Mike Ashley’s Sports Direct takes a punt on Tesco’s share price September 25, 2014 Mike Ashley isn't averse to taking a flutter. This time, the Newcastle United owner has taken a bet on Tesco – his company, Sports Direct, has entered into a put option agreement with Goldman Sachs on 23 million of its shares, which could leave it with a 0.28 per cent stake in the retailer, worth [...]
Tesco admits finance boss Laurie McIlwee left in April – before £250m profit black hole appeared September 24, 2014 New revelation puts spotlight on former CEO Tesco was forced to admit last night that ex-finance chief Laurie McIlwee was not involved with the company during recent months when a £250m black hole appeared in its accounts. The troubled supermarket also confirmed that Philip Clarke, its recently-ousted chief exec, had headed up an internal finance [...]
Why Sir Richard Broadbent could be next to checkout at Tesco after £250m profit overstatement debacle September 24, 2014 Things are always unnoticed until they’re noticed.” Those seven Rumsfeld-esque words could seal Sir Richard Broadbent’s fate as Tesco chairman. Responding to questions about the accounting debacle at Britain’s biggest retailer, Broadbent offered a painful reminder of how quickly events can spiral out of the control of even the grandest of grandees. The [...]
Now Standard & Poor’s puts Tesco on negative credit watch September 24, 2014 It hasn't been a great week for Tesco chief executive Dave Lewis, what with discovering a £250m black hole in his balance sheet, having to suspend four executives, and then being subjected to the humiliation of a series of regulators saying they were "keeping an eye" on the situation. Now, following in the footsteps of [...]
Tesco share price continues slump as Financial Reporting Council says it’s “closely monitoring” the situation September 24, 2014 The UK’s accounting regulator is keeping an eye on Tesco’s investigation into accounting errors which has caused more than £2bn to be wiped off its shares in the past two days. The Financial Reporting Council (FRC) said this morning it is "monitoring the situation closely" after Tesco’s announcement on Monday that it overstated profit estimates [...]
Tesco rushes in new finance boss September 23, 2014 TESCO has rushed in its new finance director Alan Stewart to start two months earlier than planned after a £250m profit error and new industry data yesterday showing a slide in quarterly sales plunged the retailer into further turmoil. The retailer, which had billions of pounds knocked off its share price after revealing the error [...]
London Report: New US pharma rules drag down UK drug firms September 23, 2014 THE FTSE 100 took a tumble yesterday as pharma shares were hit by overnight news that the US had announced new rules to reduce the benefits available to its companies buying overseas businesses for tax reasons. The FTSE 100 suffered a 1.44 per cent fall to 6676.08 points, its worst performance since 3 March. Poor economic [...]
Tesco loses more market share as supermarket sector slows to record low September 23, 2014 Growth in the supermarket sector has slowed to an all-time low, with Tesco once again losing market share to Asda, Aldi and Lidl. The troubled supermarket, which yesterday revealed a £250m black hole in its profits, saw its market share drop 4.5 per cent in the 12 weeks to September 14. During the [...]
Tesco share price slides a further 5 per cent despite early start of finance boss Alan Stewart September 23, 2014 Shares in Tesco slipped a further five per cent this morning as the supermarket continued to feel the fallout from serious accounting errors uncovered yesterday. Investors failed to be reassured by news that new finance chief Alan Stewart has been parachuted in two months early from his garden leave at M&S to steady the ship. [...]
Marks & Spencer finance boss Alan Stewart joins Tesco two months early following £250m profit overestimate September 23, 2014 Alan Stewart will assume his new role as chief financial officer of Tesco from today – over two months earlier than originally planned. Yesterday, the troubled retailer reported it had overstated its first-half profit expectations by £250m, leading to its biggest share price fall in 11 years. In July Stewart announced his plan [...]