tesco accounting scandal 2014 case study

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Corporate Governance – A Case Study of Tesco Accounting Scandal 2014

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Type of Academic Paper – Case Study

Academic Subject – Governance

Word Count – 1700 words

Introduction

In present times, the subject of corporate governance is the most crucial one and a large number of corporate scams have recently been reported. This is due to a lack of attention paid by the board of directors, auditors, and other regulatory bodies, making it problematic for shareholders and stakeholders of a company to think strategically for the betterment of the company.

According to Bebchuk, Cohen, and Ferrell (2008, p.783), corporate governance is defined as the set of rules and regulations, and practices that can be implied on the company so as to control the business operations. The corporate governance of a company is mainly concerned with maintaining a balance between the company operations and the interests of stakeholders and shareholders of a company (Bhagat and Bolton, 2008, p.257).

However, there are recent additions in the corporate governance scams amongst which the accounting scandal of Tesco PLC 2014-2015 is the most prominent one. The aforementioned UK retailing business came under the regulatory scanner because of the scandal of overstating the profits of the company; where nearly around £263 million worth of profits were overstated (TheGuardian.com, 2014).

This essay highlights the lack of corporate governance while exploring major loopholes in the corporate structure of the company which resulted in this major accounting scandal. A conclusion is presented in the end while summarising major findings of the essay and effective recommendations are presented in this essay for the companies to avoid such corporate governance failures in the future.

Overview of the case

In the year 2014, Tesco, UK’s largest retailing giant, was plunged deeper into the crises which resulted in the suspension of four senior executive directors of the company. The suspension was followed by the scandal of overstating the company profits by £250m (TheGuardian.com, 2014). Tesco had overstated the first-half profits of the company to be £1.1bn, but later on, it was revealed that the company had experienced a profit of £263m. This overstatement of the profits in the forecasted profit figures was to attract shareholders and to increase investments and funds to the retailer (FinancialTimes.com, 2014).

After the accounting scandal in Tesco PLC, the legal authorities and board of directors significantly took this matter under consideration and wiped off £2bn of the net value from the UK’s biggest retailing company. Following the accounting fraud, Tesco PLC was alleged to pay a £500m fine by the end of the year and more than 125 investors filed against the accounting fraud made by Tesco PLC and claimed that the company had been lying to gain funds and investments (TheTelegraph.co.uk, 2014).

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Failure of Corporate Governance

Tesco PLC has been known for its corporate governance framework and its commitment to safety and ethics towards the environment as well as the people. However, the accounting scandal of Tesco PLC in 2014 has been reported to be one of the influential events that declined the overall reputation of the company. Because of this corporate governance failure, several people of the company were suspended including four executives as well that were engaged in the accounting fraud (Awolowo, 2016, p.23).

Moreover, the audit committee and company (Deloitte) were also reviewed and brought under the consideration after the incident. The major corporate governance failure, in this case, is because of the massive process failure of Tesco PLC. More importantly, the resignation of the Chief Finance Office just before the accounting scandal brought the headlines left the company with no CFO (TheTelegraph.co.uk, 2014).

Additionally, the resignation of the CFO followed with the resignation of several other great senior executives which is the case of pure poor corporate governance. The board of directors and the non-executive directors paid no attention to the inflated and overstatement of profits to grab the attention of shareholders.

Similarly, the external audit committee, PwC, and the internal audit committee of the company were equally responsible for their lack of activeness in this matter. However, the EU Audit Directive and Code of Ethics pose a strong push on the internal audit committees of the company, including their role on financing, reporting, and disclosing of honest information to the shareholders and stakeholders of the company (Müller, 2015).

It is evident that the role of the board of directors to have vigilant corporate governance is the prominent one which implies that in order to establish excellent corporate governance, it is necessary that the company board of directors are the key players in maintaining effective corporate governance (Bhagat and Bolton, 2008).

The Board of directors of the company is responsible to establish the key vision and mission of the company while setting strategies to obtain a nominal position in the market (Woods, 2007). However, this is not in the case of Tesco PLC. The board of directors was ignoring the Code of Ethics and EU Audit Directives which led to accounting fraud. Moreover, the board of directors of the company failed to take strategic decisions and raise their voice against the irregularities while focusing their recognition on revenue generation.

According to Ismail (2017), the UK Code of Governance provides provisions for the audit committees as well which ensures that the audit committee of the company is responsible for maintaining integrity in the financial statements of the company, along with reviewing the financial controls, judgments, and operations of the company so as to avoid the mishaps or misstatements in the financial statements.

However, in the case of Tesco PLC, the audit company of the company PwC paid no attention to the misstatement hence this led to the removal of PwC from the external audit committee of Tesco PLC (Müller, 2015). According to Courteau et al. (2017, p.1), the internal and external audit committee of the company is responsible to manage the financial activities such as reporting, external and internal audit, disclosure, and monitoring the regulatory operations of the financials of the company.

However, the audit committee of Tesco PLC has long been avoiding their responsibilities which resulted in the accounting scandal of Tesco PLC in 2014. According to Kukreja and Gupta (2016), the disqualification or resignation of the potential board members also results in the failure of corporate governance. This may be in the case of Tesco PLC. The accounting scandal in 2014 broke out soon before the resignation of the CFO of the company and left Tesco with no supervision of the CFO, however, the scandal led to the dismissal of three responsible board members which included the chairman, Richard Broadbent, and CEO Phillip Clarke as well.

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Corporate governance – a theoretical perspective.

In the light of stakeholder theory, corporate governance can be seen as the collection of policies and principles that are necessary to maintain the morals and ethics of conducting a business while valuing the stakeholders and their interests. According to Courteau et al. (2017, p.1), stakeholders theory is known for its managerial side and declares that the company and the board of directors are responsible to value the interests of the stakeholders while valuing the morals and ethics of conducting the business (Alpaslan, Green and Mitroff, 2009).

