Tesco is due to put its latest acquisition straight to work in order to broaden the appeal of its existing business.
The supermarket has today confirmed its purchase of the Giraffe chain of restaurants for £48.6 million. This follows its recent purchase of a 49 per cent stake in Harris and Hoole coffee shops and the firm's investment in the Euphorium Bakery chain.
The acquisition spree comes shortly after the company conducted a revamp of its UK stores and is part of broader efforts to secure growth. To do this, Tesco hopes to create “retail destinations” for its customers through the provision of restaurants and retail services at the same locations.
Kevin Grace, the retail group's commercial director, commented on the developments, noting: “We think our customers will love it.”
A true test of Tesco's brand strength will be how the company responds to the recent horse meat allegations that have plagued its ready meal division. But the company is making good progress with revitalising its business and in January posted its strongest UK Christmas sales growth in three years, suggesting that it has a strong base to build on.
It noted that there is still “a lot more to do”, but the company is putting its Giraffe acquisition to work in order to increase the attraction of its retail premises, which could well put things back on track sooner than expected. 
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