Tesco executive ditched from loss-making in-store restaurant division

Michael Holmes, whose responsibilities also included the Euphorium bakeries, in-store restaurants Decks, Dobbies garden centres and One Stop convenience stores, had held the role for three years.

Restaurant brand Giraffe was bought by Tesco in March 2013 for £49m and was supposed to make Tesco supermarkets a “retail destination” for customers. Preceding that was the acquisition of a 49 per cent stake in Harris + Hoole.

Giraffe was founded by Russel and Juliette Joffe, alongside Andrew Jacobs, and had received growth investment from 3i and Risk Capital, the investment firm run by serial entrepreneur Luke Johnson.

However, after Harris + Hoole registered a loss of £13m in the year-to-date 28 February 2014, Holmes has been relinquished of his duties.

New Tesco chief Lewis has outlined plans which could see up to 10,000 jobs be cut from head office, store closures and restructuring of management, alongside the moving of the Tesco headquarters. Further plans from Lewis, who has been dubbed as “Drastic Dave”, will see the shutting of 43 unprofitable stores and the shelving of a number of future locations. 

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Other senior management to have been laid off by Tesco and Lewis in recent months include the chairman and finance director, UK chief executive Chris Bush, chief creative officer Matt Atkinson and group business planning and strategy director David Hobbs.

Tesco has not let clarified what it now intends to do with the likes of Giraffe, Harris + Hoole and Euphorium, which form the core of Tesco’s “new food experiences”.

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