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Harris + Hoole founders to quit Tesco-backed coffee chain after three years Harris + Hoole founders to quit Tesco-backed coffee chain after three years
(about 1 hour later)
The three siblings who founded and run Harris + Hoole are leaving the Tesco-backed coffee chain.The three siblings who founded and run Harris + Hoole are leaving the Tesco-backed coffee chain.
Andrew, Nick and Laura Tolley, who set up the business in partnership with Tesco three years ago, will maintain their 51% stake in H+H “at this point in time”, said a spokeswoman, but no longer be involved in its management.Andrew, Nick and Laura Tolley, who set up the business in partnership with Tesco three years ago, will maintain their 51% stake in H+H “at this point in time”, said a spokeswoman, but no longer be involved in its management.
The Tolleys are returning to their Taylor St Baristas coffee chain which is set to open its first overseas outlet in New York later this year, after raising £1.9m via crowdfunding site Crowdcube.The Tolleys are returning to their Taylor St Baristas coffee chain which is set to open its first overseas outlet in New York later this year, after raising £1.9m via crowdfunding site Crowdcube.
Related: Harris + Hoole make £12.8m annual loss after store-opening spreeRelated: Harris + Hoole make £12.8m annual loss after store-opening spree
Nick Tolley said: “It feels like the right time for me and my siblings to return to focusing on Taylor St Baristas, leaving the excellent Harris + Hoole management team in charge.”Nick Tolley said: “It feels like the right time for me and my siblings to return to focusing on Taylor St Baristas, leaving the excellent Harris + Hoole management team in charge.”
The move appears to fox speculation that Tesco is planning to sell off its 49% stake in H+H, which will now be run by members of its existing management team including the operational director, Colin Bell, and its finance officer, Richard Harpham. The chain has more than 40 stores and 500 staff.The move appears to fox speculation that Tesco is planning to sell off its 49% stake in H+H, which will now be run by members of its existing management team including the operational director, Colin Bell, and its finance officer, Richard Harpham. The chain has more than 40 stores and 500 staff.
A Tesco spokesman said: “We’d like to thank the Tolleys for all their hard work in making Harris + Hoole the popular, exciting brand it is today ... It’s clear customers have come to love the service, experience and high-quality coffee the brand offers. We will continue to work in partnership with the management board and look forward to the business progressing in the future.”A Tesco spokesman said: “We’d like to thank the Tolleys for all their hard work in making Harris + Hoole the popular, exciting brand it is today ... It’s clear customers have come to love the service, experience and high-quality coffee the brand offers. We will continue to work in partnership with the management board and look forward to the business progressing in the future.”
Tesco is reviewing all aspects of its business as it tries to cut costs and revive sales after a dismal year in which it suffered a record loss.Tesco is reviewing all aspects of its business as it tries to cut costs and revive sales after a dismal year in which it suffered a record loss.
The supermarket giant is in the process of selling off Dunnhumby, the company behind the Tesco Clubcard, and is also reviewing the sale of its Korean chain Homeplus, thought to be worth £4bn. Tesco has already offloaded its Blinkbox film and music streaming businesses. First round bids from a shortlist of 10 potentially interested parties are expected for Dunnhumby within days.
Related: Customers criticise 'indie' image of the coffee shops part-owned by TescoRelated: Customers criticise 'indie' image of the coffee shops part-owned by Tesco
Tesco is also looking at new ways to use excess space in its vast out-of-town supermarkets, which have become less popular with shoppers. The supermarket chain is in the process of selling off Dunnhumby, the company behind the Tesco Clubcard, and is reviewing the sale of its Korean chain Homeplus, thought to be worth £4bn. Tesco has already offloaded its Blinkbox film and music streaming businesses. First round bids from a shortlist of 10 potentially interested parties are expected for Dunnhumby within days.
This month, the retailer began trialling outlets of the UK fashion chain Peacocks in two stores in Hungary alongside Sports Direct and Street One concessions. Tesco is looking at new ways to use excess space in its vast out-of-town supermarkets, which have become less popular with shoppers. This month, the retailer began trialling outlets of the UK fashion chain Peacocks in two stores in Hungary alongside Sports Direct and Street One concessions.
Parts of British stores have also become home to Sports Direct as well as gyms and children’s play areas.Parts of British stores have also become home to Sports Direct as well as gyms and children’s play areas.