In the case of Tesco PLC, the company has failed to value the stakeholders’ interests during the governance process. The board of directors failed to value the interest of their shareholders while disclosing the fake information and overstated the company profits to gin investments and profits from the investors. Similarly, the company audit committee of Tesco PLC also paid no attention to the values of its stakeholders which led to the fraud (TheGuardian.com, 2014).

Lessons Learned

The weak corporate governance structure of Tesco PLC and no attention to the overstatement of profits results in such fraud which not only penalizes the company with extra charges, but it also affects the overall market reputation of the company in the eyes of the shareholders and customers. Because of the accounting fraud of Tesco PLC, it has been evident that the internal and external board of directors of the company are responsible to make strategic decisions for the avoidance of such mishaps in the reporting or disclosure of financial statements (Kukreja and Gupta, 2016).

Moreover, it is also recommended that the company must be including effective regulations and viable accounting practices so as to avoid such fraud. Similarly, good leadership and governing practices should also be incorporated within the corporate governance of the company in order to keep the employees on track to meet organisational goals while meeting and valuing the stakeholders’ interests and legal rights. If the corporate structure and board of directors of Tesco PLC could have valued the stakeholders’ values and concerns while keeping the personal gains for the company aside, the company might not have indulged in such serious accounting fraud.

As a concluding statement, it has been observed that Tesco PLC has been known for its misstatement of profits in accounting books to grab the attention and investments of the shareholders to increase profits. This has occurred because of a weak corporate governance structure and a lack of attention from the board of directors and audit committee to this issue. Hence it can be recommended that the company should have an effective corporate governance structure with the inclusion of Governance Code provisions and potential board members in order to avoid such frauds and scandals.

• Abdullah, H. and Valentine, B., 2009. Fundamental and ethics theories of corporate governance.  Middle Eastern Finance and Economics ,  4 (4), pp.88-96.
• Alpaslan, C.M., Green, S.E. and Mitroff, I.I., 2009. Corporate governance in the context of crises: Towards a stakeholder theory of crisis management.  Journal of contingencies and crisis management ,  17 (1), pp.38-49.
• Awolowo, I.F., 2016. Financial Statement Fraud: The Need for a Paradigm Shift to Forensic Accounting.  system ,  7 (10), p.23.
• Bebchuk, L., Cohen, A. and Ferrell, A., 2008. What matters in corporate governance?.  The Review of financial studies ,  22 (2), pp.783-827.
• Bhagat, S. and Bolton, B., 2008. Corporate governance and firm performance.  Journal of corporate finance ,  14 (3), pp.257-273.
• Courteau, L., Di Pietra, R., Giudici, P. and Melis, A., 2017. The role and effect of controlling shareholders in corporate governance.  Journal of Management & Governance , pp.1-12.
• FinancialTimes.com, 2014. Available at:  https://www.ft.com/content/71118e80-4a20-11e4-bc07-00144feab7de
• Ismail, I.N., 2017. The Roles of Corporate Governance and its Influances on Risk and Performance: Tesco Plc.
• Kukreja, G. and Gupta, S., 2016. Tesco Accounting Misstatements: Myopic Ideologies Overshadowing Larger Organisational Interests.  SDMIMD Journal of Management ,  7 (1), pp.9-18.
• Müller, M., 2015. Critical Analysis Of The Financing Policies of Tesco plc.
• TheGuardian.com, 2014. Available at:  https://www.theguardian.com/business/live/2014/sep/22/tesco-launches-inquiry-after-overstating-profit-forecasts-by-250m-business-live
• TheTelegraph.co.uk, 2014. Available at:  https://www.telegraph.co.uk/finance/newsbysector/epic/tsco/11181686/Tesco-crisis-what-you-need-to-know.html
• Woods, M., 2007. Linking risk management to strategic controls: a case study of Tesco plc.  International Journal of Risk Assessment and Management ,  7 (8), pp.1074-1088.

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How did the Tesco accounting scandal unfold?

News of Tesco’s accounting scandal sent shockwaves through the City in 2014 and raised serious questions over how a FTSE 100 firm could get away with “cooking the books”.

The grocery giant issued a series of profit warnings in the run up to the September announcement about overstated profits, as the group reeled under the disastrous reign of then-chief executive Philip Clarke.

Mr Clarke, who left the retailer just before the scandal, presided over a tumultuous period for Britain’s biggest retailer, in which market share slumped as Tesco came under pressure from discount rivals Aldi and Lidl.

The bombshell disclosure came on September 22, when the company admitted that issues uncovered in its UK food business meant it was likely to have overstated profits by £250 million.

The disclosures wiped £2 billion off the supermarket’s share price in one day, and the overstatement was later revised up to £326 million.

Tesco ordered an immediate review into the errors, undertaken by Deloitte and law firm Freshfields, but the damage had already been done.

Tesco suspended eight directors and the Serious Fraud Office (SFO) charged three former executives – Carl Rogberg, Chris Bush and John Scouler – with fraud after the black hole was discovered.

To compound matters, the scandal contributed to Tesco’s £6.4 billion loss in 2015, one of the largest in corporate history.

In 2017, Tesco reached an agreement with authorities over the scandal that saw it pay £85 million in compensation payouts to investors and £129 million in fines and costs.

The Deferred Prosecution Agreement (DPA) with the SFO saw the company escape prosecution but book a total hit of £235 million.

The agreement came as Britain’s financial watchdog, the Financial Conduct Authority, concluded that Tesco had committed market abuse.

