Every Little Helps: Tesco to Sell Private Jet Fleet in bid to fill £263M Void

By Annifer Jackson

Tesco is capping a year to forget by putting up for sale its fleet of five private jets, one of which being worth £30 million and only delivered to the company a matter of weeks ago.

The UK’s largest retailer is looking to cover a financial black hole after it recently became clear that the announced £250 H1 profit overstatement was in fact closer to £263 million.

With profits being squeezed and custom being lost to discount chains such as Aldi and Lidl, the company is now looking to scrap needless expense in a bid to get back on track.

READ MORE: What Next for Tesco after the £250M (Now £263M) Profit Blunder

The GulfStream G550 is the flagship plane in the quintet up for sale and will seat 14 passengers on ‘Edelman beige leather’ seats in a cabin of ‘maple burl gloss’ wood, ‘antique bronze’ metal and ‘Scott beige modern weave’ carpets.

It also comes with two televisions, DVD players, an oven and two coffee makers. It also has an Airshow 4000 moving map system offering cutting edge in-flight information.

Further to this, the plane is powered by two Rolls-Royce BR700 engines and has an external camera system.

Tesco is asking for around £22 million which includes the placing of two non-refundable deposits worth around £1.25 million combined.

Share prices continue to be affected by the series of events which has rocked the company, the latest being an investigation by the UK Serious Fraud Office over the H1 profit misstatement.

Key shareholder Warren Buffet has also withdrawn his confidence in the business, calling it a huge mistake. 


Featured Articles

Colliers MENA CEO Raja Alameddine on leadership and strategy

As the just appointed CEO of Colliers MENA, real estate veteran Raja Alameddine talks strategy, leadership style, and skills critical for today’s C-Suite

Top 10 outsourcing companies in the world

The Time Doctor OA500 index – compiled by Time Doctor and Outsource Accelerator – has ranked the biggest outsourcing providers in the world

Red Sea Global: Building sustainable tourism in Saudi Arabia

Luxury property developer Red Sea Global is transforming Saudi Arabia into an incredible, sustainable tourism destination. We speak to the CEO John Pagano

Leena Nair – from Unilever people pioneer to CEO of Chanel

Leadership & Strategy

Top 10 female CEOs of the Fortune Global 500

Leadership & Strategy

UAE cyber leaders told to go on the attack against hackers