Tesco to sell Giraffe
Tesco is going to sell their interest in Giraffe, the chain restaurant. They're also going to sell their Turkish interests too, as they look to make up their money from the mess a couple of years ago.
According to Sky News, Tesco is close to agreeing the sale of Kipa, which is their Turkish supermarket chain, which follows the selling off of their operations in China, South Korea and the United States of America.
Tesco boss, Dave Lewis has also given the green light to sell Giraffe, after the retailers ownership of it for the past three years.
Who are Giraffe's new owners? Apparently, it is someone who already has restaurant assets in the UK, and are referred to as 'an unidentified family office vehicle', which is probably as boring as it sounds.
Even with these sales, Tesco are still not out of the woods - the chain is still under-performing, and Lewis has a lot of work that needs doing.
With Tesco selling their Turkish business for "a couple of hundred million pounds", it looks like Giraffe is going to be "all but given away".
Lewis is looking at other bits of Tesco's portfolio he can sell. He also wants to flog the coffee shop chain Harris + Hoole, and the Dobbies garden centres business.
TOPICS: High Street News