Tesco Giraffe
Food retailer Tesco had already made moves into the out-of-home sector with the purchase of a 49 per cent stake in coffee shop Harris & Hoole, but it was nevertheless a surprise to many when it announced it had bought out the 48-strong restaurant chain Giraffe in a deal worth more than £48m.
Giraffe's family-friendly philosophy was said to be a good fit for Tesco while Giraffe's founders Russel and Juliette Joffe (both retained as part of the deal) said they believed the deal would help grow the business and expand more rapidly.