Fri, 01 Apr 2016 | DIVISION SALE
Tesco is looking to sell off its loss-making Giraffe restaurant chain, which it originally purchased during the ill-fated reign of its former chief executive.
Various media outlets see Tesco’s proposed exit as a way to distance itself from the wrong-footed strategy adopted by Phil Clarke, the supermarket giant’s former chief executive. Mr Clarke had originally envisioned that Giraffe would help draw customers into Tesco’s UK stores, but this has proved to be a pipe-dream, as the restaurant chain posted losses of £4.1 million last year.
Giraffe, which now has 60 restaurants across the UK, was bought by Tesco in 2013 for around £50 million, but its subsequent sale would make scant difference to Tesco’s multi-billion balance sheet.
Tesco has reportedly approached private equity firms and other potentially interested parties ahead of a sale. However, a company spokesman refused to comment on the proposed deal.
In 2015, Tesco sold off its loss-making online streaming service Blinkbox, making an overall loss on the sale. The year before that, the supermarket chain sold off its South Korean Homeplus brand for around £4.2 billion. At the time, chief executive Dave Lewis said the deal enables Tesco “to make significant progress on our strategic priority of protecting and strengthening our balance sheet”.
Mr Lewis’s strategy is to offload several peripheral firms in order to focus on its grocery business.
For more information, see other restaurants for sale.
An established MOT and service centre positioned in the vibrant community of Portslade, Brighton, presents a unique opportunity for investment in East Sussex's automotive service industry.
A licensed restaurant in Brighton, East Sussex, featuring alfresco seating for 60 covers, is available for purchase.
LEASEHOLD
Opportunity to acquire a maintenance grooming equipment business in Brighton at a reduced price for a quick sale.
30
|
Jun
|
Specialist electronics manufacturer to be acquired in £20m deal | BUSINESS SALE
Landguard Nexus Limited, a specialist electrical and electro...
30
|
Jun
|
Modella successfully price-chips WH Smith deal by at least 23 per cent | BUSINESS SALE
Back in March 2025, private investment form Modella Capital ...
30
|
Jun
|
IFA consolidator secures £14.5m facility for buy-and-build strategy | BUSINESS NEWS
Futura Financial Services Group, a consolidator of UK indepe...
14
|
Mar
|
Outsourcing giant plans £700m asset sale | DIVISION SALE
One of the country’s largest outsourcing players, Capi...
19
|
Apr
|
Tesco selling optician business to Vision Express | BUSINESS SALE
Tesco is to sell its in-store optician business to Vision Ex...
27
|
Jan
|
Tesco acquires Budgens and Londis owner Booker for £3.7bn | BUSINESS SALE
UK supermarket giant Tesco is to buy food wholesaler and con...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.