giraffe, and their Turkish business.
Tesco originally bought Dobbies back in 2007, for a price of £150 million, and it grew into being the UK's second largest gardening retailer. These operate in Scotland, England, and Northern Ireland, and contributed £17 million to the Tesco Group's profits last year.
All this asset selling is thanks to Tesco wanting to lose what they consider to non-core parts of their portfolio, as they look back to doing what they think they do best.
Tesco chief executive Dave Lewis says: "Through their hard work and dedication to customer service Dobbies colleagues have built a great business and I would like to thank them for everything they have done."
"It was a difficult decision to sell the business but we believe this agreement will give Dobbies a bright future while allowing our UK retail business to focus on its core strengths."
What are those core strengths they speak of? Well, Tesco want to be a good supermarket again, and win back some of the market share they've lost to Aldi, Lidl, and Waitrose.
There's still a way to go before everyone starts actively loving Tesco, rather than routinely shopping there. Will they be able to adapt to changing consumer habits?
TOPICS: High Street News