DOCSLIB.ORG

Annual Report and Financial Statements 2018 Sainsbury’S Group Helping Customers Live Well for Less Has Been at the Heart of What We Do Since 1869

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report and Financial Statements 2018 Sainsbury’S Group Helping Customers Live Well for Less Has Been at the Heart of What We Do Since 1869 Live Well For Less Annual Report and Financial Statements 2018 Sainsbury’s Group Helping customers live well for less has been at the heart of what we do since 1869. We employ over 185,000 colleagues who work hard every day to make our customers’ lives easier and to provide them with great products, quality and service whenever and wherever it is convenient to access them. Food Our strategic focus is to help 608 our customers live well for less. Sainsbury’s supermarkets We offer customers quality and convenience as well as great value. Our distinctive ranges and innovative 102 partnerships differentiate stores offering Same Day our offer. More customers delivery to 40 per cent are shopping with us than of the UK population ever before and our share of customer transactions has increased. See more on page 12 General Merchandise 191 and Clothing Argos stores in Sainsbury’s We are one of the largest general supermarkets merchandise and clothing retailers in the UK, offering a wide range of products across our Argos, Sainsbury’s Home and 16 Habitat brands, in stores and Habitat stores and online. We are a market leader in Click & Collect available toys, electricals and technology in over 2,300 locations and Tu clothing offers high street style at supermarket prices. See more on page 14 Financial Services Financial Services are an 3.9m integral part of our business. Active customers Sainsbury’s Bank offers at Sainsbury’s Bank and accessible products such as Argos Financial Services credit cards, insurance, travel money and personal loans that reward loyalty. Our new mortgage offer has performed £69m well and together, Sainsbury’s Sainsbury’s Bank profits Bank and Argos Financial delivered Services have 3.9 million active customers. See more on page 16 Strategic Report 01 Performance highlights Strategic Report Strategic Report 01 Contents page 02 Chairman’s letter 04 Market context 06 Our business model 07 Our business strategy £31,735m £589m 08 Chief Executive’s Q&A Group sales (inc VAT) up nine per cent Underlying profit before tax 10 Proposed combination of J Sainsbury plc and Asda Group Limited 12 Priority 1: Further enhance our differentiated food offer 14 Priority 2: Grow General Merchandise and Clothing and deliver synergies 16 Priority 3: Diversify and grow Sainsbury’s Bank 1.3% 10.2p 17 Priority 4: Continue cost savings and Group like-for-like sales Proposed full-year dividend maintain balance sheet strength 18 Our values make us different Governance Report 28 Our KPIs 30 Our principal risks and uncertainties 36 Financial Review 20.4p 13.3p Governance Report Underlying basic earnings Basic earnings per share 42 Board of Directors per share 44 Operating Board 46 Corporate Governance 54 Nomination Committee Report 56 Audit Committee Report 64 Corporate Responsibility and Sustainability Committee Report 66 Annual Statement from the £409m 8.4% Remuneration Committee Chair Statutory profit before tax Return on capital employed 68 Summary of 2017/18 remuneration decisions 69 Summary of remuneration for 2018/19 70 Annual Report on Remuneration 81 Directors’ Remuneration Policy Statements Financial 84 Additional statutory information Financial Statements £35m 83% 88 Statement of Directors’ responsibilities generated for charities, of the packaging on our own-brand 89 Independent auditor’s report to communities and good causes products is classed as ‘widely recycled’ the members of J Sainsbury plc 94 Consolidated income statement 95 Consolidated statement of comprehensive income 96 Consolidated balance sheet Read more about our financial KPIs on page 28 97 Consolidated cash flow statement 98 Consolidated statement of changes in equity 99 Notes to the consolidated financial statements 169 Five year financial record 170 Company balance sheet 171 Company statement of changes in equity 172 Notes to the Company financial statements 177 Additional shareholder information 181 Alternative performance measures 184 Glossary Find out more at www.j-sainsbury.co.uk/ar18 02 Strategic Report Chairman’s In a competitive market, underlying letter profits before tax have returned to growth, increasing to £589 million. The combination with Asda Encouragingly, although underlying offers a significant opportunity for basic earnings per share were customers, suppliers, colleagues down for the year as a whole, we achieved a rise of eight per cent and shareholders to benefit from in the second half.” a structurally stronger business. David Tyler Chairman 2017/18 highlights 10.2p 8.4% Proposed full-year Return on capital dividend employed 20.4p £432m Underlying basic Free cash flow earnings per share In a retail marketplace that remains as competitive as ever, we believe we have the right strategy in place, driven by a skilled and experienced leadership team and supported by highly engaged and committed colleagues. Strategic Report J