Although Mr Clarke was spared charges linked to the scandal, Mr Rogberg, Mr Bush and Mr Scouler – the former finance chief, managing director and food commercial head – faced a lengthy court case that eventually began in 2017.

They stood accused of being involved in a “white-collar crime” plot and were charged with fraud by abuse of position and false accounting.

After the initial trial collapsed, a retrial date was set for October this year.

The jury was told the case was a retrial and that Rogberg was charged with identical offences but was not currently well enough to stand trial.

A decision will be made in due course about what action should be taken in relation to Rogberg following the acquittals of Mr Scouler and Mr Bush.

All three maintained their innocence.

Dave Lewis, Mr Clarke’s successor as Tesco chief executive, has attempted to move the group on from the scandal.

He has said the firm is doing everything possible to “restore trust” after seeing the brand suffer.

He said last year: “What happened was a huge source of regret to all of us at Tesco, but we are a different business now.

“The decisions over the last years are evident to all and the job now is to keep this momentum.

“I am pleased with how our colleagues have responded and that has allowed us to rebuild the business since 2014.

“The brand was affected by the announcement back in 2014, that is clear.

“I think everyone will recognise that there is nothing here to be proud of, but I am proud that we faced into it.

“The situation was real and I hope people will respect Tesco for facing a difficult situation and dealing with it in the manner in which it has.”

Mr Lewis appeared in court in October, where he told of his “genuine shock” on learning of the company’s overstated profits.

Who are the acquitted men?

John Scouler and Christopher Bush have now been found not guilty of the charges against them.

Managing director at the time of the scandal, Chris Bush was a Tesco veteran with a 30-year association with the retailer.

He was appointed managing director in January 2013, about a year and a half before the supermarket admitted that it had over-estimated profits by around £250 million.

John Scouler

Tesco’s former food commercial head, John Scouler joined the grocer in 2002, having previously spent eight years with Kraft.

Since leaving in December 2014, the year of the scandal, he has become managing director of consumer business at TalkTalk.

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Accounting Fraud at Tesco Stores (A)

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About The Authors

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Accounting Fraud at Tesco Stores (B)

Accounting fraud at tesco stores (c).

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Accounting Fraud at Tesco Stores (A), (B), & (C)

• Accounting Fraud at Tesco Stores (B)  By: Jonas Heese, Suraj Srinivasan and Julia Kelley
• Accounting Fraud at Tesco Stores (C)  By: Jonas Heese, Suraj Srinivasan and Julia Kelley
• Accounting Fraud at Tesco Stores (A), (B), & (C)  By: Jonas Heese and Suraj Srinivasan
• Accounting Fraud at Tesco Stores (A)  By: Jonas Heese, Suraj Srinivasan and Julia Kelley

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Tesco Accounting Scandal Draws Scrutiny of Serious Fraud Office in Britain

By Jenny Anderson

• Oct. 29, 2014

LONDON — The Serious Fraud Office in Britain has started a criminal investigation into accounting irregularities at Tesco, it said Wednesday, adding to the woes of the country’s largest retailer.

Tesco was already under investigation by the Financial Conduct Authority, Britain’s top financial watchdog, for overstating its first-half profits by £263 million, or about $424 million. That investigation has been dropped as the Serious Fraud Office has taken up the case, the Financial Conduct Authority confirmed.

Tesco officials declined to comment.

Last week, Tesco unveiled its first-half results , and said the overstatement was both slightly larger than it had anticipated and had extended back further than previously thought. Of the £263 million shortfall, £118 million related to the first half of 2014, and £145 million was linked to the past two years.

The investigation has caused extensive turmoil in the company, whose stores are ubiquitous in Britain. Eight executives have been asked to step aside, including the chief of the British business and the commercial director.

Richard Broadbent, Tesco’s chairman and a veteran chairman of several banking and civil service organizations, said he would step down when his replacement was found.

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How did the Tesco accounting scandal unfold and who are the trio in court?

The firm said issues uncovered in its UK food business meant it was likely to have overstated profits by £250 million.

Tesco’s fraud trial has concluded (Nick Ansell/PA)

News of Tesco’s accounting scandal sent shockwaves through the City in 2014 and raised serious questions over how a FTSE 100 firm could get away with “cooking the books”.

The grocery giant issued a series of profit warnings in the run up to the September announcement about overstated profits as the group reeled under the disastrous reign of then-chief executive Philip Clarke.

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Tesco to settle final shareholder claims over 2014 accounting scandal

Norway's sovereign wealth fund is said to be party to the final major settlement agreed between Tesco and shareholders over its 2014 financial reporting scandal, Sky News learns.

City editor @MarkKleinmanSky

Monday 4 October 2021 20:09, UK

Tesco is close to settling the final meaningful legal action from shareholders over the 2014 accounting crisis that brought Britain's biggest retailer to the brink of financial disaster.

Sky News has learnt that the supermarket giant could announce alongside its half-year results on Wednesday that it has reached agreement with a group of institutional investors over a substantial payout.

Industry sources said they understood that the most prominent party to the settlement would be Norges Bank, the Norwegian sovereign wealth fund.

Tesco is said to be likely to pay more than £100m to the group of shareholders, adding to a series of earlier settlements which are thought to have cost in aggregate several hundred million pounds.

The litigation law firm Stewarts Law was reported in 2016 to be leading class action claims against Tesco involving as many as 60 of its investors.

The latest sum to be paid out to investors are on top of a £129m penalty that Tesco incurred in 2017 as part of a plea deal with the Serious Fraud Office (SFO) known as a deferred prosecution agreement.

The DPA's three-year term expired last year.

