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Tesco faces huge compensation claim from shareholders

Tesco admitted in September 2014 it had overstated its profits. Credit: PA

Tesco is facing a multi-million pound compensation claim from shareholders over last year's accounts scandal.

The supermarket giant’s announcement in September that it materially overstated its profits caused a crash in its share value.

A non-profit organisation under the name Tesco Shareholders Claims Limited said:

A permanent destruction of value has occurred and had the accounting irregularities not taken place the share price, and value of the company, would today be materially higher.

TSC expects the claim to be in the region of 50p-70p per share. Tesco Plc has in excess of 8 billion shares listed.

– Tesco Shareholders Claims Limited

Tesco 'committed' to reducing food poisoning bug

Tesco has said it is "committed" to reducing the food poisoning bug campylobacter in poultry.

'Providing safe food is always our absolute priority,' Tesco said. Credit: PA Wire

"Providing safe food is always our absolute priority," a Tesco spokesperson said.

"Whilst there is no simple solution to prevent its presence in raw poultry we have and will continue to work in close collaboration with our suppliers, scientists and relevant industry experts to make solid progress to tackle the problem at all stages of the supply chain."

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Report: Tesco preparing to cut up to 10,000 jobs

Supermarket giant Tesco is going to axe up to 10,000 jobs in a major shake-up at the crisis-hit retailer, according to reports.

The UK's biggest supermarket is preparing to put 6,000 members of staff out of work from its head office, according to Sunday Telegraph.

Tesco have not commented on the report it is planning to put 10,000 of its employees out of work. Credit: PA Wire

The report comes after last month's announcement that it would be closing 43 of its stores, putting 2,000 people at risk of losing their jobs.

A spokesman for the supermarket declined to comment on the report.

Chief executive Dave Lewis is embarking on a major overhaul of Tesco stores after two successive years of falling profits and an accounting scandal.

Official investigation launched into practices at Tesco

Tesco overstated its profits by £263 million last year. Credit: PA

An official investigation is to be launched into practices at Tesco, including any delays in payments to suppliers.

The Groceries Code Adjudicator, Christine Tacon, announced the move, saying she had formed a "reasonable suspicion" that the retailer has breached the Groceries Supply Code of Practice.

She said she took the decision after considering information submitted to her relating to practices associated with the profit over-statement announced by Tesco last September.

The role of the Adjudicator was set up in 2013 to regulate the relationship between the 10 largest retailers and their suppliers.

The investigation, the first to be held, is expected to take up to nine months and the Adjudicator has called for evidence to be submitted by 3 April.

We have worked closely with the office of the Adjudicator since its creation to put in place strong compliance processes.

We have taken action to strengthen compliance and, as we have announced, we are changing the way we work with suppliers.

We will continue to co-operate fully with the GCA as she carries out her investigation and welcome the opportunity for our suppliers to provide direct feedback.

– Tesco spokesman

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List of Tesco stores set for closure

These are the stores that Tesco have revealed are set to close.

Superstores

  • Bedlington
  • Chatham
  • Connswater and Cregagh Road in Belfast
  • Doncaster
  • Kirkcaldy and Wrexham Dodds Lane

Homeplus shops

  • Bristol Cribbs Causeway
  • Chelmsford
  • Chester
  • Edinburgh
  • Southampton
  • Staines

Tesco Metro

  • Bicester
  • Bootle
  • Caerphilly
  • Crossgates
  • Devizes
  • Grangemouth
  • Mexborough
  • Morecambe
  • Ormskirk
  • Runcorn
  • Smethwick
  • Woodseats

Tesco Express convenience stores

  • Bearwood
  • Belvedere
  • Church Street, Ballymena
  • Heaton Chapel
  • Heybridge, Essex
  • Houghton Regis
  • Liverpool Kensington
  • Longbridge Road, Barking
  • Northfield, Birmingham
  • Raymouth Lane, Worksop
  • Sheffield Manor
  • South Tottenham High Road
  • Tredegar
  • Troon
  • Walsall Wood
  • Wealdstone
  • Whitley Bay
  • York Road, Hartlepool.

2,000 Tesco jobs at risk as store closure list revealed

Tesco Credit: PA Wire

Around 2,000 Tesco workers have been told their jobs are at risk after the supermarket giant announced the location of 43 store closures.

Seven superstores and six Homeplus outlets are among the unprofitable shops identified for closure by new chief executive Dave Lewis.

Mr Lewis said: "The decision to close the stores has been exceptionally difficult to take. I recognise it will affect many hard-working colleagues, our customers and local communities.

"Our priority is to explain what this announcement means for our colleagues and, wherever possible, offer them alternative roles with Tesco."

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