Tesco ends speculation about Harris + Hoole sale by taking full ownership
Three years after its initial investment in artisan coffee chain Harris + Hoole, Tesco has exercised its right to take full control of the business, purchasing the 51% stake still owned by its co-founders, the Tolley siblings.
There has been much speculation over the future partnership of the coffee chain and supermarket since Dave Lewis became CEO in 2014, especially after Harris + Hoole reported losses of £43.5 million in March 2015.
Now that Tesco has taken full ownership of the business, analysts believe that the coffee shop chain will be key to the supermarket’s financial turnaround, now that the majority of Harris + Hoole outlets are reporting a profit.
There are currently 46 Harris + Hoole outlets, including 29 in Tesco stores. With further expansion expected, will Tesco opt to integrate more Harris + Hoole coffee shops into their supermarkets, or choose to focus on growing the artisan chain’s presence on the high street?