Tesco is selling its Polish business for about £181m, the supermarket group said today, leaving its central European business focused on the Czech Republic, Hungary and Slovakia.
The retailer's withdrawal from Poland follows the sale of the its supermarket businesses in Thailand and Malaysia in March, and is a further retreat from its once lofty global ambitions.
Tesco said it had stronger market positions and better growth prospects in the Czech Republic, Hungary and Slovakia, which alongside Ireland are its only remaining overseas supermarket operations.
The buyer of its 301-store Polish business is Salling Group.
The pair agreed a 900 million zlotys enterprise value for the business, equivalent to about £181m, and Tesco said net proceeds were expected to be £165m in cash.
The group said it would continue to seek value from the remaining assets which include 19 currently trading stores not covered by the deal with Salling.