Tesco plans to build 4,000 new homes
Published by Brian Church for 24dash.com in Housing and also in Finance
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Embattled Tesco, which announced today its chief executive is leaving, plans a £1 billion construction programme with 4,000 new homes by making use of its massive undeveloped landbank.
The Guardian, which recently revealed that the supermarket "was sitting on 310 sites that do not currently house a Tesco store", said it’s the biggest housebuilding project ever announced by the struggling giant.
Media reports said Tesco will build the homes itself via its development wing Spenhill.
Tesco announced Monday that its chief executive Philip Clarke will leave in October and be replaced by Unilever’s Dave Lewis. It also issued a profits warning.
Clarke said: "Having taken the business through the huge challenges of the last few years, I think this is the right moment to hand over responsibility."
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