Sainsbury plc Annual Report 2018 03 Strategy Dividend Board changes Strategic Report The Board’s focus this year has been We are committed to paying an affordable Mike Coupe leads a senior management on driving shareholder value in a retail dividend to our shareholders, fixing dividend team with deep experience and talent. sector which continues to undergo cover at two times earnings. We are therefore In January, Phil Jordan took on the new significant change. recommending a final dividend of 7.1 pence role of Group Chief Information Officer and per share, bringing the proposed full-year joined the Operating Board. Phil brings great At our results presentation on 30 April dividend to 10.2 pence per share which is the knowledge to Sainsbury’s from previous we announced that we have agreed with same as last year. senior roles at Telefonica and Vodafone UK Walmart Inc. to combine J Sainsbury plc and Ireland. and Asda Group Limited to create a dynamic Business in the year new UK retail business. Asda is valued at The business made encouraging progress in Following Mary Harris’s departure from the 1 approximately £7.3 billion on a cash-free, the last year. Food transactions are growing Board at the 2017 AGM, we were pleased to debt-free and pension-free basis. J Sainsbury ahead of the market, with a differentiated, announce the appointment of Jo Harlow plc would acquire the business by a cash quality offer and competitive pricing on to the Board as a Non-Executive Director. payment of £2.975 billion and by issuing new everyday essential items. We have exceeded Jo brings to the Board a wealth of experience shares to Walmart which would represent a our three-year cost savings target over the in consumer-facing businesses and in the 42 per cent share of the enlarged business. telecoms and technology industry, both period 2015 to 2018 by £40 million, bringing Governance Report The Combined Business would be chaired by the total of savings to £540 million. General in the UK and internationally, having held Sainsbury’s Chairman and led by Sainsbury’s Merchandise and Clothing continue to senior sales and marketing positions at P&G CEO and CFO. The Asda CEO would join the outperform in a challenging market and and Reebok. She has already made a strong Group Operating Board of the Combined we are ahead of our schedule to open Argos contribution to the Board since she joined us Business and two Walmart representatives stores in Sainsbury’s supermarkets, achieving in September 2017. would join the J Sainsbury plc Board. synergies sooner than we expected. Now that I have been Chairman for more We believe that the combination of these As a business, we are focused on the than eight years, a search process has begun, two strong businesses, with enhanced scale increasingly important role that technology led by Dame Susan Rice and the Nomination and a strengthened balance sheet, would and the responsible use of data play in Committee, to find my successor as Non- bring great benefits for our customers, supporting great customer service. We Executive Chairman. our colleagues and our suppliers, while have invested in developing our technology creating value for shareholders. It will lead to and digital capabilities and the earnings Outlook significant synergies, enabling Sainsbury’s, accretive acquisition of the Nectar loyalty In a retail marketplace that remains as Asda and Argos to invest in the areas that card scheme in February supports our competitive as ever, we believe we have matter most to customers – price, quality strategy of knowing our customers better the right strategy in place, driven by a and developing more flexible ways to shop. than anyone else. skilled and experienced leadership team Statements Financial The Combined Business would unite two of and supported by highly engaged and the most talented teams in retail and benefit This has been a year of innovation across the committed colleagues. The combination from the support of Walmart as a major Group. We have proposed changes to retail with Asda offers a significant opportunity shareholder and strategic partner. management structures and colleague roles for customers, suppliers, colleagues and in our stores that will make us more efficient shareholders to benefit from a structurally Our acquisition in 2016 of Argos has enabled and improve our customer service. We have stronger business with the ability to adapt us to offer more choice and convenience to also proposed a market-leading pay award and grow. customers in a changing industry landscape; for Sainsbury’s colleagues, along with revised the combination with Asda would create a terms and conditions. Our colleagues provide more resilient Group providing an even more outstanding service to our customers every compelling offer in the face of this rapid day and I would like to thank them for their change. Through our acquisition of Argos hard work and commitment. As a result of we have a strong track record of delivering David Tyler their excellent work, we have been awarded Chairman synergy benefits and we are confident that The Grocer Gold Awards for both Service and the combination of Sainsbury’s and Asda will Availability for the past five years.
