Accountant and business advisor PKF has been appointed to conduct an audit of the leading supermarkets to see if they are abiding by the OFT’s code of practice.
PKF will focus on areas the OFT found were subject to the most complaints, including retrospective price cuts, supplier contributions to retailers’ marketing costs, listing fees and other payments, at Tesco, Asda, Sainsbury and Safeway. Morrisons will not be included. PKF is expected to report by the end of the year.
The Association of Convenience Stores welcomed PKF’s appointment but said it doubted that rifling through the multiples’ paperwork would get to the nub of the problem.
Chief executive David Rae said: “This time-consuming, process would be unnecessary if our call for transparency of buying prices was heeded.”
PKF will focus on areas the OFT found were subject to the most complaints, including retrospective price cuts, supplier contributions to retailers’ marketing costs, listing fees and other payments, at Tesco, Asda, Sainsbury and Safeway. Morrisons will not be included. PKF is expected to report by the end of the year.
The Association of Convenience Stores welcomed PKF’s appointment but said it doubted that rifling through the multiples’ paperwork would get to the nub of the problem.
Chief executive David Rae said: “This time-consuming, process would be unnecessary if our call for transparency of buying prices was heeded.”
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