Retail giant Tesco has announced it will close 43 unprofitable stores across the UK and has shelved plans to open larger stores.
Tesco’s suspended head of beer, wine and spirits Dan Jago is expected to be fired along with four remaining executives under investigation.
Supermarket giant Tesco has added a new wine buyer to its team as its director for beers, wines and spirits, Dan Jago, remains suspended.
Tesco has been found to have overstated its profits by £263m, £14m more than first thought, as it revealed today that its post-tax profits are down 92%.
Tesco’s beer, wine and spirits division is unlikely to have contributed to the supermarket’s £250 million accounting “black hole”.
UK retailer Tesco is expected to announce that the £250 million ‘black hole’ in its accounts – that has led to the suspension of BWS director Dan Jago – was overstated by around £25m.
Tesco’s Dan Jago has given the additional responsibility of beer and spirits, broadening his role as the group’s director of wine.
The shortfalls in the 2012 harvest will lead to inevitable prices hikes, especially while global demand continues to rise.
The average price of a bottle of wine in the UK has broken the £5 mark for the first time.
Tesco has restructured its UK commercial food division, which has seen Dan Jago promoted to the new role of UK & group wine director.
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