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Tesco, which declined to comment on Monday night, has been revived in recent years under the leadership of Dave Lewis, who stepped down as the company's chief executive last year.

His successor, Ken Murphy, is expected to outline further details of his vision for Tesco alongside the interim results.

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On Monday, Tesco shares rose amid vague speculation that it could be a target for a private equity bid following the £7bn takeover of rival Wm Morrison, which recommended a final offer from Clayton Dubilier & Rice at the weekend.

The Sunday Times reported that Mr Murphy was likely to announce a substantial share buyback this week.

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FRC announces closure of Tesco investigation

News types: Investigations

Published: 8 June 2020

The Financial Reporting Council (FRC) today announces the closure of its investigation into accountants working within Tesco relating to Tesco PLC’s (Tesco) overstatement of profit of approximately £250m as announced to the market in September 2014. The investigation commenced in December 2014 with the following scope: “The conduct of Members and a Member Firm in relation to the preparation, approval and audit of the financial statements of Tesco plc for the financial years ended 25 February 2012, 23 February 2013 and 22 February 2014 and the preparation, approval and review of financial information relating to the 26 weeks ended 23 August 2014 leading to the publication of the company’s interim results on 23 October 2014.” The FRC previously closed the investigation into Tesco’s former Chief Financial Officer in August 2016 and its former auditors in June 2017 . During the course of the wider investigation, a number of accountant employees within Tesco were added as subjects. The investigation into these individuals was subsequently paused pending the Serious Fraud Office’s (SFO) trial of three (non-accountant) senior Tesco employees on charges relating to the overstatement. Following the conclusion of the SFO proceedings, and consideration of relevant material and information subsequently obtained from the SFO, Executive Counsel has decided to discontinue the matters in relation to each of the remaining subjects.  Accordingly, the matter has been closed without service of a Formal Complaint. Notes to editors:

• The FRC’s purpose is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.
• Past FRC Enforcement Outcomes can be found here.
• The FRC is the independent, investigative and disciplinary body for accountants and actuaries in the UK dealing with cases which raise important issues affecting the public interest. In brief, the stages of the disciplinary process under the Accountancy Scheme are:
• Decision to investigate
• Investigation
• Decision whether to bring enforcement proceedings against Member Firm or Member and, if so decided, referral to Disciplinary Tribunal
• Tribunal hearing
• Determination and imposition of sanction and/or costs orders

Under the Accountancy Scheme the FRC can start a disciplinary investigation in one of two ways: (i) the professional bodies can refer cases to the FRC; and (ii) the FRC may decide of its own accord to investigate a matter. The Conduct Committee will consider each case identified or referred to it and decide whether or not the criteria for an investigation are met. The criteria are specified in paragraph 5(1) of the Accountancy Scheme. A Member or Member Firm shall be liable to investigation under this Scheme only where, in the opinion of the Conduct Committee the matter raises or appears to raise important issues affecting the public interest in the United Kingdom and there are reasonable grounds to suspect that there may have been Misconduct or it appears that the Member or Member Firm has failed to comply with any of his or its obligations under paragraphs 14(1) or 14(2) of the Scheme. Investigations are conducted by Executive Counsel and the Enforcement division.

• All Press enquiries should be directed to:
• Peter Timberlake, Senior Manager, Press & Digital, on telephone: 020 7492 2397/ 07718 086898, or email: [email protected] .
• William Boyack, Communications Manager, on telephone: 020 7492 2307/ 07480 210166 or email: [email protected] .
• Rita Carolan, Communications Manager, on telephone: 020 7492 2395 or email: r, [email protected] .
• If you no longer wish to receive press releases from the FRC please email [email protected] .

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Tesco hands out £193m to settle 2014 accounting scandal

Tesco has handed out £193 million to settle an accounting scandal from 2014, a larger number than it received from the UK’s fraud watchdog.

The Big 4 grocer said it had settled claims from investors with two law firms that had brought legal proceedings against it last September.

The investors include Allianz, Russell Investments and the Church of England pension fund, which sued Tesco over a scandal that wiped off £2 billion from its valuation.

Tesco had incorrectly booked supplier income by £250 million, although the error reportedly grew to £326 million.

As a result, shareholders had been seeking compensation for the share price fall, claiming that their losses resulted from Tesco’s inaccurate reporting.

The Serious Fraud Office had fined the supermarket giant £129 million, while three Tesco executives who were prosecuted by the watchdog were eventually acquitted in 2019.

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How did the Tesco accounting scandal unfold and who were the cleared trio?

The firm said issues uncovered in its UK food business meant it was likely to have overstated profits by £250 million.

News of Tesco’s accounting scandal sent shockwaves through the City in 2014 and raised serious questions over how a FTSE 100 firm could get away with “cooking the books”.

The grocery giant issued a series of profit warnings in the run up to the September announcement about overstated profits as the group reeled under the disastrous reign of then-chief executive Philip Clarke.

Mr Clarke, who left the retailer just before the scandal, presided over a tumultuous period for Britain’s biggest retailer, in which market share slumped as Tesco came under pressure from discount rivals Aldi and Lidl.

The bombshell disclosure came on September 22, when the company admitted that issues uncovered in its UK food business meant it was likely to have overstated profits by £250 million.

The revelations wiped £2 billion off the supermarket’s share price in one day, and the overstatement was later revised up to £326 million.

Tesco ordered an immediate review into the errors, undertaken by Deloitte and law firm Freshfields, but the damage had already been done.

Tesco suspended eight directors and the Serious Fraud Office (SFO) charged three former executives – Carl Rogberg, Chris Bush and John Scouler – with fraud after the black hole was discovered.

To compound matters, the scandal contributed to Tesco’s £6.4 billion loss in 2015, one of the largest in corporate history.

In 2017, Tesco reached an agreement with authorities over the scandal that saw it pay £85 million in compensation payouts to investors and £129 million in fines and costs.

The Deferred Prosecution Agreement (DPA) with the SFO saw the company escape prosecution but book a total hit of £235 million.

The agreement came as Britain’s financial watchdog, the Financial Conduct Authority, concluded that Tesco had committed market abuse.

Although Mr Clarke was spared charges linked to the scandal, Mr Rogberg, Mr Bush and Mr Scouler – the former finance chief, managing director and food commercial head – faced a lengthy court case that eventually began in 2017.

The trio stood accused of being involved in a “white-collar crime” plot and were charged with fraud by abuse of position and false accounting.

The prosecution claimed that Tesco and the stock market’s credibility had been “undermined” and alleged that they had “cooked the books”.

All three maintained their innocence and have all been cleared.

He has said the firm is doing everything possible to “restore trust” after seeing the brand suffer.

He said previously: “What happened was a huge source of regret to all of us at Tesco, but we are a different business now.

“The decisions over the last years are evident to all and the job now is to keep this momentum.

“I am pleased with how our colleagues have responded and that has allowed us to rebuild the business since 2014.

“The brand was affected by the announcement back in 2014, that is clear.

“I think everyone will recognise that there is nothing here to be proud of, but I am proud that we faced into it.

“The situation was real and I hope people will respect Tesco for facing a difficult situation and dealing with it in the manner in which it has.”

Who are the cleared men?

Carl Rogberg, Christopher Bush and John Scouler were charged with one count of fraud by abuse of position and one count of false accounting.

The trio worked under former chief executive Philip Clarke, who will not face any charges linked to the scandal.

Tesco’s former finance director joined the supermarket in 2007 and held down numerous roles including at its Thai unit.

A graduate of the Stockholm School of Economics, he was also finance director at Kraft Foods between 1996 and 2000.

During the trial, Mr Rogberg’s lawyer denied that he had bullied colleagues, as alleged by the prosecution.

He also claimed that Mr Rogberg was “outside the circle of knowledge” of a report prepared in the run-up to the scandal coming to light.

His trial was abandoned last year after he suffered a heart attack and he was too ill to face a retrial.

The 51-year-old lives in Chislehampton, Oxfordshire.

Managing director at the time of the scandal, Mr Bush was a Tesco veteran with a 30-year association with the retailer.

He was appointed managing director in January 2013, around a year-and-a-half before the supermarket admitted that it had over-estimated profits by around £250 million.

Mr Bush was alleged to have failed to correct inaccurately-recorded income figures which were published to auditors, other employees and the wider market.

The 52-year-old, who opted not to give evidence at his trial, lives in High Wycombe.

John Scouler

Tesco’s former food commercial head, 49, joined the grocer in 2002.

Since leaving in December 2014, the year of the scandal, he has become commercial director at TalkTalk.

He did not give evidence at his trial and the jury instead heard from a number of character witnesses.

During the trial, Mr Scouler’s lawyer insisted he did not commit fraud but instead helped to uncover accounting irregularities.

He claimed that Mr Scouler told Amit Soni, the whistleblower who exposed the scandal, to investigate accountancy problems.

He lives in St Albans, Hertfordshire.

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Can Tesco finally move on from its accounting scandal?

The supermarket has inked a deal with the serious fraud office two and a half years after its dirty laundry came to light..

It’s been an extraordinarily tough few years for Tesco. Back in 2010 it was at the top of its game, growing fast and leaving the rest of Britain’s food retailers in its wake. But fierce competition, a series of over-ambitious acquisitions and, of course, its devastating accounting scandal knocked one of Britain’s most successful business off its perch. It’s still the largest retailer in the UK but Tesco’s reputation took a massive knock, arguably even bigger than the one to its finances.

Today its CEO Dave Lewis - brought in from Unilever expressly to clean up the mess - will be hoping to consign all of that to the past. Two and a half years after the scandal hit the front pages Tesco has signed a deal with the Serious Fraud Office that means its subsidiary Tesco Stores Limited won’t be prosecuted, in return for paying a £129m fine. It has also agreed with the Financial Conduct Authority to pay around £85m in compensation to investors that bought shares in the two-ish months after it overstated its profits in 2014.

‘Over the last two and a half years, we have fully cooperated with this investigation into historic accounting practices, while at the same time fundamentally transforming our business,’ Lewis said in a statement. ‘We sincerely regret the issues which occurred in 2014 and we are committed to doing everything we can to continue to restore trust in our business and brand.’

The deals don't affect the pending cases against former Tesco execs John Scouler, Christopher Bush and Carl Rogberg (who deny wrongdoing) and the supermarket is still the subject of two private lawsuits on behalf of investors. But today nonetheless brings to a close a difficult chapter in the company’s history.

It’s not back to business as usual though. In the time since the scandal Tesco’s market share has gone into reverse, eaten away by the fast-growing German discount supermarket chains Aldi and Lidl, which now sell more than 10% of the UK’s groceries. Lewis also faces disquiet from some shareholders over the price of Tesco’s acquisition of Booker Group.

Tesco posted a profit of £162m last year, minute by its standards but a damn sight better than the previous year’s £6.4bn loss. Sales figures since then have been encouraging, but with its bottom line under pressure from the rising minimum wage and higher food prices post-Brexit, the supermarket chain faces a big challenge in returning to the bumper times of yore.

Timeline: How Tesco’s fortunes went south

2011: Terry Leahy jumps ship . It’s a common trait of effective leaders that they know when to get out (see Tony Blair’s resignation just a year before the financial crisis kicked off). Terry Leahy, who was credited with turning Tesco into a globally significant behemoth in his 14 years as CEO, left the supermarket in 2011, the year before its profits reached their zenith.

