Tesco has disposed of casual dining chain Giraffe, just three years after acquiring it for £48.6m. It was sold to Harry Ramsden's owner Boparan Restaurants Holdings (BRH).
BRH says it is seeking to further grow the 57-strong chain, which includes the Giraffe, Wondertree, Giraffe Stop and Burgers & Cocktails brands, including 12 franchised sites. The purchase price has not been disclosed.
BRH also purchased the three-strong Cinnamon Collection fine dining restaurant chain in January.
Ranjit Singh Boparan, CEO of BRH said: 'We invest in businesses that add value to our portfolio and Giraffe represents an appealing proposition for both customers and landlords. We believe the brand has significant potential for further growth and look forward to working with Tom and his team to develop the group.'
Giraffe's managing director Tom Crowley, said: 'We are very excited about the acquisition of our business by Boparan Restaurants Holdings. This now provides us with the opportunity to really focus on developing the Giraffe business to its full potential throughout the UK and overseas.'
BRH said it is currently investigating the opportunity for further hospitality acquisitions.