Tesco to complete £8bn sale of Thai and Malaysian units this month December 9, 2020 Tesco is set to complete the sale of its Thailand and Malaysia businesses later this month after all conditions for the deal were satisfied. The UK supermarket giant announced in March that it was going to sell the two Asian businesses to Thai conglomerate CP Group. The deal is worth £8bn. Tesco is seeking to [...]
Tesco CEO: Movement of product is the biggest Brexit issue December 3, 2020 The movement of products across borders is the biggest issue facing supermarkets because of Brexit, not food price inflation, the chief executive of Tesco has said. Speaking on Sky News today, CEO Ken Murphy said: “The biggest challenge we face really is the movement of product between borders, the movement of product between Great Britain [...]
Tesco to pay back £585m in emergency support with pandemic risks ‘behind us’ December 2, 2020 Tesco this morning said that it would pay back £585m of business rates relief it received to protect it from the impact of the coronavirus pandemic. The supermarket said that paying back the emergency funding was “the right thing to do”, adding that some of the risks from the pandemic were now behind it. In [...]
Tesco apologises to customers over Christmas delivery booking delays November 13, 2020 Tesco has been forced to apologise to customers facing delays trying to book a delivery slot for Christmas shopping following a surge in demand. The supermarket said this morning that it had placed shoppers in a “virtual waiting room” to help it manage the influx of customers trying to secure a home delivery for the [...]
East London Liquor: Craft doesn’t have to mean expensive, as indie distiller toasts Tesco and Co-op deals October 13, 2020 East London Liquor Co boss: Craft alcohol doesn't have to mean expensive, as indie distiller toasts Tesco and Co-op supply deals
Tesco sees profit drop despite surge in lockdown sales October 7, 2020 Tesco’s operating profit fell 15.6 per cent in the first six months of the year in new chief executive Ken Murphy’s debut set of results. Profit at the supermarket dropped from £1.23bn to £1.04bn, with a jump in sales due to the coronavirus pandemic weighed down by a hefty loss at Tesco Bank. On a [...]
Supermarkets reinstate rationing amid new Covid-19 restrictions September 25, 2020 British supermarkets have reinstated rationing on essential products after the UK was plunged back into fresh coronavirus restrictions. Morrisons yesterday became the first major supermarket to roll out new measures, saying it would limit purchases of products such as toilet roll and disinfectant to three per customer. The company said it had sufficient stock levels [...]
Tesco creates 16,000 new permanent roles after online shopping boom August 24, 2020 Tesco will create 16,000 new permanent roles as it grows its online business to keep up with the surge in demand for home deliveries. The supermarket said this morning that most of the roles will be filled by temporary workers taken on during the coronavirus lockdown. The roles will include 10,000 pickers to assemble customer [...]
Outgoing Tesco boss Dave Lewis sees £6.4m pay packet voted down June 26, 2020 Dave Lewis’ tenure as Tesco’s chief executive looks set to end on a sour note after shareholders voted down the pay report that will give him £6.4m in compensation. Over 67 per cent of shareholders revolted against the report at the grocer’s annual meeting today, but as the vote is non-binding Lewis will still receive [...]
Audit watchdog closes investigation into Tesco accounting scandal June 8, 2020 The Financial Reporting Council (FRC) has announced the closure of its remaining investigation into accountants at Tesco, ending a six-year probe linked to an overstatement of profit by the supermarket chain. The FRC said this morning it was closing an investigation into Tesco’s announcement in 2014 that it had overstated profits by £263m, a figure [...]