Sunday Papers Roundup
Asos warehouse fire 'deliberate', say police, Can Philip Clarke convince Tesco investors he is the man for the job? Leahy left 'poisoned chalice at Tesco, claims investor, ASOS stops taking orders after fire breaks out, Anger grows at Tesco ahead of investor meeting
Online fashion retailer ASOS has stopped taking orders after the company's main Barnsley warehouse was "badly damaged" in a fire on Friday night. In a statement posted on its Facebook page, ASOS said: "We experienced a fire in our warehouse tonight and fortunately nobody was hurt. We understand there has been substantial damage but it's too early to ascertain the extent. "We will not be taking any orders in the meantime. Sincere apologies for the inconvenience." It is being treated as "deliberate" by police.
The Queen Elizabeth II Conference Centre in Westminster is 17 miles down the Great Cambridge Road from Tesco’s headquarters in Cheshunt, the small Hertfordshire town. Yet this is where, a year ago, the internal politics at Britain’s biggest retailer spilt out into the open. By the time of the Tesco annual meeting at the conference centre last June, the company had already reported its first fall in profits for two decades, falling sales around the world, and announced it was pulling out of the US after racking up more than £1bn of losses
One of Tesco’s biggest investors has accused Sir Terry Leahy, its former chief executive, of handing a “poisoned chalice” to his successor, after the supermarket boss criticised its recent performance. David Herro, chief investment officer of Harris Associates, an American investment fund which owns 1.92pc of Tesco and is its seventh-largest shareholder, said Sir Terry should not denigrate the retailer given his own role in seeding many of its problems.
Mail on Sunday
ASOS said nobody was hurt but took down its website, adding it was unable to take any orders until it could 'ascertain the extent of the damage' at its warehouse in Barnsley, South Yorkshire. In a statement on their Facebook page late last night Asos said: ‘We experienced a fire in our warehouse tonight and fortunately nobody was hurt. We understand there has been substantial damage but it's too early to ascertain the extent.
Some of Tesco’s biggest shareholders are complaining to the supermarket giant’s senior independent director about strategy and management, underlining growing discontent with its chief executive and chairman. One of the store’s top 10 shareholders, which asked not be identified, said it had expressed concerns to Patrick Cescau, the former boss of Unilever. Pressure is building on chairman Sir Richard Broadbent and chief executive Philip Clarke after the decline in quarterly like-for-like sales accelerated from 3.3% to 4% this month.
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