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| Tesco sells mothballed supermarket sites for £250m | |
| (about 1 hour later) | |
| Supermarket giant Tesco is selling off more than a dozen sites that it no longer wants to develop to a property company in a £250m deal. | Supermarket giant Tesco is selling off more than a dozen sites that it no longer wants to develop to a property company in a £250m deal. |
| Some 10,000 homes could be built on the sites in London, the South East and Bath. | Some 10,000 homes could be built on the sites in London, the South East and Bath. |
| They are part of nearly 50 projects which Tesco said earlier this year it was abandoning, many of which are now derelict. | They are part of nearly 50 projects which Tesco said earlier this year it was abandoning, many of which are now derelict. |
| The decision was part of the supermarket's revival strategy. | The decision was part of the supermarket's revival strategy. |
| Tesco is selling the sites to Meyer Bergman, a property investment firm. | Tesco is selling the sites to Meyer Bergman, a property investment firm. |
| Markus Meijer, its chief executive, said the investment would give new impetus to the abandoned Tesco projects. | Markus Meijer, its chief executive, said the investment would give new impetus to the abandoned Tesco projects. |
| Tesco said in January that it was shelving plans to open 49 large supermarkets - some of which had already been built - as well as closing 43 unprofitable stores. | Tesco said in January that it was shelving plans to open 49 large supermarkets - some of which had already been built - as well as closing 43 unprofitable stores. |
| The move formed part of chief executive Dave Lewis's strategy to restore the company's fortunes in the wake of an accounting scandal in 2014. | The move formed part of chief executive Dave Lewis's strategy to restore the company's fortunes in the wake of an accounting scandal in 2014. |
| However, the decision to abandon planned new stores attracted criticism. Pat McFadden, Labour MP for Wolverhampton South East, where a major supermarket plan was mothballed, said that the local community felt let down. | However, the decision to abandon planned new stores attracted criticism. Pat McFadden, Labour MP for Wolverhampton South East, where a major supermarket plan was mothballed, said that the local community felt let down. |
| 'Right decision' | |
| Alan Stewart, chief financial officer, told BBC Radio 4's Today programme that Tesco would not be developing stores on the mothballed sites it still owned. | |
| "We don't have the resource to put into these developments," he said. "The right decision for us and the business is not to go ahead." | |
| Analysis: Kamal Ahmed, business editor | |
| Mr Stewart knows that selling lucrative sites in the south-east of England is somewhat easier than more marginal sites across the north of England, for example. | |
| As yet, there is still no timeline for selling the rest of the sites, which for the moment will remain padlocked and unused. | |
| Read more from Kamal here: Tesco: Houses are more lucrative than shops | |
| The development sites being sold by Tesco include: | The development sites being sold by Tesco include: |
| - Fulham High Street | - Fulham High Street |
| - Highams Park (next to existing Tesco store) | - Highams Park (next to existing Tesco store) |
| - Hounslow (Hounslow bus garage) | - Hounslow (Hounslow bus garage) |
| - Lewisham (next to existing Tesco store) | - Lewisham (next to existing Tesco store) |
| - New Barnet (East Barnet Road) | - New Barnet (East Barnet Road) |
| - St Albans (London Road) | - St Albans (London Road) |
| - Tolworth (Former MOD site next to Tolworth Broadway and A3) | - Tolworth (Former MOD site next to Tolworth Broadway and A3) |
| - Hillingdon Master Brewer Site (Hillingdon Circus) | - Hillingdon Master Brewer Site (Hillingdon Circus) |
| - Woolwich Phase 3 and 4 (next to existing Extra store) | - Woolwich Phase 3 and 4 (next to existing Extra store) |
| - Epsom (Upper High Street) | - Epsom (Upper High Street) |
| - Kensington (next to existing Cromwell Road store, pictured below) |