Tesco is expected to announce the sale of its Giraffe restaurant chain, which has reignited speculation that the Euphorium bakery chain and coffee shop chain Harris + Hoole will be next.
Dave Lewis, chief executive of Tesco, has sanctioned the sale of Giraffe, which it has owned for just three years. The chain is being sold to an unidentified family office vehicle, which already has restaurant assets in the UK.
Many of the assets being sold by Lewis were acquired by his two most recent predecessors: Sir Terry Leahy and Philip Clarke, who wanted to diversify the retailer’s appeal and geographical reach. Tesco is also selling interests in Turkey, including supermarket chain Kipa.
Speculation is rife that Lewis also wants to sell peripheral businesses, including coffee shop chain Harris + Hoole, the Euphorium bakery chain and the Dobbies garden centres business.
Tesco declined to comment when contacted by British Baker at the time of going to press.