Tesco acquires Giraffe restaurant chain
The supermarket has bought a 100% stake in the family-friendly restaurant chain at a purchase price of £48.6 million.
Kevin Grace, group commercial director at Tesco said: "We invest in businesses that add value for our customers online or offline; as we’ve done with Harris + Hoole, Euphorium, blinkbox, and now Giraffe. We have the opportunity to develop some of the space in our larger stores to create retail destinations that offer customers even more choice. Giraffe is hugely popular with a wide range of ages and particularly families – we think our customers will love it."
With the first Giraffe having opened in Hampstead in 1998, the group now has 48 sites nationwide including franchised sites at Heathrow and other UK airports as well as one in Dubai. Tesco said that the first Giraffe restaurant to open next to a Tesco store will be near London.
The original founders, husband and wife team Russel and Juliette Joffe, along with Andrew Jacobs, will remain in place with Russel Joffe continuing as managing director. Risk Capital Partners and 3i have both sold their combined stake.
Russel Joffe added: "We’re very much looking forward to working with Tesco. We’re passionate about great service, wonderful hospitality and serving good, healthy food at great value. This move will allow us to introduce Giraffe to a wider audience, presents great opportunities for growth and for the team to be involved in an exciting stage in our brand’s development. It will be very much business as usual at Giraffe."
Email this article to a friend
You need to be logged in to use this feature.
Please log in here