Consultation for Tesco Slough site |
| Monday, 22 December 2008 | |
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Tesco must sell off the Uxbridge Road site in Slough it bought from the Co-operative Group (Co-op) in 2003, but a consultation period will now run to 20 January, the Competition Commission has said. Last April, the Office of Fair Trading referred the acquisition of the Co-op's store by Tesco to the Competition Commission for investigation because of the proximity of another store Tesco has nearby. And in November 2007, the commission said that competition in the grocery market was reduced because of the purchase, and recommended that another retailer in the sector should buy the venue. Once the latest consultation period is over, Tesco will have to sell the site off, and an independent divestiture trustee will be appointed to dispose of the store. In related news, Tesco has announced three of its stores will be sold into a £199m joint venture with the Tesco PLC Pension Scheme. Additionally, four stores are being sold to a annuity fund client for a sale and leaseback deal worth £109m. The transactions are part of the retailer's scheme to generate value from its portfolio of property. Related Articles
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