Welcome to FIS   Sponsored By
United States
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
If you would like to send us an article, contact Margaret Stacey
   


A Tesco chain supermarket. (Photo: Mankind 2k/CC BY 3.0)

Tesco accused of delaying payments to suppliers to improve its financial position

  (UNITED KINGDOM, 1/27/2016)

A British regulatory body has ordered Tesco to introduce significant changes to practices and systems after finding it withheld money owed to suppliers to increase sales performance and improve its financial situation.

An investigation carried out by Groceries Code Adjudicator (GCA), Christine Tacon, discovered that the largest supermarket chain in the UK made unilateral deductions from suppliers, delayed the length of time taken to pay money due to suppliers and in some cases, slowed down the payments intentionally.

In reference to the nature and extent of breaches to the Groceries Supply Code of Practice, Tacon said, “The most shocking thing I found was how widespread it was and that it was in every sector and every supplier I spoke to had evidence in delays in payments.”

"A Tesco list of methods for meeting the half-year target included 'Not paying back money owed',” she added.

The Adjudicator recommended giving suppliers 30 days to challenge any proposed deduction and if challenged Tesco will not be entitled to make the deduction.

She also insisted that the company must correct pricing errors within seven days of notification by a supplier.

Tacon launched the GCA’s first investigation in February following Tesco announcement on its profit over-statement and the receipt of information from the retailer and the sector. The information that the agency had led to the suspicion that the supermarket chain had violated certain provisions of the sector's code of practice.

The adjudicator has also asked the Competition and Markets Authority (CMA) to consider the issue of category captaincy as well as referring evidence that Tesco may have breached CMA rules by operating without all its terms of supply agreement being in writing – a factor that may have contributed to payment disputes and delays.

Tesco's chief executive Dave Lewis said that the supermarket had changed the way it works and would abide by GCA's recommendations.


[email protected]
www.fis.com


Information of the company:
Address: New Tesco House, Delamare Road
City: Cheshunt
State/ZIP: Hertfordshire, England (EN8 9SL)
Country: United Kingdom
Phone: +44 1992 632 222
Fax: +44 1992 644 024
E-Mail: [email protected]
More about:


Location:

View Larger Map


Approval / Accreditation / Certified / Oversight by...
GMP/Good Manufacturing Practice  Dolphin Safe  Friend of the Sea  HALAL   Kosher  MSC/Marine Stewardship Council  Organic Soil Assoc/UK  UKAS 
BRC (British Retail Consortium)  BVQi  EFSIS/European Food Safety Inspection Service  FairTrade 



 Print


Click to know how to advertise in FIS
MORE ARTICLES
Camanchaca Obtains Sustainable Certification for Fish Meal and Fish Oil
Eco-friendly, Biodegradable and Edible Seaweed Packaging
SeaPak Frozen Seafood For a Stress-Free Holiday Entertaining
Lund’s Fisheries Expands into Innovative Product Lines and Markets
Waitrose Achieves Responsible Sourcing First
Open Blue’s Cobia Achieves Good Alternative Ranking from Seafood Watch
YO! Sushi Acquires Leading North American Sushi Brand Bento Sushi
Natural Oils Achieves Sustainable Certification for Fish Oil
KM Seafood Achieves Friend of the Sea Certification for Tilapia and Perch
Ekofish Group Builds Twin-rigger at Damen Maaskant
Smoke Some Oysters and Celebrate Native American Heritage Month
Young’s Seafood Launches New, Premium Shellfish Range, Plugging Gap in Recipe Inspiration
Fishmonger’s Choice Offers Fresh, Seasonal, British Fsh to Encourage Lesser-Known Species
Top 6 Vendors in the Shrimp Market from 2017 to 2021
Inland Seafood Announces that the Company is Now Employee-Owned
Korean Premium Seafood Brand, K·FISH, To Be Introduced To The U.S. Market This Month
Sysco Corporation Honors 2017 Top Suppliers
Belgian Imperial Heritage Obtains Friend of the Sea's Certification for its Caviar
BioMar at Karmøy Sets Production Capacity Record
BAP Certifies First North American Salmon Smokehouse
More Articles...

Lenguaje
FEATURED EVENTS
  
TOP STORIES
EU fishing quota deal deemed satisfactory to British fishermen
United Kingdom The EU fisheries ministers have agreed on a rise in the amount of fish British trawlers can catch in the North Sea, a deal that will represent more than GBP 750 million to the sector.
Spanish associations request European ministers stability in fishing quotas
Spain The Spanish Fisheries Confederation has asked the EU to ensure the stability of the European fishing sector in the allocation of TACs and fishing quotas for 2018, which will be decided at the meeting of the European Council of Ministers.
DFO seeks to apply fines instead of charges for minor fisheries violations
Canada As part of its enforcement approach, Fisheries and Oceans Canada is currently seeking the public’s opinion on its plans to expand the use of tickets for minor fishing violations.
Snake River salmon and steelhead recovery plans launched
United States NOAA Fisheries has launched recovery plans for federally protected Snake River chinook salmon and steelhead intended to make sure each species is self-sustaining in the wild.
 
Maruha Nichiro Corporation
Nichirei Corporation -Headquarter-
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation -Wartsila Group Headquarter-
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd.
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
Blue Continent Products (Pty) Ltd - (Oceana Group Limited)
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods Inc. -Headquarter-
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO -Food and Agriculture Organization- Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Omega Protein Corporation -Headquarter-
Marona S.A.
Marine Harvest ASA - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
Mitsubishi Corporation Marine Products Depts. D.Team
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation -Headquarter-
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart / Wal-Mart Stores, Inc. (Supermarket) -Headquarter-
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
INVE Group - Head Office
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
Morpol ASA - Group Headquarters
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2017 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER