Categories
Headlines

Tesco sells Polish grocery store enterprise

Tesco in polandPicture copyright
Getty Photographs

Tesco has agreed to promote its enterprise in Poland because it continues to cut back its worldwide operations.

The UK grocery store large is promoting its 301-store Polish enterprise to Danish retail group Salling Group for £181m.

It mentioned the sale would permit it to concentrate on its central European markets of Czech Republic, Hungary and Slovakia the place it instructions extra of the market.

The corporate has additionally retreated from Thailand and Malaysia to this point this 12 months because it curbs its international ambitions.

“We have now seen important progress in our enterprise in Central Europe, however proceed to see market challenges in Poland,” mentioned Tesco chief government Dave Lewis.

“Right this moment’s announcement permits us to focus within the area on our enterprise in Czech Republic, Hungary and Slovakia, the place we’ve stronger market positions.”

The corporate mentioned it had additionally made “good progress” in promoting its remaining Polish property exterior of the cope with Salling. It mentioned it had raised £200m over the previous 18 months by both promoting or agreeing to promote 22 shops.

In March, Tesco offered its operations in Thailand and Malaysia for $10.6bn (£8bn).

The grocery store chain had 2,000 shops throughout each nations, below the Tesco Lotus model, and offered them to Thai conglomerate CP Group.

That sale generated sufficient for a particular dividend for shareholders.

Avatar

By Laura Price

Laura is the senior writer and Smartphones section editor responsible for managing software updates and smartphones section. She is very passionate about Gadgets & Technology and always looking around to use them in an innovative way in daily life. She reviews Gadgets & Applications to tell users about their optimum use to get the most out of in which they’ve put their time and hard earned money.
Email:[email protected]