17th Jun 2016 06:13
LONDON (Alliance News) - Tesco PLC on Friday said it is selling its Dobbies Garden Centres business to an investor group for GBP217 million in cash.
The investor group purchasing Dobbies is led by Midlothian Capital Partners and Hattington Capital. Tesco will use the proceeds for general corporate purposes.
Tesco bought Dobbies in 2007. It operates across 35 garden centres in the UK.
The latest sale comes after Tesco offloaded its Giraffe restaurant chain and Turkish supermarket chain Kipa last week amid a disposal programme of non-core assets.
"It was a difficult decision to sell the business, but we believe this agreement will give Dobbies a bright future, while allowing our UK retail business to focus on its core strengths," Chief Executive Dave Lewis said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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