Moody's Credit Agency further downgraded Tesco short and long-term credit in response to company's announcement yesterday that it had overstated profits by £263m. Tesco's ratings will remain on review for further downgrades due to concerns over the potential financial impact for shareholder litigation.
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A leading wine trade lawyer has called on suppliers who feel they have been badly treated by Tesco or any other supermarket, to complain to the Groceries Supply Code adjudicator.
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Suppliers who feel aggrieved at their treatment at the hands of any major retailer can take action now by complaining to the Groceries Supply Code of Practice adjudicator, writes wine trade lawyer Andrew Park.
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Ex-Somerfield wine buyer Angela Mount questions how Tesco's BWS department will function in the longer term as pressure to make trading plans for next year builds.
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Ex-Somerfield head of wine Angela Mount questions the impact on BWS of the lack of a long-term strategy at Tesco, as the retailer struggles to manage the consequences of its financial scandal.
Read more...The national media's business press has been busy this morning analysing Tesco's half-year 92% drop in pre-tax profits and even larger accounting black hole and looking at ways it can get itself out of the mire and back to leading the UK grocery retail market.
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Following Tesco's announcement this morning that profits had been over estimated by £263m resulting in 92% drop to £112m, analysts have taken to Twitter to share their reactions.
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Tesco's chief executive is looking to "re-energise" the company following the "body blow" of its financial scandal, but has so far revealed scant detail of his plans.
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The Serious Fraud Squad has said today it is "following developments at Tesco with interest" on the back of news that the profits black hole at the UK's biggest supermarket is higher than first thought.
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The sales crisis at Tesco is even worse than first feared with a 92% drop in pre-tax profits for the last six months, an even larger profits black hole than first announced and a blunt admission from new chief executive, Dave Lewis, that it has its work cut out to win back the trust of its customers.
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The TescoGate accounting crisis means retailers will take greater care in their dealings with suppliers, now the "genie is out of the bottle", experts have told Harpers.co.uk.
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Tesco continues to lose market share to its grocery rivals at both ends of the retail spectrum, according to the latest figures from Kantar Worldpanel which reveals that Waitrose achieved its record performance for the last 12 weeks of trading.
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Leading City and retail analysts fear consumers will be "horrified" by the fall-out from the Tesco accounting scandal which could have a knock-on effect on consumer confidence of not only the UK's biggest supermarket but across all major grocery retailers.
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Ex-Somerfield head wine buyer Angela Mount says the Tesco accounting scandal has lifted the lid on how retailers treat suppliers and given suppliers the "strength to speak out".
Read more...The grocery retail sector will never be the same again in the wake of the TescoGate accounting scandal now the lid has been lifted over supermarket and supplier relations.
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Leading analysts and trade experts are divided over whether the Tesco accounting scandal will have ramifications for the wider trade. Some say there will be "no change whatsoever" in the retail landscape, while others say the change will be "seismic".
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Angela Mount, ex-Somerfield buyer, gives her view on what is happening at Tesco and other major retailers as a result of the financial scandal and director suspensions.
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In a week where the wine trade was rocked by the suspension of Tesco's wine boss Dan Jago, much of the focus has been on the supermarket. In case you missed any of the headlines on harpers.co.uk, check out our review of the top online and financial news for the drinks trade, Q&As, and opinion pieces.
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The suspension of Dan Jago, head of wine, and seven other directors at Tesco has left the retailer rudderless and "fighting fires" as it heads into Christmas and the busiest trading period of the year.
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Wine suppliers call for clarity over where multiples are headed next, as the Tesco scandal claims its first wine executive.
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