Retailer failed to meet own target for good supplier relations in 2014. Meanwhile,recent FCA boss is candid about role from the offAlmost everything you heard about Tesco’s bullying of suppliers was exact. The recent-ish Groceries Code Adjudicator (GCA) could not have hoped for a plainer case of chiselling, devious and code-breaking behaviour by a supermarket. Try this internal Tesco email, or detailing methods for buyers to meet financial targets: “Not paying back money owed.” This was an open and shut case.
It’s not hard to see how the rot set in. As Dave Lewis,the recent-broom chief executive recruited after the £263m profits overstatement in 2014 (the subject of a separate investigation by the Serious Fraud Office) achieve it: “The absolute focus on operating margin had damaging consequences for the trade and our relationship with suppliers.” Related: Tesco shareholders could sue for 'millions lost' after it overstated profits Related: Will recent FCA chief Andrew Bailey fight 'like a dog with a bone' for consumers? Continue reading...
Source: theguardian.com