Tesco announces sale of Giraffe restaurant chain

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 per cent 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 ($43.4 million), contributing to a reduction of around £110 million 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.

- Reuters