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Wednesday, 03 September 2014

Tesco gobbles up restaurant chain

SUPERMARKET giant Tesco is to buy the Giraffe child-friendly restaurant chain for up to £50m in a move that will see it open the eateries across its stores.

The deal will net a hefty windfall for Giraffe founders Juliette and Russel Joffe and Andrew Jacobs, who together with other management and long-standing investors will sell their combined stake of around 54 per cent.

Tesco is hoping the acquisition of the 47-strong business will reinvigorate its UK arm, which has been battling to shore up flagging sales.

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