Coffee-to-go speculation at Tesco as another top executive departs
TESCO yesterday lost another senior executive after the man in charge of its in-store dining, Michael Holmes, stepped down.
Holmes served as the director of a number of Tesco’s businesses, including restaurant chain Giraffe, coffee shop Harris + Hoole, in-store restaurant Decks and Tesco’s Euphorium bakeries. The exit follows a string of departures that have come amid a major restructuring of the supermarket giant by its new executive Dave Lewis. The shake-up could see as many as 10,000 jobs go, including senior directors, head office and store employees, as the retailer looks to streamline its operations.
Holmes appears to be the latest to depart under Lewis’ watch and his exit fuels speculation that Giraffe and Harris + Hoole will be next in line for the chop.
Tesco acquired the Giraffe chain for £48.6m during better times, under former chief Philip Clarke, when it looked to make the weekly shop more of an “experience” by installing restaurants in Tesco stores.
In the same year, 2013, Tesco took a 49 per cent stake in Harris + Hoole. However, the chain has struggled with six of its 40 shops closing and pre-tax losses of £12.8m at the end of last year.