NEWS


NEWS IN BRIEF n An employee at


Rudridge in Gravesend has celebrated the impressive milestone of 10 years service at the business. Alan Ridgewell, who joined the civil engineering and groundworks specialist as a job lorry driver in 2007, was presented with the company’s long service award by Gravesend branch manager Craig Lyons. n Covers in Chichester has raised £332 for Aldingbourne Trust by taking part in the charity’s Wear It Green Day. Staff at the timber and builders merchants on Quarry Lane supported the worthy cause by cooking up a storm barbecuing bacon rolls in return for donations from customers and colleagues. Aldingbourne Trust is dedicated to helping adults with learning disabilities lead enriched and fulfilling lives by unlocking their potential through education, training and specialist care, and building strong partnerships with local businesses and employers. n UK-based GoInStore, a real-time technology that enables customers to virtually visit and browse a retail store, has been named as a finalist in the “Retailing Technology of the Year” category of the National Technology Awards 2017. GoInstore was shortlisted for the award as a result of its cloud-based retail technology, which allows customers to browse online and be taken “in-store”, in real-time, via smart glasses worn by sales staff. n The international trade fairs Salon du Végétal (France), HTA National Plant Show and HTA Nursery Supply Show (United Kingdom) have united to encourage international buyers to come to their events, which all fall on the same week in June 2017.The Salon du Végétal will take place from 20 to 22 June in Nantes, France. The HTA National Plant Show and HTA Nursery Supply Show will be held on June 20-21 in Stoneleigh Park, Coventry, UK. This partnership will allow these three events to benefit from a much greater influence at European level.


2 DIY WEEK 31 MARCH 2017


Tesco fined £129m for profit prediction blunder


Supermarket giant Tesco has been fined £129m by the Serious Fraud Office for an accounting error which saw it overstate its expected profits for the six months ending August 23, 2014. Tesco has agreed to the fine


as well as the Financial Conduct Authority (FCA)’s market abuse findings relating to the 2014 trading update. Compensation will now be paid to investors who bought shares or bonds in Tesco between August 29 and September 22, 2014. The regulator has estimated this to equal around £85m. According to the FCA, Tesco published a trading statement on August 29, 2014 saying that trading profit for the six months ending August 23 was expected to be around £1.1bn. On September 22, the retailer said it had made a mistake, publishing a further statement saying it had “identified an overstatement of its expected profit for the half year, principally due to the accelerated


recognition of commercial income and delayed accrual of costs.” The FCA has been clear that it is not suggesting Tesco had known the information in its initial trading statement was misleading. It is the first time the FCA has used its powers to require a listed company to pay compensation for market abuse. Said FCA chief executive Andrew Bailey: “Dissemination of information that gives a false or misleading impression as to traded securities harms the integrity of our markets. The FCA is committed to UK markets being fair, transparent and thus competitive. Tesco and its board are doing the right thing here, taking appropriate responsibility and agreeing to rectify the


the consequences misconduct. of They have


cooperated fully with us and this sets a good example for the market and so is a good outcome for Tesco and investors.” There are estimated to be around 10,000 retail


and


Brantano shoe chain in administration again


Value shoe retailer Brantano, which operates a number of concessions in garden centres across the country, has called in administrators for the second time in just over a year. It was revealed on Wednesday,


March 22 that Tony Barrell and Mike Jervis of PwC were appointed as joint administrators of Brantano Retail Limited. The value shoe retailer operates 73 stores and 64 concessions across the UK, including


at Wyevale garden


centres and independents, such as


Melbicks Garden company Centre


in Birmingham and Oakham Garden Centre in Leicestershire. The


employs


1,086 staff, with its 18 stores and 14 concessions alone in the Midlands employing 244 people. The company’s head office is located in Hinckley, Leicestershire, where there are an additional 71 staff.


Brantano Retail Limited was bought out of administration in February 2016 by a company controlled by Alteri Investors


but, said administrators, has experienced


difficult


conditions, despite sustained efforts and streamlining to make the business more commercially viable. A sale of the company was explored and, whilst there was interest, a deal could not be done,


resulting Leekes named Retailer of the Year


Leekes has been named Retailer of the Year at the prestigious Cardiff Life Awards after applying for the first time. The


family-owned retailer


was recognised at the recent award ceremony, held at City Hall in Cardiff with managing director Emma Leeke proudly receiving


the accolade


business that has gone from strength to strength long term. Leekes [is] thriving and making an important contribution to the local economy.”


Leekes managing director Emma Leeke said: “We’re delighted to have been announced as winners in an extremely


competitive on


behalf of the company. The Cardiff Life Awards highlights the best in local business and in making the decision between Leekes and the seven other retailer finalists, the judges recognised the company as “a true


family field


as we celebrate our 120th anniversary of trading as an independent family business. We are very proud of the work of our teams and this award is a recognition of the dedication and commitment of our whole team.”


appointment last week. trading


Around 10,000 investors are believed to have been affected by the profit overstatement by Tesco


institutional investors who


purchased an approximate total of 320 million shares during the time period in question and who might now be eligible for compensation. This will begin on August 31, 2017 and will be administered on Tesco’s behalf by KPMG. Tesco


chief executive Dave Lewis said: “Over the


last two and a half years, we have fully


cooperated with


this investigation into historic accounting practices, while at the same time fundamentally transforming our business. We sincerely regret the issues which occurred in 2014 and we are committed to doing everything we can to continue to restore trust in our business and brand.”


Glue Dots appoints new DIY and hardware distributor


in PwC’s


Colchester -based wholesaler Wilsons has been appointed by Glue Dots International as its UK distributor for the hardware and DIY trade sectors. Glue Dots European key account manager Dave Angus said: “We are delighted to have appointed Wilsons who will be helping us launch our dedicated new hardware and DIY range of products throughout the UK. “This is an exciting opportunity for both companies and we are very much looking forward to working together over the coming years.”


Emma Leeke, Joanna Littlejohn and Chris Leeke received the Retailer of the Year Award at the recent Cardiff Life Awards


Wilsons director Ivan Hopkins with Glue Dots European key account manager Dave Angus


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