Tesco

Tesco is to axe more than 300 head office and regional roles, as part of its move to find £500m in efficiency cuts.

The move was confirmed after the supermarket this week announced a fall in profits and a warning its full-year earnings would fall at the lower end of guidance.

The supermarket said staff had been informed of the cuts late last month, though they were not mentioned at this week’s results call.

The UK’s biggest retailer is aiming to make £500m of savings this year.

Other measures it is bringing in include a move to strip out most manned checkouts from many of its larger stores as it moves towards a greater focus on self-service.

However, Tesco stressed it was also making major investments in staff, both in terms of recruitment and pay.

It revealed a second hourly pay increase this year for staff, with basic hourly rate of pay set to increase a further 20p to £10.30 (or £10.98 in London), and a doubling of its colleague discount.

CEO Ken Murphy also announced it was recruiting 12,500 temporary staff for the festive period.

A Tesco spokewoman said: “Last month we announced some changes to a small number of roles in our office and regional teams, to ensure our business is as simple and efficient as possible, and so we can continue to invest for our customers.

“This means a reduction of around 325 roles. We currently have over 500 vacancies in our office and will work with colleagues to find alternative roles wherever possible.”