June 2014: Sales plummet . Leahy’s successor Philip Clarke will be remembered less fondly. Clarke continued to diversify the company, launching a tablet computer called Hudl and buying the coffee chain Harris+Hoole, Giraffe restaurants and Euphorium Bakery in the hope of enticing more customers into the stores. They didn’t salvage Tesco’s fortunes, and in June 2014 it reported a 3.8% drop in like-for-like sales, the biggest decline in decades. Clarke was asked to leave the following month.

September 2014: A new broom. If Tesco’s shareholders thought its new CEO Dave Lewis would hail the dawn of a new era they were right, but not in the way they might have hoped. Three weeks after joining Tesco from Unilever, Lewis was forced to announce the company had overstated its profits by £250m. Its shares plummeted more than 10% to an 11-year low.

October 2014: The long arm of the law. The Financial Conduct Authority and Serious Fraud Office announced separate investigations into the company’s conduct.

January 2015: Lewis’s plan of action. ‘Drastic’ Dave revealed his masterplan for turning things around. He closed the company’s HQ at Cheshunt and 43 unprofitable stores, and cancelled plans for 49 new stores. The grocer also sold off Tesco Broadband and its streaming service Blinkbox to TalkTalk.

April 2015: Monumental loss. Massive write downs on the value of its property led Tesco to post an annual loss of £6.4bn, the biggest in its history and one of the biggest ever in the UK. Lewis was said to be ‘kitchen sinking’ – getting the worst of all the bad news out in one go.

October 2015: Buttering up suppliers. Tesco has long had a reputation as a difficult company for suppliers to do business with ( more on that in this terrifying mea culpa ) and its financial relationship with them came under greater scrutiny after the accounting scandal. In October Lewis pledged to restore that relationship, speeding up payments to small suppliers and simplifying its commercial revenue streams.

April 2016: A return to profit. The grocer bounced back from its loss in 2015 to post a £162m profit in the year to February but that didn’t stop its shares dipping after Lewis warned investors of a ‘challenging, deflationary and uncertain market’.

June 2016: More disposals. Lewis has been keen to strip Tesco of its bells and whistles and refocus on flogging food. After selling off its South Korean Homeplus business in 2015, Tesco disposed of another four businesses last June – Harris+Hool, Giraffe, Euphorium and Dobbies Garden Centre.

January 2017: Proposed Booker bid. Lewis showed there’s still fire in the Tesco belly with plans to acquire Booker, the food wholesaler whose assets include the Premier, Budgens and Londis convenience store brands. Tesco said the merger will ‘delight customers’ but some shareholders have expressed scepticism about it.

March 2017: Drawing a line . After two and a half years with a criminal investigation over its head, Tesco agreed to pay a £129m fine in a Delayed Prosecution Agreement with the SFO, and to pay £85m in compensation to investors.

Image source: Tesco

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Barrow Cadbury Trust

Seeking a talented individual with an outstanding track record of successfully delivering impactful communications and public affairs strategies.

Associate Director – B2B technology PR

£65000 - £80000 per annum

Are you an Associate Director ready to change agencies? Looking to work with industry defining clients? Are you an individual with the ambition to become...

Tewkesbury, England

£45000.00 - £55000.00 per annum + full range of benefits

HR Manager, to £55k pa + bens, hybrid working, Tewkesbury based organisation, HR generalist post, perm. Proud to be the exclusive recruitment partner for a superb leading,well established and growing retail organisation.

GBP50000 - GBP65000 per annum +

Direct Procurement Specialist- Leading Automotive Firm- £40-50K+ Package- London Based Procurement Consultant Role- Leading Top 100- Forbes Procurement and Supply Chain Consultancy Specialist- £65K+ Exciting Benefits Prestigious Central Lo

MD for an ambitious PR agency

£120,000 - £150,000

f1 Recruitment

An incredible opportunity for an MD to join this award winning integrated agency. Reporting into the CEO, this is an exciting opportunity to lead t...

HR & OD Business Partner

£54223 - £60316 per annum

Are you an experienced HR Business Partner looking for a new challenge? With a refreshed HR & OD Strategy and senior leadership team this is a great time to join.

Head of Development

Clerkenwell, London

£45-50k per annum

Art Angel Trust

The role has a strong understanding of the funding landscape in the UK and has successfully fundraised from trusts and foundations and private patrons

Oxfordshire, England

£50000 - £60000 per annum

A newly created Head of HR role within a post-transformation setting.

Procurement Manager - Travel and Events

USD120000 - USD130000 per annum +

Procurement Manager - Travel and Events Procurement - $120,000 - $130,000 - Global Leader in Food and Beverage - RemoteIf you want to hear more about

HRIS Project Manager (iTrent)

£400 - £500 per day

1 My London based healthcare client is looking for an experience HRIS Project Manager (iTrent) to join the team on an interim basis. (Hybrid working)

Director of Communications

Avon & Somerset Police

We support the lives of millions of people across our diverse communities, and have a workforce of over 6,000 inspiring and dedicated staff,

Head of Digital

City of London, London / London

£100000 - £120000 per annum

Head of Digital (B2B Marketing)**NEW ROLE** The CompanyAn international law firm with an exceptionally strong brand platform and a reputation for exce

Interim Head of HR

£70000 - £75000 per annum

We are looking for a Head of HR to join a unique organisation in central London for 12 months.

