Retail news round-up: Tesco to compensate shareholders; Travis Perkins launches tech investment programme; and surge in Irish grocery market.
Tesco to compensate shareholders over accounting scandal
Tesco is launching a compensation scheme that pays an average of £400 each to 10,000 shareholders over its 2014 accounting scandal, The Times reported.
According to Hargreaves Lansdown, the supermarket is providing 24.5p per share plus interest of 4% for retail investors.
Hargreaves Lansdown’s chartered financial planner Danny Cox said: “Tesco needs to repair the reputational damage from the accounting scandal and will hope that this compensation scheme will help to draw a line under the matter.
“The claims process is a little clunky but important to follow as it’s a simple equation: no claim, no compensation.”
Tesco said: “Further announcements will be made in respect of the opening and operating of the scheme in due course, with KPMG expecting to have completed the preparations required to open and operate the scheme before the end of August 2017.”
Travis Perkins launches tech investment programme
Travis Perkins is launching a tech investment programme for digital businesses, the Daily Express reported.
Digital entrepreneurs will be provided up to £200,000 each for providing a viable solution.
The step aims to improve its offering to customers and suppliers.
The programme is led by chief digital officer Cheryl Millington.
BreakThru initiative is looking for innovations in five areas: health and safety; internet of things solutions for home, work and vehicle fleets; seamless online processes for customers; and wildcard ideas.
Surge in Irish grocery market
The Irish grocery market has recorded a 3.5% increase year on year to €80m (£70.3m), according to Kantar Worldpanel, The Irish Independent reported.
Musgrave-owned SuperValu remained in the top spot in terms of market share, with sales up 3.8% over the 12 weeks, followed by Tesco.
Dunnes Stores reported 4.5% increase in the value of its sales.
Lidl and Aldi have market shares of 11.7% and 11.2% respectively.