John Wood
Tesco has named the new boss for T&S Stores following approval for its takeover from secretary of state for trade and industry Patricia Hewitt, and confirmation that it had acceptance of its offer by 85% of the shareholding.
Colin Holmes has moved from his role as operations director for superstores central to become CEO of the new operation, and will report to retail director David Potts.
A spokesman for Tesco said Holmes had worked for Tesco for a number of years in head office, financial and retail roles.
Tesco intends to run the business as an independent subsidiary of Tesco plc and confirmed that it will continue to be called T&S Stores.
The company will continue to control the existing fascias, together with the Brownhills head office and distribution facilities. However Tesco has already indicated that it intends to convert 450 One Stop stores to the Tesco Express fascia.
At the time of conversion management of these stores will transfer to the Tesco Express team headed by Keith Macauley.
Tesco was unwilling to reveal any further personnel changes ahead of completion of the deal, but it revealed in the offer document that T&S chairman Kevin Threlfall and chief executive Jim McCarthy would remain with the company to assist with the handover to the new CEO and group retail director Paul Mildenstein would become operations director.
However on completion of the deal group buying director Geoff Purdy will be leaving with a compensation package worth £517,000.
Many independent retailers and their representatives had been calling for the deal to be referred to the Competition Commission and were dismayed by the DTI announcement.
However, Hewitt was obliged to follow the advice she received from the OFT, and as The Grocer went to press the OFT had still not published the reasoning behind its decision.
Eoin McGettigan, executive chairman of Musgrave UK, called for an OFT inquiry into the entire top-up shopping sector.
>>p22 Saturday Essay
{{NEWS }}
Tesco has named the new boss for T&S Stores following approval for its takeover from secretary of state for trade and industry Patricia Hewitt, and confirmation that it had acceptance of its offer by 85% of the shareholding.
Colin Holmes has moved from his role as operations director for superstores central to become CEO of the new operation, and will report to retail director David Potts.
A spokesman for Tesco said Holmes had worked for Tesco for a number of years in head office, financial and retail roles.
Tesco intends to run the business as an independent subsidiary of Tesco plc and confirmed that it will continue to be called T&S Stores.
The company will continue to control the existing fascias, together with the Brownhills head office and distribution facilities. However Tesco has already indicated that it intends to convert 450 One Stop stores to the Tesco Express fascia.
At the time of conversion management of these stores will transfer to the Tesco Express team headed by Keith Macauley.
Tesco was unwilling to reveal any further personnel changes ahead of completion of the deal, but it revealed in the offer document that T&S chairman Kevin Threlfall and chief executive Jim McCarthy would remain with the company to assist with the handover to the new CEO and group retail director Paul Mildenstein would become operations director.
However on completion of the deal group buying director Geoff Purdy will be leaving with a compensation package worth £517,000.
Many independent retailers and their representatives had been calling for the deal to be referred to the Competition Commission and were dismayed by the DTI announcement.
However, Hewitt was obliged to follow the advice she received from the OFT, and as The Grocer went to press the OFT had still not published the reasoning behind its decision.
Eoin McGettigan, executive chairman of Musgrave UK, called for an OFT inquiry into the entire top-up shopping sector.
>>p22 Saturday Essay
{{NEWS }}
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