Britain's biggest supermarket Tesco has agreed to buy leading wholesaler Booker for £3.7bn as it continues its turnaround and seeks to widen the sales gap with Sainsbury's, which is selling more general merchandise.
Supermarket news isn'’t always interesting for the fashion sector but at the moment, as clothing helps drive sales, it takes on a new importance. Already Sainsbury’s has hailed its Tu success, now it's Tesco’s turn.
The worst start to a trading year for Next shares since 1991 underscores the plight of mid-tier UK retailers hit by a combination of fierce online competition and higher costs driven by a weaker pound.
The former group commercial director of Tesco, Kevin Grace, will not face charges from the Serious Fraud Office (SFO) over the accounting scandal that rocked Britain's biggest retailer in 2014, his lawyer said.