Tesco has agreed to divest its Harris + Hoole artisan-style coffee chain, which comes less than four years after investing in its laynch and a few months after securing complete control of the business.
The sale to Caffè Nero is the latest divestment plan of Tesco’s CEO Dave Lewis, reported The Guardian.
Earlier this month, Tesco divested restaurant chain Giraffe and Dobbies Garden Centres as part of Lewis’ strategy to turn around Tesco’s struggling grocery outlets.
Harris + Hoole was opened in 2012 and Tesco subsequently bought a 49% stake in the chain.
The remaining stake in the coffee chain business was owned by Nick, Laura and Andrew Tolley.
Tesco’s previous CEO Philip Clarke bought a stake in the chain as part of the company’s aim to widen its reach into areas that offer growth opportunities.
Tesco purchased Giraffe child-friendly restaurants for £50m under the same strategy.