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Tesco fined £129m over 2014 accounting scandal

Tuesday 28 March 2017 - Posted by Elias Jahshan

The Serious Fraud Office has handed Tesco a £129 million fine over the 2014 accounting scandal, but has allowed the company to avoid prosecution. The supermarket giant’s subsidiary – Tesco Stores – finalised a deferred prosecution agreement (DPA) after a two-year investigation...


Tesco-Booker merger thrown in doubt after shareholders' protest

Tuesday 28 March 2017 - Posted by Elias Jahshan

Tesco’s merger with food wholesaler Booker has hit a major snag after its third and fourth-largest shareholders criticised the proposed £3.7 billion deal. Schroders and Artisan Partners have separately written to Tesco chairman John Allan, pressuring him to can the merger. The...


Tesco could be fined "well in excess" of £100m over accounting scandal

Monday 27 March 2017 - Posted by Elias Jahshan

Tesco is reportedly set to pay a hefty fine over the 2014 accounting scandal that saw it exaggerate its profits by more than £300 million. According to Sky News, the lawyers representing the Big 4 grocer are close to finalising a deferred prosecution agreement (DPA) after mont...


In-depth: Who are the real "endangered species" in retail's boardrooms?

Friday 24 March 2017 - Posted by Ben Stevens

The issue of diversity in retail has made some progress over the last five years, yet there is still a long road ahead before any claims of true equality can be made. According to the recent McGregor-Smith review of race in the workplace, black, Asian and minority ethnic (BAME...


Pressure mounts for inquiry into Tesco-Booker deal ahead supplier's financial results

Friday 24 March 2017 - Posted by Ben Stevens

Calls for a competition inquiry into the Tesco-Booker merger have intensified ahead of the release of Booker’s fourth quarter trading update. The £3.7 billion merger has been met with controversy as rival retailers argue it could breach competition laws. Andy Higginson, former...


Tesco continues major leadership changes with new commercial director

Friday 24 March 2017 - Posted by Ben Stevens

Tesco has announced George Wright as its new commercial director, following his predecessor’s promotion to chief executive of Tesco Central Europe. In a raft of major leadership changes at the grocer following its landmark merger with supplier Booker, Wright will replace Matt ...


Sainsbury's, Argos join M&S and Tesco in suspending ads with Google

Thursday 23 March 2017 - Posted by Elias Jahshan

Several other retailers have joined the ranks of prominent UK companies that have pulled their advertising with Google and YouTube over ads appearing alongside content that incited hate. Marks & Spencer and Tesco were the first retailers to suspend their advertising with the t...


Tesco pulls Heineken products in latest spat over price changes

Thursday 23 March 2017 - Posted by Ben Stevens

Tesco has pulled many of Heineken’s leading beers from its shelves amid the latest public spat over supplier prices. Heineken, Amstel, Sol, Kingfisher and four other beers have been removed from the supermarket’s stocks as Tesco once again refuses to pay suppliers inflated pri...


4000 retail jobs cut this year as wage rises destroy margins

Tuesday 21 March 2017 - Posted by Ben Stevens

Nearly 4000 retail employees have lost their jobs this financial year already as major retailers make cut backs to offset rising wage pressures. According to the Financial Times, 3700 low-skilled jobs have been cut from major retail chains, as companies replace their roles wit...


Tesco Booker deal under scrutiny as study reveals promises weren't kept

Tuesday 21 March 2017 - Posted by Ben Stevens

Tesco’s landmark deal with Booker has come under pressure as a study by The Times reveals that the Tesco-owned One Stop costs more and pays less. The £3.7 billion merger between the UK’s largest grocer and wholesaler saw the companies’ chief executives reassure independent sho...