Load more

Recommended publications
  • Just How Nasty Were the Video Nasties? Identifying Contributors of the Video Nasty Moral Panic
    Stephen Gerard Doheny Just how nasty were the video nasties? Identifying contributors of the video nasty moral panic in the 1980s DIPLOMA THESIS submitted in fulfilment of the requirements for the degree of Magister der Philosophie Programme: Teacher Training Programme Subject: English Subject: Geography and Economics Alpen-Adria-Universität Klagenfurt Evaluator Univ.-Prof. Dr. Jörg Helbig, M.A. Alpen-Adria-Universität Klagenfurt Institut für Anglistik und Amerikanistik Klagenfurt, May 2019 i Affidavit I hereby declare in lieu of an oath that - the submitted academic paper is entirely my own work and that no auxiliary materials have been used other than those indicated, - I have fully disclosed all assistance received from third parties during the process of writing the thesis, including any significant advice from supervisors, - any contents taken from the works of third parties or my own works that have been included either literally or in spirit have been appropriately marked and the respective source of the information has been clearly identified with precise bibliographical references (e.g. in footnotes), - to date, I have not submitted this paper to an examining authority either in Austria or abroad and that - when passing on copies of the academic thesis (e.g. in bound, printed or digital form), I will ensure that each copy is fully consistent with the submitted digital version. I understand that the digital version of the academic thesis submitted will be used for the purpose of conducting a plagiarism assessment. I am aware that a declaration contrary to the facts will have legal consequences. Stephen G. Doheny “m.p.” Köttmannsdorf: 1st May 2019 Dedication I I would like to dedicate this work to my wife and children, for their support and understanding over the last six years.
    [Show full text]
  • Live Well for Less
    Live Well For Less Annual Report and Financial Statements 2019 Sainsbury’s Group at a glance Helping customers live well for less has been at the heart of what we do for 150 years, since John James and Mary Ann Sainsbury opened the doors of our first shop in Drury Lane in 1869. We employ 178,000 colleagues who work hard every Read more about our business model on page 08 day to make our customers’ lives easier and provide Read more about our business strategy on page 09 them with great products, quality and service. Food We are committed to helping our customers 2.2% live well for less. We offer customers quality Growth in Taste the Difference volumes and convenience as well as great value. Our distinctive ranges and innovative partnerships differentiate our offer. Customers consistently 57% rate the quality of our food as market-leading Of UK households benefit from and continue to switch to us from more Same Day delivery premium competitors. See more on page 10 General Merchandise and Clothing 281 Argos stores in We are one of the largest general merchandise Sainsbury’s supermarkets and clothing retailers in the UK, offering a wide range of products across Argos, Sainsbury’s Home and Habitat, in stores and online. We are a market leader in toys, 1bn+ electricals and technology and Tu clothing Visits to the Argos website offers high street style at supermarket prices. every year and sales generated through mobile devices passed See more on page 12 £2 billion for the first time Financial Services Financial Services are an integral part of our 2m+ business.
