Supermarket powerhouse Tesco has confirmed the sale of outdoor furniture and garden centre retailer Dobbies to an investor group for £217m.
Midlothian Capital Partners and Hattington Capital both led the investor group over its acquisition of Dobbies, with the sale representing the entire share capital of Dobbies Garden Centres Ltd.
Tesco chief executive Dave Lewis said: "Through their hard work and dedication to customer service, Dobbies colleagues have built a great business, and I would like to thank them for everything they have done.
“It was a difficult decision to sell the business, but we believe this agreement will give Dobbies a bright future, while allowing our UK retail business to focus on its core strengths."
Andrew Bracey and Barney Burgess, of Midlothian Capital Partners and Hattington Capital respectively, said: "We are delighted to have been chosen by Tesco to take ownership of the Dobbies business. It is a great business with fantastic colleagues. We're very optimistic about the potential of the business, and we look forward to growing the business across the UK from its base in Scotland."
Tesco said it will continue to offer customers a wide selection of Home and Garden products through its own stores and online.