THE RETAIL BULLETIN - The home of retail news
Home Page
News Categories
Christmas Ads
Commentary
Department Stores
Electricals & Technology
Entertainment
Fashion
Food & Drink
General Merchandise
Grocery
Health & Beauty
Home & DIY
Interviews
Property
Retail News
Retail Solutions
Shopping Centres, High Streets & Retail Parks
Sports & Leisure
Retail Events
THE Retail Conference 2022
Retail Women In Leadership 2022
Digital Transformation Strategy 2022 Part 2
Omni Channel Futures 2023
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Tesco to repay business rates relief

Tesco is to repay the £585 million worth of business rates relief it received from the UK Government and devolved administrations during the coronavirus pandemic. The… View Article

FOOD & DRINK

Tesco to repay business rates relief

Tesco is to repay the £585 million worth of business rates relief it received from the UK Government and devolved administrations during the coronavirus pandemic.

The supermarket said the offer of relief was a game-changer in the early stages of the pandemic as it gave it the immediate confidence to invest in its staff, online capacity, suppliers and Covid-19 safety measures. It also said every penny received has been spent on its response to the pandemic which it estimates will cost it around £725 million this year.

Explaining the reasons to repay the relief, Tesco group chief executive Ken Murphy said: “We have invested more than £725 million in supporting our colleagues, putting safety first, more than doubling our online capacity to support the most vulnerable customers in our communities, and hiring thousands of additional colleagues at a time of need. While business rates relief was a critical support at a time of significant uncertainty, some of the potential risks we faced are now behind us.

“Every decision we’ve taken through the crisis has been guided by our values and a commitment to playing our part. In that same spirit, giving this money back to the public is absolutely the right thing to do by our customers, colleagues and all of our stakeholders.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

THE NEXT EVENT

See all upcoming events

LATEST VIDEO

UKG LifeWork ALL: Register your place now to hear more. RETAIL HR 21 Sept LONDON
UKG LifeWork ALL: Register your place now to hear more. RETAIL HR 21 Sept LONDON

Watch video >