Tesco, the beleaguered British supermarket now mired in an accounting scandal, has been hit with another reality check: It just put one of its five private jets on the market. All of the jets were purchased before the grocery chain announced it overstated profits in the first half of the year by more than £250 million ($US403 million).
The Gulfstream G550, with a price tag of £30 million ($US48 million), was delivered in early October. But Tesco executives never got to enjoy its luxuries. New CEO Dave Lewis, who has been working hard to reverse slumping sales and revenue figures at the world’s second-largest retailer, ordered that all of the corporate jets be immediately sold.
It’s a bummer for the supermarket’s senior members because the G550 looks pretty nice. A brochure on Gulfstream’s website says the plane can seat 16 and comes with a full-service galley outfitted with a microwave, ovens, and two coffee makers.
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Investors have previously criticised Tesco for its stable of corporate jets. Last year, the company reportedly spent £9 million ($US14.5 million) to fly its executives around the globe.
In hindsight, such an obvious display of wealth might have been a red flag. “There is a theory that when big companies splash out on new headquarters or other lavish items, their demise is waiting around the corner,” BBC’s Joe Lynam
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