The owner of the 43-strong Harry Ramsden's chain has acquired Tesco's Giraffe restaurant business today (10 June) for an undisclosed sum.
Boparan Restaurants Holdings (BRH), which also owns Fishworks and the London-based, three-strong Cinnamon Club, was yesterday reported to be close to completing the purchase for a "modest" figure.
Giraffe was originally launched in 1998 as a "family friendly global food concept" and was acquired by Tesco in 2013 in a deal worth £50m when it had 47 restaurants.
The group now operates 57 restaurants under the Giraffe, Wondertree, Giraffe Stop and Burgers & Cocktails brands, which includes 12 franchised sites.
In May this year, Tesco closed seven Giraffe restaurants located in its Tesco Extra stores in what was thought to be a prelude to a sale.
Tom Crowley, Giraffe's managing director, 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."
Ranjit Singh Boparan, CEO of BRH, added: "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."
The acquisition forms part of BRH's strategy to build a multi-brand restaurant portfolio.
Further acquisitions within the hospitality sector are currently being evaluated by BRH.
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