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£22 million Tesco store boarded up as opening delayed

The opening of a £22 million Tesco store has been delayed - the second such "delayed opening" announced by the troubled supermarket chain this month.

The 47,000 square foot superstore in Chatteris, near Ely in Cambridgeshire, will be boarded up "until further notice", a spokesman confirmed.

Tesco had planned to open the £22 million superstore in November. Credit: Chris Radburn/PA Wire

As part of the development, a river bed has been moved, an underpass built and a roundabout installed, sparking numerous complaints.

The Tesco spokesman said there was no timeline for the development "beyond that it is delayed".

Tesco shares drop 4.7p as markets open

Tesco shares fell by 2% or 4.7p to 198.2p as the markets opened today.

The fall came despite news that former M&S finance boss Alan Stewart would be starting immediately in his role as chief financial officer with the chain rather than in December

Tesco shares plunged to an 11-year low on Monday after it revealed it may have overstated profits by £250 million.

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Chuka Umunna: Tesco error 'a national interest issue'

Shadow Business Secretary Chuka Umunna said he was 'deeply troubled' by the Tesco error Credit: PA Wire

Shadow Business Secretary Chuka Umunna said the crisis at Tesco is a "national interest issue" that will affect the whole British business community.

He said it was important to establish whether an accounting error which inflated the supermarket giant's profits by £250m was an isolated incident or part of a pattern.

Tesco has suspended four executives while an investigation takes place into the incident.

New finance chief joins troubled Tesco early

Alan Stewart has been brought in early at Tesco Credit: PA Wire

The new chief financial officer of Tesco will begin his role three months early with the supermarket chain after it issued a shock profit warning.

Alan Stewart will start with Tesco immediately rather than at the beginning of December after it revealed an accounting issue had seen the chain overstate its first half profit forecast by £250m.

He was previously in the same role at Marks & Spencer but left for the post with Tesco in July.

Tesco suspends four executives after overstating profits by £250m

Tesco's unexpected profit warning sent its shares to an 11-year low today after the supermarket warned it may have overstated profits by £250 million.

The revelation has prompted the suspension of four senior executives and will be investigated independently by Deloitte.

ITV News Economics Editor Richard Edgar reports:

Tesco shares shed 10% after shock profit warning

Storm clouds are gathering over Tesco after shares lost a further 10% on Monday. Credit: Luke MacGregor/Reuters

Shares in Tesco have closed down more than 10% after the shock profit warning issued by Britain's largest supermarket chain this morning.

The stock shed 23.7p to end the day at 205.9p, meaning that the FTSE 100 member has lost almost 40% of its value since the start of this year. Tesco is now worth £16.7bn and now faces speculation that it could be a takeover target.

Shares in rival Sainsbury's have also sunk since January, with its stock falling by 23% in the same period, and Morrisons declining by more than 31%. Asda, the other big supermarket chain, is owned by US retail giant Walmart.

Keith Bowman, equity analyst at Hargreaves Lansdown, said: "Tesco has dealt investors a severe blow to confidence, with fellow food retailers also suffering."

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Tesco boss: 'I'll investigate this right to the end'

Tesco chief executive Dave Lewis has said he will investigate the profit overstatement of his company "right to the end" until he gets to the bottom of it.

Mr Lewis said it was "one event" which occurred in the first half of 2014 totalling around the £250 million mark and he would update the market when he knew more.

Tesco boss: 'I can't speculate exactly what went wrong'

Tesco chief executive Dave Lewis was only appointed three weeks ago.

Tesco boss Dave Lewis has said he will not know exactly what went wrong with their profit misstatement until he gets the results of an independent investigation into the matter.

The chief executive, who was only appointed three weeks ago, was made aware of the issue on Friday and four employees have since been "asked to step aside".

But he would not reveal who the staff members were and said disciplinary action had not been taken against them.

Asked if the deficit could be more than the £250 million the firm reported in their figures, he said: "Early indications suggest it is £250 million.

"But I must stress at this point in time I won't know until we've done the full investigation.

"It's a obviously a very serious issue which is very important for us but until I've finished the investigation I can't speculate exactly what happened."

Tesco chairman has no intention of stepping down

Tesco chairman Sir Richard Broadbent has said he has no intention of stepping down despite the slump in Tesco's performance and revelations over misstated profits.

He said: "I do not think we are ducking the issues. My intention is to continue to be part of the solution."

The company is currently without a finance director as Alan Stewart is not due to join from Marks & Spencer until December 1 and Laurie McIlwee left the business this month.

It said it had alerted City regulator the Financial Conduct Authority to the developments.

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