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  1. Tesco agrees sale of Turkish business and Giraffe

Tesco agrees sale of Turkish business and Giraffe

Britain's biggest retailer Tesco has continued its re-shaping under Chief Executive Dave Lewis, agreeing the sale of its Turkish business and its Giraffe restaurant chain in the UK.

By: | London | Updated: June 10, 2016 3:16 PM
Tesco, Tesco Britain, Tesco jobs, Tesco job cut, Tesco Britain job cut Teso on Friday confirmed the proposed sale of its 95.5 percent controlling stake in the Kipa business in Turkey to Migros. (Reuters)

Britain’s biggest retailer Tesco has continued its re-shaping under Chief Executive Dave Lewis, agreeing the sale of its Turkish business and its Giraffe restaurant chain in the UK.

The firm on Friday confirmed the proposed sale of its 95.5 percent controlling stake in the Kipa business in Turkey to Migros.

The disposal, which is subject to local regulatory approvals, will result in estimated cash proceeds of around 30 million pounds ($43.4 million), contributing to a reduction of around 110 million pounds in total indebtedness.

Tesco also announced its intention to sell the Giraffe restaurant chain to Boparan Restaurants Holdings.

The sale includes 54 standalone restaurants, of which 12 are franchise sites, and three restaurants within Tesco stores.

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Tags: Tesco
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