Alex Brummer says Tesco grabs a fast train: Tesco steals a carrier over its competitors and turns to rail freight to keep inventory


Alex Brummer says Tesco grabs a fast train: Tesco steals a carrier over its competitors and turns to rail freight to keep inventory


Viewers of the landmark BBC series Ridley Road recognize how Tesco has become the UK’s largest retailer.

One of Britain’s first supermarkets in the East End, the late Jack Cohen instigated the hate campaign of Colin Jordan and his National Socialist thugs in the early 1960s.

When it comes to UK groceries, Tesco is a pioneer. It is the first British grocer to open a 40,000-square-foot superstore, spearheading out-of-town shopping, bringing fuel forecasts to stores and reverse ferret for millennial approval.

Rising profits: Tesco has raised its operating profit forecast for the full year to £ 2.5bn

Under the flawed leadership of Phil Clark, and then businessman Dave Lewis, the group backed off with international ambition.

As anyone who has listened to Boris Johnson’s Tory Party speech, this is part of the ambition for the global UK.

Tesco is leading the British grocery market and has received more online than its competitors. It is unthinkable that this should be considered a private equity target after Morrisons’ defeat.

The paradox is that the people who helped build Tesco in modern times are at the heart of Morrison’s sales.

The presence of former chief executive Terry Leahy has made the b7 billion bid credible by Clayton, Dublier and Rice (CD&R).

Current Tesco chief executive Ken Murphy pointed out that the group could rise to the top, starting at 16, with a shelf stalker.

This is probably an offer to David Potts, a former Tesco executive who will win the Morrisons lottery with a potential payment of 22 22 million.

This is slightly better than Tesco’s £ 9.55 per hour, which is 7 per cent higher than the minimum wage.

Former chief executive Lewis is hardly generous when he considers leaving the sunset by sharing a £ 1.6 million check and options worth £ 13 million over seven months of work.

On the one hand, it is amazing that Murphy is not in line with serial wingers about a lost Christmas.

It is looking after itself, arguing that it has worked with suppliers despite the ‘bumps in the road’.

It wants to make sure the shelves are stocked and the railway cargo is at 98 percent capacity to reduce dependence on the road. Why didn’t the others think of it?

With regard to financial performance, investors may have some complaints. The company has increased its operating profit forecast to £ 2.5 billion for the full year, where it is above the Covid level and promises a £ 500 million share repurchase.

This is enough to send shares up to 6pc, putting the value on the group at 21 billion.

With global interest rates soaring and competition in the UK grocery market fierce, it may be enough to keep private equity ghouls away.

Halloween can’t tell you around the corner.

Strong arm

Nvidia is showing no signs of abandoning its £ 40 billion quest to become the proud owner of Cambridge-based Arm Holdings.

At a discount to EU competition regulators, Nvidia pledges that it will maintain its neutral model if the deal is approved, under which Arm’s smart chips will be available to all potential users for special purposes.

If one could persuade the EU’s hardline enforcers, one would imagine it would be able to overcome objections from the Competition and Markets Authority (CMA). UK ministers who disliked the deal may raise national security concerns.

The ideal outcome for the UK’s technical future is a return to the London Stock Exchange. That’s good for the Boris science and tech agenda.

Audit trail

When the CMA suggested that the audit market could be boosted by encouraging secondary players, French firm Majors was the first to receive the prize.

Goldman Sachs signed its European audit and was seen as a clean skin. Not anymore.

The Accounting Watchdog Financial Reporting Council is pushing the majors for its 2020 French Connection Audit.

The fashion retailer is currently selling for $ 29 million to a consortium led by investor Apinder Singh Ghura. He has been warned.

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