FM / Construction Procurement Manager - Global FTSE 250

Dublin City Centre

EUR75000 - EUR85000 per annum + bonus + flexi working

FM & Construction Procurement Manager - Global FTSE 250 FMCG - 85,000 EURO + package Location: Berkshire (flexible working available)

Procurement Manager - Production and Special Projects

GBP55000 - GBP60000 per annum + + Package

Procurement Officer - Global Mega City

GBP50000 - GBP60000 per annum +

Procurement Officer - Flagship Mega Project in Saudi Arabia - Raw Materials and Direct Procurement - Riyadh - 15-20,000 SAR per month + benefits - ARA

FM Procurement Manager - Global FTSE 250 FMCG

GBP75000 - GBP80000 per annum + bonus + flexi working

FM Procurement Manager - Global FTSE 250 FMCG - £80,000 + package Location: Berkshire (flexible working available)

Recruitment Partner - Technology / Digital

£45000 - £55000 per annum + bonus, benefits package & hybrid working

We are looking for you to be a great team-player who enjoys working with others to achieve exceptional team results.

Procurement & Supply Chain - Management Consultants

GBP70000 - GBP90000 per annum + bonus + excellent package

Procurement & Supply Chain - Management Consultants - Multiple Opportunities Rapidly Growing Management Consultancy London + Flexibility + Some Travel £70,000 - 90,000 (depending on experience)

Director of Finance and Operations

£77,500 - £85,000

We are looking for a strategic inspiring leader with substantial experience in delivering financial and operational leadership.

Global Hard FM Procurement Manager

GBP70000 - GBP80000 per annum + bonus + excellent package

Global Hard FM Procurement Manager - Global FMCG - London - £70,000 - £80,000 + Package

Senior Facilities (FM) Procurement Manager

GBP75000 - GBP85000 per annum + Package, Rapid Progression

Senior Facilities (FM) Procurement Manager - Global Property Giant - London - £75,000 - £85,000 + Package

Generating over $600 million in annual revenue, this dynamic food and beverage organization are undergoing progressive internal transformation - buil

Head of Innovation and Partnerships (Health)

£50520 - £51468 Per Annum

Head of Innovation and Partnerships (Health) We have an exciting opportunity for a Head of Innovation and Partnerships to drive innovation to support the work in integrated health and care delivery, and progress opportunities to build new partners

Taxation Accountant

Sandy, Bedfordshire (Hybrid)

£42,768.00 - £52,124.00 per annum

This role will become the charity's internal tax expert, providing advice on all taxes that affect the organisation and its entities.

Head of Business Development

£49584 - £50520 Per Annum

We have an exciting opportunity for a Head of Business Development to deliver the charity’s ambitious business development goals.

Finance Manager (maternity cover, 15 months)

E2 9DA, London (Greater)

£50 - £60k depending on experience

ISEAL Alliance

ISEAL is looking for an experienced and motivated 15-month maternity cover for the position of Finance Manager. The role encompasses all responsibi...

Director of Talent & Learning

Essex (Hybrid)

C£90,000 basic salary plus Excellent Benefits

Essex (Hybrid: 2/3 days per week Essex with travel/WFH) Our client is a multi-site, fast paced service organisation with strong values. The busines...

Global Indirect Procurement Specialist

GBP50000 - GBP60000 per annum + Excellent Bonus, Rapid Progression

Global Indirect Procurement Specialist - World-Leading Professional Services Organisation - London + Flex. - £50,000 - £60,000 + Excellent Package

Head of People and Organisational Development

Location: Bridgwater College Academy

Salary: £65,000 - £75,000 per annum

Bridgwater & Taunton College

Bridgwater and Taunton College Trust is seeking to recruit an outstanding colleague to the position of Head of People and Organisational Development.

Head Of Procurement

St Helena Island, South Atlantic

£75k pa (Salary of £60k pa, plus International Supplement)

St Helena Government

Enjoying unique lifestyle opportunities, St Helena Island is a self-governing overseas territory of the United Kingdom.

Contract Manager

£60k pa (Salary of £45k pa, plus International Supplement)

ASSOCIATE DIRECTOR | Corporate Reputation, Brands

£75,000 - £80,000

This global communications agency is seeking a proven corporate and business media strategist, with solid editorial relationships and deep expertis...

Associate Director / Senior Associate Director – Energy & Sustainability

London (Central)

Depending on experience

Premier Resourcing UK

Associate Director / Senior Associate Director – Energy & Sustainability GV5409 Exciting London agency looking to recruit someone with publ...

Director (Financial PR - Tech, Natural Resources, Financial Services )

Up to £150'000 + benefits

Brook Street

Director (Financial PR - Tech, Natural Resources, Financial Services ). Leading Corporate & Financial PR Agency. Competitive Salary.

Procurement Manager - Strategic TV Production

GBP60000 - GBP65000 per annum + + Package

Head of People, Organisational Development and the Workplace

Hybrid Working with Head Office at Euston, London NW1 1BS

Circa £80,000 pa plus excellent benefits

Origin Housing

Origin Housing are now seeking an exceptional individual to join them as their new Head of People, Organisational Development and the Workplace.

Senior Procurement Manager - Indirects - Global Law Firm - Leeds & Hybrid working - £70-75k + package This globally recognised law firm, renowned for

Strategic Sourcing Manager - International TV Production

Senior media relations manager.

Senior Media Relations Manager Seeking a new in-house challenge leading a team to create and deliver media relations strategies for a global profes

Interim Resourcing Advisor

Your new role You will be joining this multinational market leading brand as they prepare to launch an exciting new project across the UK.

Senior Manager - Pay & Reward

Hybrid flexible working with office locations nationally

£55000 - £65000 per annum + generous benefits

My highly respected national Charity client has an exciting opportunity for an experienced Pay and Reward specialist to join their organisation.

