Retailer pulls the plug
Tesco’s plan to drop close to 50 store projects comes after the grocer announced that profits for its financial year are likely to be under £1.4 billion – down 60% on £3.3 billion the year previous.
Many of the sites that Tesco had secured had come at a premium price and they were often up against bitter fights with community groups and traders to secure them.
However, the developments would have created 100s of jobs across the country and provided construction firms with plenty of work.
The sites are now likely to be sold at a loss by the firm’s property arm who will try and get planning permission for housing estates on as many plots as possible.