Retail giant Tesco has acquired restaurant group Giraffe in a £48.8m deal, which will see it take over the management of 48 existing sites.

The acquisition forms part of Tesco's strategy to develop its larger stores into shopping destinations where customers can meet, eat and drink, as well as shop.

In a statement the company said the first Giraffe restaurant to open next to a Tesco store will be "near London".

The first Giraffe opened in Hampstead, North London in 1998 and the group now consists of 48 sites nationwide, including franchised sites at Heathrow and other UK airports as well as one in Dubai.

The original Giraffe founders, husband and wife team Russel and Juliette Joffe, along with Andrew Jacobs, will remain in place with Russel continuing as managing director. 3i and Risk Capital Partners have sold their stakes in the business.