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Wed 13th Mar 2013 - Breaking News - Tesco confirms Giraffe acquisition
Tesco confirms Giraffe acquisition: Tesco has confirmed it has acquired restaurant group Giraffe for £48.6m. The acquisition forms part of Tesco’s strategy to develop the space in some of its larger stores and create even more compelling retail destinations where customers can meet, eat and drink, as well as shop. The first Giraffe restaurant to open next to a Tesco store will be near London. Russel Joffe, Managing Director and Founder of Giraffe said: “We’re very much looking forward to working with Tesco. We’re passionate about great service, wonderful hospitality and serving good, healthy food at great value. This move will allow us to introduce Giraffe to a wider audience, presents great opportunities for growth and for the team to be involved in an exciting stage of our brand’s development. It will be very much business as usual at Giraffe.” Kevin Grace, Group Commercial Director at Tesco said: “We invest in businesses that add value for our customers online or offline; as we’ve done with Harris + Hoole, Euphorium, blinkbox, and now Giraffe. We have the opportunity to develop some of the space in our larger stores to createretail destinations that offer customers even more choice. Giraffe is hugely popular with a wide range of ages and particularly families – we think our customers will love it.” Giraffe offers a wide range of fresh, seasonal, quality food, comfortable interiors and friendly staff. Its menu covers a range of global dishes and appetising options for breakfast, lunch and dinner. The first Giraffe opened in Hampstead, north London in 1998 and the group now consists of 48 sites nationwide, including franchised sites at Heathrow and other UK airports as well as one in Dubai. The original founders, husband and wife team Russel and Juliette Joffe, along with Andrew Jacobs, will remain in place with Russel continuing as Managing Director. 3i and Risk Capital Partners have sold its stake in the business. Their investment supported the management’s plans for a more rapid roll-out across the UK, helping the founders of Giraffe expand their unique brand of global food and family-friendly service from its London high street base to a nationwide presence. Tesco has bought a 100% stake in Giraffe.
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