    [Show full text]
  • Full Portfolio Holdings
    Hartford Multifactor International Fund Full Portfolio Holdings* as of August 31, 2021 % of Security Coupon Maturity Shares/Par Market Value Net Assets Merck KGaA 0.000 152 36,115 0.982 Kuehne + Nagel International AG 0.000 96 35,085 0.954 Novo Nordisk A/S 0.000 333 33,337 0.906 Koninklijke Ahold Delhaize N.V. 0.000 938 31,646 0.860 Investor AB 0.000 1,268 30,329 0.824 Roche Holding AG 0.000 74 29,715 0.808 WM Morrison Supermarkets plc 0.000 6,781 26,972 0.733 Wesfarmers Ltd. 0.000 577 25,201 0.685 Bouygues S.A. 0.000 595 24,915 0.677 Swisscom AG 0.000 42 24,651 0.670 Loblaw Cos., Ltd. 0.000 347 24,448 0.665 Mineral Resources Ltd. 0.000 596 23,709 0.644 Royal Bank of Canada 0.000 228 23,421 0.637 Bridgestone Corp. 0.000 500 23,017 0.626 BlueScope Steel Ltd. 0.000 1,255 22,944 0.624 Yangzijiang Shipbuilding Holdings Ltd. 0.000 18,600 22,650 0.616 BCE, Inc. 0.000 427 22,270 0.605 Fortescue Metals Group Ltd. 0.000 1,440 21,953 0.597 NN Group N.V. 0.000 411 21,320 0.579 Electricite de France S.A. 0.000 1,560 21,157 0.575 Royal Mail plc 0.000 3,051 20,780 0.565 Sonic Healthcare Ltd. 0.000 643 20,357 0.553 Rio Tinto plc 0.000 271 20,050 0.545 Coloplast A/S 0.000 113 19,578 0.532 Admiral Group plc 0.000 394 19,576 0.532 Swiss Life Holding AG 0.000 37 19,285 0.524 Dexus 0.000 2,432 18,926 0.514 Kesko Oyj 0.000 457 18,910 0.514 Woolworths Group Ltd.
    [Show full text]
  • J Sainsbury Plc Board of Directors
    Live Well For Less Annual Report and Financial Statements 2019 Sainsbury’s Group at a glance Helping customers live well for less has been at the heart of what we do for 150 years, since John James and Mary Ann Sainsbury opened the doors of our first shop in Drury Lane in 1869. We employ 178,000 colleagues who work hard every Read more about our business model on page 08 day to make our customers’ lives easier and provide Read more about our business strategy on page 09 them with great products, quality and service. Food We are committed to helping our customers 2.2% live well for less. We offer customers quality Growth in Taste the Difference volumes and convenience as well as great value. Our distinctive ranges and innovative partnerships differentiate our offer. Customers consistently 57% rate the quality of our food as market-leading Of UK households benefit from and continue to switch to us from more Same Day delivery premium competitors. See more on page 10 General Merchandise and Clothing 281 Argos stores in We are one of the largest general merchandise Sainsbury’s supermarkets and clothing retailers in the UK, offering a wide range of products across Argos, Sainsbury’s Home and Habitat, in stores and online. We are a market leader in toys, 1bn+ electricals and technology and Tu clothing Visits to the Argos website offers high street style at supermarket prices. every year and sales generated through mobile devices passed See more on page 12 £2 billion for the first time Financial Services Financial Services are an integral part of our 2m+ business.
