Tesco sells Giraffe restaurant chain and Turkish grocery business
The sale includes 54 standalone restaurants, of which 12 are franchise sites, and three restaurants within Tesco stores.
Speaking of the sale, Tesco chief executive Dave Lewis said: “As we stabilise the business in the UK, we continue to focus on where we can best serve the needs of our customers, while ensuring our business remains sustainable for the long-term.”
In a separate transaction, the supermarket is also selling its 95.5% controlling stake in the Kipa grocery business in Turkey to Migros. The sale is expected to raise around £30 million.
Lewis said: "The sale of Kipa reflects the particular strategic challenge we have faced in Turkey as a small regional player in a highly competitive market. It removes the need for the sustained investment required to enable the business to compete independently."
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