Tesco has announced it is to sell
its Giraffe restaurant chain to the owner of Harry Ramsden's
restaurants, Boparan, for an undisclosed sum.
It comes just three years after Tesco bought the restaurant chain for £49m.
The sale includes 54 standalone restaurants and three that sit inside Tesco stores.
The supermarket has also disposed of its 95% stake in Turkish grocery business Kipa to local rival Migros.
The sale of Kipa is expected to raise about £30m for Tesco.
The
asset sales are part of attempts by Tesco chief executive Dave Lewis to
revive the retail giant's fortunes. Last September, Tesco sold its
South Korean business, Homeplus, for £4.2bn.
There has also been
speculation that Tesco could sell its Dobbies garden centre chain and
coffee shop chain Harris & Hoole in order to focus on its
supermarket operations.
Announcing the sale of Giraffe, 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."
Of
the Kipa deal, Mr 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, allowing us to focus on improving
profitability in Central Europe and continuing to grow our businesses
in South East Asia."
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