    [Show full text]
  • Swale Borough Council
    SWALE BOROUGH COUNCIL Project: RETAIL STUDY 2010: Bulky and DIY Goods Addendum Latest Revision: 20/05/2011 - DRAFT Study area population by zone Zone 2010 2015 2020 2025 1 39,501 40,410 41,418 42,595 2 12,888 13,185 13,514 13,897 3 46,052 47,112 48,287 49,659 4 11,242 11,501 11,788 12,123 5 19,162 19,603 20,092 20,663 6 5,340 5,463 5,599 5,758 TOTAL 134,185 137,274 140,698 144,695 Sources/notes for frontispiece 1. 2010 population for each zone from Pitney Bowes Business Insight Area Profile Report (6 July 2010) 2. Growth in population based on growth rates implied by scenarioKent County 3 of Council 6 scenarios population prepared forecasts by Research for Swale & Intelligence, Borough - South Kent CouEastntyPlan Council Strategy (16- Septemberbased Forecasts 2010). (September The KCC projections 2009) Total are Population based on SwaleForecasts. Borough Available: Counciil's 'Option 1' for newhttps://shareweb.kent.gov.uk/Documents/facts homes which assumes an additional 13,503-and dwellings-figures/sep between-forecasts 2006-sep-2031-09 -usingweb.pdf a phasing Access provideddate: 12 byOctober SBC 2010 OTHER COMPARISON GOODS Table 3.1 Expenditure per capita (£) Zone 2007 2010 2015 2020 2025 1 2,062 2,162 2,592 3,124 3,764 2 2,356 2,470 2,962 3,569 4,301 3 2,164 2,269 2,721 3,278 3,950 4 2,336 2,449 2,937 3,539 4,264 5 2,194 2,300 2,758 3,324 4,005 6 2,347 2,460 2,951 3,555 4,284 Sources/notes for Table 3.1 1.
    [Show full text]
  • Download Paper
    Variations in supplier relations operating within voluntary groups; historical perspectives on relationships and social justice in the independent retail sector . Keith Jackson, Doctoral Candidate, University of Cumbria Professor Helen Woodruffe-Burton, Newcastle Business School, Northumbria University Abstract The convenience store sector evolved from the variety of small retailers operating in the 1950’s and is still dominated (in store numbers) by SMEs operating smaller stores (usually smaller than 3,000 sq ft.); trading extended hours; with a base around confectionary, tobacco and news (CTN) and off licence. In the 1980s as more independent retailers adopted the new convenience format the convenience sector spread geographically to fill the increasing demand for local stores with extended hours. Once geographic saturation was reached the main independent supply chains within the convenience sector adopted either a broadly coordinated embedded network through voluntary symbol groups or a broadly cooperative supply chain through cash and carries and delivered wholesalers. Various writers have argued that networking and the building of social capital (as in the voluntary symbol groups) is vital for SME growth whilst Jack and Anderson (2002) have demonstrated that entrepreneurs embedding themselves within a network may be sacrificing their entrepreneurial capabilities. Around 2000, the major retail multiples and the COOP entered the convenience sector. By using their extensive knowledge of Supply Chain Management (SCM) they were able to gain commercial advantage over the existing supply chains which focused these chains on the need for economic efficiency. This meant that the businesses within the voluntary groups had to choose between the mechanisms highlighted by Payan (2000) of economic efficiency with increased dependence on the centre and the mechanisms of social justice within the group that allowed independent actions within the group.
    [Show full text]
  • Annual Information Form for the Financial Year
    ANNUAL INFORMATION FORM FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2014 March 20, 2015 i TABLE OF CONTENTS EXPLANATORY NOTES ............................................................................................................................................ 1 Forward-Looking Statements .................................................................................................................................... 1 Trademarks ................................................................................................................................................................ 2 CORPORATE STRUCTURE ....................................................................................................................................... 2 Name, Address and Incorporation ............................................................................................................................. 2 Intercorporate Relationship ....................................................................................................................................... 2 GENERAL DEVELOPMENT OF THE BUSINESS .................................................................................................... 3 History ....................................................................................................................................................................... 3 THE BUSINESS ..........................................................................................................................................................
