Tesco profits crisis: Dave Lewis must do “whatever it takes”, says shareholder September 22, 2014 Tesco could be forced to raise cash by way of a rights issue or by speeding up the sale of its UK and overseas assets, as the troubled supermarket chain launched a probe yesterday into a £250m black hole in its accounts. The debacle prompted a profits warning, which puts Tesco on course for trading [...]
Tesco in turmoil: Share price dives after £2bn is wiped off market value September 22, 2014 Britain’s largest retailer suspends four executives and launches probes after £250m profit overstating debacle. Tesco shares plunged 12 per cent yesterday after the embattled supermarket chain admitted that an error in its accounts meant profits for the last six months would be £250m lower than expected. The retailer has suspended four senior executives, [...]
Broadbent suffers his Rumsfeld moment September 22, 2014 SIR RICHARD Broadbent’s position as chairman of Tesco looked increasingly vulnerable yesterday after the latest revelations over mis-stated profits raised questions over governance at the chain. Several City analysts suggested that Broadbent would have to go, including Shore Capital’s Clive Black, who described his position as “untenable,” after overseeing his third profit warning in weeks. [...]
Tescopoly fear has proven to be unfounded – Bottom Line September 22, 2014 SEVEN years ago I worked for a charity in Covent Garden. It was a fairly standard office, with us low-level employees popping out every lunchtime to escape the tedium and top up on sustenance. By far the cheapest and most varied selection of grub on offer was to be found in the local Tesco Metro [...]
Laying down the law on M&A and sell offs September 22, 2014 LAW FIRM of the year The past year has seen law firms work with the government and banks on the selling of shares and on the investigations into alleged failings at big companies. Against that backdrop lawyers have also started to benefit from the upturn in the M&A and financing markets, beefing up their private [...]
London Report: Tesco’s woes and miners’ China fears drag down market September 22, 2014 SHARES in giant retailer Tesco tumbled yesterday 11.5 per cent to 203p – their lowest in 11 years – because of fears that first-half profits were overstated by around £250m, dragging down the FTSE 100. The blue-chip index was off 64.29 points, 0.94 per cent, at 6,773.63 points. Supermarket rivals Morrison and Sainsbury’s were hit [...]
Tesco can still win back shoppers by slashing prices: Investors may now be harder to convince September 22, 2014 EVEN before the announcement of accounting irregularities yesterday, Tesco was a company beset by problems. Once the darling of the British retail scene and the undisputed leader of the grocery pack, Tesco has faced years of falling sales and profits, combined with some high profile failures, like the disposal of its costly Fresh & Easy [...]
Ratings agency Fitch puts Tesco on negative watch as £2bn is wiped off its value September 22, 2014 It's been a bad day at the office for new Tesco chief executive Dave Lewis. Not only did shares in the supermarket close down 11.6 per cent, wiping £2bn off the supermarket's value, after it admitted it had "overestimated" its profits by £250m – but now ratings agency Fitch has put it on negative watch, [...]
Why Tesco’s share price just fell to an 11 year low September 22, 2014 Another surprise announcement this morning from Tesco has further dampened the supermarket’s outlook when it really must have been hoping to move on from recent rough times. Shares fell more than 11 per cent to an 11-year low after announcing a £250m error in its first-half results. Whether its an accounting error or something worse, investigating the [...]
Gimme 5: Startups crowdfunding this month September 22, 2014 Rollasole Target: £150,000 for 7.5 per cent equity If you’ve seen a pair of bendy pumps someone’s shoved in their handbag, you’ll know how useful Rollasole shoes are. Raised: £130,210 via Crowdcube 42 days left Line-Up Target: £200,000 for 9.09 per cent equity Line-Up’s technology collects and collates “what’s on” information from newspapers, radio [...]