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February 06, 2016 9:44 PM ET

Food and Staples Retailing

Company Overview of Tesco PLC

Company Overview

Tesco PLC, together with its subsidiaries, operates as a grocery retailer. The company also provides retail banking, financial, and insurance services. In addition, it engages in the property, purchasing, data analysis, and sourcing operations. The company operates in the United Kingdom, India, Malaysia, South Korea, Thailand, the Czech Republic, Hungary, Poland, the Republic of Ireland, Slovakia, and Turkey. It serves its customers through approximately 7,817 stores, including franchises, as well as through the Internet. The company was formerly known as Tesco Stores (Holdings) Limited and changed its name to Tesco PLC in 1983. The company was founded in 1919 and is based in Cheshunt, Unite...

New Tesco House

Delamare Road

Cheshunt,  EN8 9SL

United Kingdom

Founded in 1919

517,802 Employees

Phone:

44 19 9263 2222

Fax:

44 19 9264 6100

Key Executives for Tesco PLC

Chief Executive Officer and Director
Age: 49
Total Annual Compensation: $570.0K
Chief Financial Officer and Executive Director
Age: 55
Total Annual Compensation: $297.0K
Compensation as of Fiscal Year 2015.

Tesco PLC Key Developments

Tesco Announces New Partnership with Muller Milk and Ingredients

Tesco PLC has announced a new partnership with Muller Milk and Ingredients. The new agreement is part of Tesco's commitment to create long-term, sustainable partnerships across its supply base and will see the two companies work together to improve the quality and freshness of milk for customers. Tesco will continue to lead the industry by developing incentives for farmers who are focused on delivering quality and value for customers whilst driving up and maintaining the higher level of animal health and welfare standards. The partnership will also see Tesco collaborate and work with farmers and dairy processors to help secure the future of British dairy farming at a time of change for the industry. Tesco will maintain its long-standing relationship with Arla after agreeing a new supply partnership with the milk producer. Through the partnership, Arla and Tesco will continue to work together on the Tesco Sustainable Dairy Group which guarantees farmers a fair price for their milk. They will work closely with producers aligned with the programme, whilst delivering the best quality milk for Tesco customers. The retailer will also work with Arla to build its significant branded business in dairy. The new strategic partnership with Muller is the latest in around twenty agreements that Tesco has in place to deliver high quality fresh food. The long-term partnerships allow Tesco and its supply partners to create more integrated and shortened supply chains which allow farmers, growers and processors to invest directly in standards, animal welfare and innovation. Other Tesco Strategic partners include: Samsworths, Hilton Food Group, G's, AMT and Branston.

Tesco to Close its Two London Food to Go Standalone Stores

Tesco is to close its two standalone food to go stores in London. The retailer said it would close its stores in Villiers Street and Philpot Lane on 4 March, with 22 staff affected. The Villiers Street store opened in March last year, with Tesco going into partnership with Burrito Kitchen, a business launched by former Apprentice contestant Tim Stillwell. Serving breakfast wraps and baps, and burritos and nachos later in the day, the store was aimed at commuters and busy office workers but Tesco said research had shown customers preferred the "wider range of products" in its other Express and Metro stores in the capital.

Tesco Launches 'Perfect Tasting' Non-Alcoholic Wines

Tesco has launched two sparkling non-alcoholic wines that it considers to be the nearest in taste to their alcoholic counterparts. The wines are made from South African Pinotage Blush and Chenin Blanc grapes which have been fermented until just before the point that they turn alcoholic. The two drinks - Alcohol Free Pinotage Blush and Alcohol Free Chenin Blanc Sparkling - go on sale at more than 760 Tesco stores across the UK and cost £2.75 each. They can be found in the soft drinks aisle.

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