UK retailer Tesco Plc (LON:TSCO) said on Wednesday it had taken over restaurant chain operator Giraffe Concepts Ltd for £48.6m ($72.7m/€55.9m).
The company has acquired the stakes held by Giraffe’s founders Juliette Joffe, Russel Joffe and Andrew Jacobs along with shares from Risk Capital Partners and 3i Group Plc (LON:III). The founders will continue to be actively engaged in the day-to-day management of the business.
The takeover aligns with Tesco’s plan to develop some of the space in its bigger stores to establish retail destinations that offer more choice to clients, it said.
In 1998, the acquired group opened its first site in North London. It now comprises 48 locations, including a franchised site in Dubai.