Tesco said yesterday that it is selling its Dobbies Garden Centres division in the UK for the equivalent of $319 million, as it continues its ongoing effort to get rid of businesses that it sees as non-core. Tesco bought Dobbies in 2007, a time of rapid expansion for the company from which it now is trying to recover.
The buyer is an investors group led by Midlothian Capital Partners and Hattington Capital.
In a prepared statement, Tesco CEO Dave Lewis said that "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.”
The buyer is an investors group led by Midlothian Capital Partners and Hattington Capital.
In a prepared statement, Tesco CEO Dave Lewis said that "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.”
- KC's View:
- Ahhh ... yet another trick performed by The Amazing Shrinking Tesco.
