Retail news round-up: Tesco's former commercial boss cleared of fraud, Fortnum's to cut staff pay, and Swarovski’s revenue rises in Ireland
Tesco’s former commercial director cleared of fraud charges
Tesco’s former commercial director Kevin Grace will not face charges over its £326m accounting scandal, Reuters reported.
Stephen Pollard, Kevin’s lawyer, confirmed the news but declined to comment further.
The SFO’s investigation, which started in October 2014, will conclude by the end of this year.
Three former senior executives of Tesco have been accused of fraud and will face the trial next September. However, all three have pleaded not guilty.
Fortnum & Mason to reduce basic pay
Fortnum & Mason is in talks with its staff about introducing a ‘tronc’ system that gives them a share of tips but only if they accept a cut in basic pay, The Guardian reported.
It is currently not sharing the 12.5% service charge added to bills paid by drinkers with staff at its Heathrow bar.
The plans indicate staff would receive an 11% cut in basic pay and prompted protests on Thursday outside Fortnum’s flagship store in London.
It is not clear whether what proportion of the total service charge paid voluntarily by customers would be allotted to the workers.
WMT Troncmaster Services, which will run the system, said on its website that the main advantage is it could save a company and its staff a combined 26% in “unnecessary taxes”.
Swarovski’s revenue increases €4m in Ireland
Swarovski in Ireland has reported a 14% increase in revenues to €4m (£3.36m) last year, Irish Independent reported.
The growth in sales at the Irish arm of the luxury brand was owing to the opening of new store Kildare Village and a continuation of a kiosk in Liffey Valley.
The pre-tax profit tripled to €70,000, owing to an increase in revenue and an increased margin on sales.