    [Show full text]
  • Habitat Ltd, Furniture and Household Goods Manufacturer and Retailer: Records, Ca
    V&A Archive of Art and Design Habitat Ltd, furniture and household goods manufacturer and retailer: records, ca. 1960 – 2000 1 Table of Contents Introduction and summary description ................................................................ Page 4 Context .......................................................................................................... Page 4 Scope and content ....................................................................................... Page 4 Provenance ................................................................................................... Page 5 Access ......................................................................................................... Page 5 Related material .......................................................................................... Page 5 Detailed catalogue ................................................................................ Page 6 Corporate records .............................................................................................. Page 6 Offer for sale by tender, 1981 ................................................................................................ Page 6 Annual Reports and Accounts, 1965-1986 ............................................................................. Page 6 Marketing and public relations records ............................................................. Page 7 Advertising records, 1966-1996 ............................................................................................
    [Show full text]
  • Long Range Wifi Tube Settings
    To set up the Long range Wifi, open a new ‘Tab’ on the browers and type ‘192.168.2.1’in the adress bar and you will get the management screen from the Wifi router, again username is ‘admin’ and password is ‘admin’ and click ‘login’ You will then get the status screen as below, Long Range Wifi Chrome quick reference guide Click ‘Easy Setup and select the WAN connections and ‘Client Router Mode’ and click on ‘Next’ On the next screen click ‘Site Survey” Long Range Wifi Chrome quick reference guide This will bring up a screen with all the available WiFi hotspots in the area. Select the WiFi Hotspot you require, the system will connect to most Wifi access points with a signal greater than -80dB ie -79dB to 0dB. Select the Wifi you want in this case BT with FON and click ‘Select’ N o w If you have selected a known Wifi with and access code you will be asked to enter this as the ‘Passkey’ So if you have been to a Bar and have the code this is where you enter it. Set the power level to 24-27 if requires some units do not have this field.. Long Range Wifi Chrome quick reference guide Select Next on the following screens until you reach done and the unit will reboot. Open another tab on you browser and you shold be connected to the Internet, you can also log back into the Long ranage WiFi on 192.168.2.1 and check the status of the connection If you are connected as in this case to BT Openzone, enter your account details and connect to the internet, all other devices will not need to logon to BT or the Public Wifi provider.
    [Show full text]
  • London Stock Exchange Derivatives
    Expiry Notice 17 June 2016 London Stock Exchange Derivatives Expiration prices for UK Single Stock Products Please find below expiration prices for UK Single Stock Products expiring in June 2016: Underlying Code Underlying Name Expiration Price ADN ABERDEEN ASSET MANAGEMENT PLC 267.000 AGK AGGREKO PLC 1156.000 AAL ANGLO AMERICAN PLC 636.500 ANTO ANTOFAGASTA PLC 423.900 ARM ARM HOLDINGS PLC 970.500 AHT ASHTEAD GROUP PLC 994.000 ABF ASSOCIATED BRITISH FOODS PLC 2775.000 AZN ASTRA ZENECA PLC 3793.000 AV AVIVA PLC 406.900 BA BAE SYSTEMS PLC 478.800 BARC BARCLAYS PLC 165.750 BLT BHP BILLITON PLC 830.800 BP BP PLC 373.150 BATS BRITISH AMERICAN TOBACCO PLC 4116.500 BTA BT GROUP PLC 407.150 CPI CAPITA PLC 1000.000 CCL CARNIVAL PLC 3402.000 CNA CENTRICA PLC 203.600 CPG COMPASS GROUP PLC 1282.000 DGE DIAGEO PLC 1770.000 EVR EVRAZ PLC 