Tesco to sell Euphorium Bakery business to Soho Coffee
Supermarket chain Tesco has agreed to sell its Euphorium Bakery business to coffee shop chain Soho Coffee for an undisclosed sum.
Soho Coffee will buy four high street Euphorium stores and the Islington factory, while Samworth Brothers – a Tesco supplier – will buy the Weybridge factory.
Tesco said on Friday that it will run the Euphorium Bakery franchises in its stores and staff will be given the opportunity to transfer to the supermarket.
This is the latest in a series of sales by the retailer, which sold Dobbies Garden Centres to a group of investors led by buyout firms Midlothian Capital and Hattington Capital for £217m in cash back in June.
It also recently sold restaurant chain Giraffe to the owner of Harry Ramsden’s restaurants and The Cinnamon Club and disposed of artisan-style coffee shop chain Harris + Hoole to Caffe Nero.
At 1545 BST, Tesco shares were up 0.3% to 164.50p.