Dobbies sale talk off as Tesco portfolio review completes

Tesco says it does not want to sell any of its portfolio, which includes Dobbies Garden Centres.

Tesco managing director Dave Lewis has said that Tesco’s portfolio review has been concluded, indicating any sale of its 35-garden centre Dobbies business will not happen.

Wyevale Garden Centres have said they want to buy Dobbies but that plan now seems to be dead.

Dobbies and the rest of Tesco has had a moratorium on capital spending in the last year.

The news came as Tesco announced another big fall in profits as it struggles to turn its business around.

Underlying profits for the first half of its financial year were £354m, 55 per cent down on the same period last year, when it made £779m.

Its pre-tax profit was £74m, compared with a loss of £19m for the same period a year ago.

Like-for-like sales were down 1.1 per cent for the UK, but sales volume rose 1.4 per cent.

The supermarket chain is also keeping its data analytics business Dunnhumby.

In addition, Tesco sought to put an end to speculation that the chain could look to sell-off its eastern European, Malaysian, or Thai operations to repair the balance sheet. Lewis said the supermarket was "not looking to make asset sales to reduce our debt".


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