Tesco has announced it will sell its Euphorium bakeries in a continued effort to halt its decline.
Chief executive Dave Lewis has said that as part of plans to change the financial fortunes of the UK’s largest supermarket, Tesco will sell its bakery subsidiary Euphorium, which it bought last year.
The bakery off shoot will be sold to London-based coffee shop firm Soho Coffee, along with its factory in Islington.
Financial details of the handover have not been given as of yet.
This comes as Tesco attempts to slim down its outgoings, having already sold other subsidiaries Dobbies Garden Centres, Harris and Hoole Coffee shops and Giraffe restaurants.
“We know how important a great bakery offer is to our customers, and this agreement will mean we can continue to serve shoppers with great quality Tesco bakery products,” a Tesco spokesperson said.
57 in-store bakeries will now be run by Tesco and staff will reportedly be given the opportunity to transfer to the supermarket.