Tesco to sell coffee chain to Caffe Nero

24 June 2016
Tesco to sell coffee chain to Caffe Nero

Tesco has said that they're going to sell coffee chain Harris and Hoole to Caffe Nero.

Of course, the supermarket has been selling off a number of assets as it tries to cut costs. Tesco recently sold garden centre chain Dobbies, the restaurant chain Giraffe, and Turkish supermarket Kipa.

This announcement follows Tesco reporting a second successive quarter of sales growth, which is the first time it has happened in over half a decade.

Tesco said UK like-for-like sales went up 0.3% in the first quarter to 28 May.

Boss, David Lewis said: "We have delivered a second quarter of positive like-for-like sales growth across all parts of the Group in what remains a challenging market with sustained deflation."

"We are encouraged by the progress we are making."

This all comes after Tesco reported a £162m annual profit after slumping to a £6.33bn loss the year before.

Of course, their market share is still being chipped away at from discount supermarkets Aldi and Lidl.

Tesco said in a trading update: "Following on from the agreed sales of Dobbies Garden Centres and the Giraffe restaurant chain, we are announcing today the proposed sale of Harris and Hoole to Caffe Nero."

"Together, these sales allow us to place even greater focus on our core UK business."

TOPICS:   High Street News

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