Tesco reveals budget supermarket chain, Jack’s, to rival Aldi and Lidl September 19, 2018 Tesco officially unveiled its new discount shopping brand today, called Jack’s. Named after Tesco’s founder, Jack Cohen, the budget brand will open between 10 and 15 stores across the UK over the next six months, with the first two set to open in Chatteris, Cambridgeshire and Immingham, Lincolnshire, tomorrow. Read more: Jamie Oliver joins up [...]
Supermarket sweep: Industry benefits from World Cup shopping spree September 18, 2018 The World Cup and sunny weather led consumers to spend almost £500m more at supermarkets over summer than they did the year before, according to new data released today. Alcohol spending grew by £228m, while people spent £178m more on fizzy drinks and £74m more on ice cream during one of the hottest summers on record, [...]
Lidl set to open 38-acre warehouse in Leeds September 17, 2018 Budget supermarket Lidl has announced it will open a new, 38-acre warehouse site in Gildersome, Leeds, as part of its plans for long-term expansion. The new location will operate as a regional distribution centre for the company, and is expected to create around 500 jobs. Lidl is currently undertaking a £1.45bn expansion, with 16 distribution [...]
“Drastic Dave” Lewis is delivering at Tesco with £4.2bn sale of South Korean arm Homeplus to MBK September 7, 2015 Ever since Dave Lewis was appointed chief executive of Tesco last year, he has made strengthening the balance sheet a priority for the troubled retailer. Although Homeplus in South Korea was a profitable business, the focus has been on protecting Tesco’s UK market share in light of increasing competition from lower priced discounters, such as [...]
Tesco’s share price rises as it agrees to sell Korean arm Homeplus to consortium of investors led by MBK for £4.2bn September 7, 2015 Tesco's share price opened up this morning after revealing it has agreed to sell its South Korean arm Homeplus for £4.2bn to a consortium of investors, led by MBK Partners, the beleaugered supermarket has confirmed. The consortium also includes the Canada Pension Plan Investment Board, the Public Sector Pension Investment Board and Temasek. [...]
Tesco: What assets has it sold and what’s left at the checkout after £4bn South Korea Homeplus sale? September 7, 2015 Tesco has bagged up another asset, adding a nice £4.2bn to its coffers from the sale of its South Korean Homeplus business to a consortium of investors, it was revealed today. It's a major milestone in the supermarket's efforts at fixing its balance sheet – here's how it's progressing so far. Bagged up South Korea [...]
Tesco Bank, Metro Bank and Aldermore put more pressure on Treasury over George Osborne’s new bank tax September 6, 2015 The government is expected to face fresh criticism this week as politicians and City bosses step up their attacks on a new bank tax. Labour and the SNP have tabled amendments that would exempt challenger banks and building societies from having to pay an additional eight per cent of UK profits in corporation tax, the [...]
Tesco’s share price dips as supermarket selects MBK as preferred bidder for sale of South Korean unit Homeplus September 2, 2015 Tesco has identified private equity firm MBK Partners as the preferred bidder to buy its South Korean arm, Reuters is reporting. The troubled supermarket has been looking to offload Homeplus, which is valued at around $6bn (£3.9bn), as part of a wider attempt to bolster its bottom line. Two months ago it held a beauty parade [...]
Former Tesco chief executive Philip Clarke to be quizzed by Serious Fraud Office August 28, 2015 Former Tesco boss Philip Clarke is set to be grilled by the Serious Fraud Office (SFO) as part of an investigation into the supermarket chain’s multi-million pound accounting black hole. The UK prosecutors have also called in ex-commercial director Kevin Grace for questioning, according to people with knowledge of the matter cited by Bloomberg. Read [...]
Morrisons pulled up on Match & More price-match advert claims against competitors Tesco, Sainsbury’s, Asda, Aldi and Lidl August 26, 2015 Morrisons has been told it must be clearer about its promise to match the prices of competitors, including Aldi and Lidl. The supermarket's Match & More scheme, which is the only one of the big four to match the prices of the German discounters, has been pulled up by the advertising watchdog for not clearly [...]