Sir Terry Leahy, who stood down from Tesco this month, has made his first significant investment since leaving the grocer.
The former boss of Tesco, who last week received an award for his Outstanding Contribution to retail at the Oracle Retail Week Awards, has invested in stuckonhomework.com, a video-based online teaching tool for GCSE students.
Leahy said when he left Tesco he would concentrate on private investments, and does not have any desire to run another company as he has already had “the best job you could ever have”.
The first website of its kind in the UK, stuckonhomework.com, will provide homework help for students. Based on the school curriculum, and featuring real teachers, the website launches today.
Founders Teresa Watts and Helen Royle said they wrote to Leahy in September last year after learning that he was a champion of education. “We were so surprised when his secretary called back just one week later,” Watts told the Telegraph.
Leahy bought 47% of the business for an undisclosed sum, said to be “in the hundreds of thousands of pounds”.
Separately, it has emerged that Tesco has scrapped several of its pilot schemes whereby bank branches were installed at its supermarkets. According to Scotland on Sunday, several test branches, including one in Glasgow’s Silverburn, have been axed.
A spokesman for Tesco told the paper that Tesco had “learned a lot” from the experiment and it remained “absolutely committed to expanding online and in stores”.