Tesco takes over Harris + Hoole coffee shops
HarrisHooleTescoGettyFullSizeEnglish supermarket chain Tesco has completely take over Harris + Hoole, a chain of artisan coffee shops in which the supermarket had a 41 percent share. The retailer had paid an undisclosed amount to the London based Harris + Hoole founders, the Tolley family. The coffee shop chain, which was in huge loss saw its founders Andrew, Nick and Laura Tolley leaving the business six months back. Many expected Tesco to offload its shares in the Company. A spokesperson for Tesco said that the workers would be unaffected after the change in the ownership.
Harris + Hoole entered into a deal with Tesco three years back. The company spokesperson said that it would continue in partner with the management in the future. Since Dave Lewis became Tesco chief, the company has been focused on cost cuts. After record losses and accounting scandals, not many had thought that the company would take over a loss making firm. The shares in Harris + Hoole was bought by former Tesco chief Phil Clarke in an effort to revive the fortunes of the supermarket giant. Harris + Hoole has 43 outlets, including 29 in Tesco stores, and employs more than 500 people. As of March 2015, the total loss of Harris + Hoole extended up to £25.6m. During the previous year, before it launched 20 new stores, the losses were £12.8m.