Tesco to sell Giraffe restaurants and Turkish operation
Tesco has confirmed it is to sell the Giraffe restaurant chain to Harry Ramsden owner Ranjit Boparan and also offload its Turkish operations as the supermarket continues to sell off underperforming assets.
The disposals represent a continued shift in strategy under chief executive Dave Lewis, who is attempting to turn Tesco around after years of decline under previous management.
Mr Boparan, the boss of Fox's Biscuits and Goodfella's pizza owner 2 Sisters, will pick up 54 standalone Giraffe restaurants, three of which are within Tesco stores.
The tycoon stands at number 267 on the Sunday Times Rich List with an estimated fortune of £430 million.
The sale of Tesco's Turkish operation Kipa to Migros will net the supermarket £30 million.
Mr 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.
"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, allowing us to focus on improving profitability in Central Europe and continuing to grow our businesses in South East Asia."