109.100 FRES FRESNILLO PLC 1227.000 GFS G4S PLC 175.400 GSK GLAXOSMITHKLINE PLC 1387.500 GLEN GLENCORE PLC 140.550 HSBA HSBC HOLDINGS PLC 431.200 1 IAP ICAP PLC 391.000 IMB IMPERIAL BRANDS PLC 3578.000 IHG INTERCONTINENTAL HOTELS GROUP PLC 2542.000 IAG INTERNATIONAL CONSOLIDATED AIRLINES 478.300 ITV ITV PLC 204.000 KAZ KAZ MINARALS PLC 135.700 KGF KINGFISHER PLC 354.000 LAD LADBROKES PLC 124.500 LAND LAND SECURITIES GROUP PLC 1099.000 LGEN LEGAL & GENERAL GROUP PLC 215.400 LLOY LLOYDS BANKING GROUP PLC 65.050 LMI LONMIN PLC 184.750 EMG MAN GROUP PLC 116.800 MKS MARKS & SPENCER GROUP PLC 351.600 MRW MORRISON (WM) SUPERMARKETS PLC 177.300 NG NATIONAL GRID PLC 958.800 NXT NEXT PLC 5275.000 PSON PEARSON PLC 823.000 PFC
    [Show full text]
  • Price Guide. Everything You Need Know About Our Prices, If You Are
    Price Guide. Everything you need know about our prices, if you are: – A Pay Monthly (voice) customer who joined us or last upgraded your contract before 18 March 2014; – A SIM customer (voice) who joined us or last upgraded your contract before 15 July 2014; – A Mobile Broadband customer who joined us before 12 August 2015 or are on Mobile Broadband Pay As You Go; – A Business (voice) customer (unless you’re on one of our Simply Business plans); – A Business Mobile Broadband customer; or – On one of our old Pay As You Go plans. Three Customer Services Hutchison 3G UK Ltd PO Box 333 Glasgow G2 9AG © 2017. A member of CK Hutchison Holdings. Registered office: Star House, 20 Grenfell Road, Maidenhead, Berks SL6 1EH. Published by Hutchison 3G UK Limited, trading as Three. All rights in this publication are reserved and no part may be reproduced without the prior written permission of the publisher. ‘3’ and its related images, logos and names used in this publication are trademarks of the Hutchison Whampoa group of companies. The contents of this publication are believed to be correct at the time of going to press, but any information, products or services mentioned may be modified, supplemented or withdrawn. The provision of any products and services by Hutchison 3G UK Limited is subject to Three’s customer terms (available at Three.co.uk). The customer terms will take precedence if there is any discrepancy with this publication. In the event of a discrepancy between this publication and information provided on Three.co.uk, other than the customer terms, this publication will take precedence.
    [Show full text]
  • Anticipated Acquisition by One Stop Stores Limited of 76 Stores of the Mills Group of Companies
    Anticipated acquisition by One Stop Stores Limited of 76 stores of the Mills Group of companies ME/4810/10 The OFT’s decision on reference under section 33(1) given on 14 March 2011. Full text of decision published 25 March 2011. Please note that the square brackets indicate figures or text which have been deleted or replaced in ranges at the request of the parties or third parties for reasons of commercial confidentiality. PARTIES 1. One Stop Stores Limited (One Stop), a wholly owned subsidiary of Tesco plc (Tesco) is a retail convenience business, operating 521 convenience stores across England and Wales. Its core activities focus on grocery retailing (both food and non-food). One Stop also provides other services to customers including cash machines, Post Office services, National Lottery, Pay Point, mobile top-ups and home delivery of newspapers and magazines. One Stop’s turnover for the financial year to February 2010 was £508 million. Tesco’s UK turnover for the financial year to February 2010 was £42.3 billion. 2. Mills Group (Mills) is a group of privately-owned companies incorporated in England and Wales. Its principal activity is convenience retailing in the North East, Cumbria, Yorkshire, the East Midlands, the West Midlands and South Wales. It operates 85 stores in total but only 76 of them are the Acquisition Stores covered by this decision.1,2 The turnover generated by the Acquisition Stores was approximately £61 million in the year to 31 January 2010. 1 Mills Stores also operate eight supermarkets but they are not subject to this transaction.
    [Show full text]