Senior HR Advisor

Bournemouth, England

£20.58 - £28.64 per hour

Seeking an experienced HR Advisor / Senior ER Advisor to join a large organisation managing a complex case load of ER 3-6 months +

Programme Manager

£55k per year

Implement key organisational change initiatives which are critical to the achievement of the Charity's strategic aims and objectives.

Director of People & Operations

Hybrid working. Largely home-based, some in-person expected. Some flexibility for hot-desk locations

Are you an ambitious, innovative, and values-led leader who could form a key part of this charity's Senior Leadership Team?

Account Director

£400 - £450 per day

Head of Finance

£52,404 - £62,573

We are looking for a Head of Finance to lead on the development and implementation of financial strategy, financial planning and budgeting

Head of P2P Outsourcing (BPO)

EUR100000.00 - EUR120000.00 per annum +

This international FinTech organization provides technology and consulting services to its clients around the world including the implementation of customized Procure-to-Pay (P2P) and Source-to-Contract (S2C) solutions that digitize and simplify purchasin

Indirect Marketing Procurement Manager / Best-in-Class

Indirect Marketing Procurement Manager / FMCG / Nationally Loved Brand / London / £60,000 - £70,000 + Benefits inc. Bonus

Resourcing and Data Analytics Manager

£65000.00 - £80000.00 per annum

Resourcing and Data Analytics Manager, Leading FTSE 250 Firm, London, Hybrid, Permanent, 65K - 80K

Head of HR/HR Director

Abingdon, England

£75000.00 - £100000.00 per annum

We are looking for a Head of HR/HRD with M&A experience to join our life science client in Oxfordshire.

Category Manager

Senior Procurement Category Manager- Global FMCG London Based- £60-70K + Package

Flagship project - Procurement Buyer - Tech

GBP60000 - GBP80000 per annum +

Procurement Buyer- (IT, Hardware, Software) (Multiple Roles) - Working with a leading Global Procurement Consultancy on a Flagship Project in Saudi

Leading Saudi Arabian Utilities company - Major construction project Role: Buyer Salary: 25-30,000 SAR Location: Riyadh This Leading Procurement & S

Interim Benefits Manager EMEA

£300.00 - £600.00 per day

Interim Benefits Manager EMEA - Financial services - London Hybrid Competitive day rate - inside scope of IR35 Interim Benefits job Interim Benefits Specialist Interim Benefits Consultant

Interim HR Talent Partner / HR Business Partner

Procurement category manager - indirects.

Global Procurement CPS Lead - £multibillion FMCG Major - LONDON / WFH - £70-77k + Car and other package details Global FMCG brand is seeking a bright

Global Procurement Category Manager - Professional Services

Title: Procurement Category Manager - Professional Services and Business IntelligenceCompany: Global FTSE 100 Financial Services FirmLocation: WFH - L

Interim HP BP - Technology

£427.00 - £518.00 per day

Interim HR BP to support a Tech population - 9-12 months + - London Hybrid up to £518 per day inside scope Interim HR Business Partner job Immediate start

Regional HR BP - 12 M FTC

£65000.00 - £70000.00 per annum

Interim Regional HR BP - 12 month FTC - Facilities Management - London - c£65,000 - £70,000 plus car allowance Interim HR BP - 12 month FTC - Facilities Management - London - c£65,000 - £70,000 plus car allowance Interim Human Resources Business Partn

Interim Reward Manager

£400.00 - £500.00 per day

Interim Reward Manager - Global Law Firm - London/Remote - up to £500 per day inside scope Interim Reward Manager - Global Law Firm - London/Remote - up to £500 per day inside scope

Procurement Consultant

GBP60000 - GBP65000 per annum +

Procurement Consultant - Forbes Top 100 Procurement and Supply Chain Consultancy Specialist-£65K+ Exciting Benefits- Prestigious Central London Office Location Procurement Consultant Forbes Top 100 Procurement and Supply Chain Consultancy Speciali

Talent Acquisition Partner - Technology

An international Investment Management Firm

Procurement - Managing Consultant

GBP40000 - GBP60000 per annum + package

Procurement - Managing Consultant - Global FTSE 100 Professional Services Firm - London - £40 - 60k + Excellent Benefits Package

Global Procurement Consultant (multiple roles)

GBP30000 - GBP60000 per annum + package

Global Procurement Consultant (multiple roles) - Management Consultancy - London - £30,000 - £60,000 + Excellent Package + Personalised Career Plan + State of the Art Offices

Global Junior Procurement Consultant

Global Junior Procurement Consultant - GNFR- International FMCG Firm - London - £40,000 - £60,000 - Excellent Package - Fast Track Career Progression

Strategic Sourcing Manager, IT & Technology

EUR60000 - EUR90000 per annum + bonus + benefits

Strategic Sourcing Manager, IT & Technology - Global FTSE 100 FMCG Player - Dublin- £50,000 - €90,000 + Bonus & Benefits

Procurement Category Manager, HR & Professional Services

Procurement Category Manager, HR & Professional Services - Iconic Brand - Dublin with Flexible Working - €90,000 + Benefits

IT Procurement Team Lead

EUR60000 - EUR80000 per annum + package

IT Procurement Team Lead - Global FTSE 100 Conglomerate - Amsterdam - €80,000 + Package

Software Technology Procurement Manager

EUR55000 - EUR90000 per annum + bonus + benefits

Software Technology Procurement Manager - Strategic Growth Initiative - £25bn+ Professional Services Giant - DUBLIN

Reward Manager - Analytics

Bonus, car cash allowance, hybrid

The Reward Manager (Analytics) role requires a professional with a broad and detailed working knowledge of compensation processes with the expertise to implement change using complex reward analytics.

Reward Analyst

Bonus, hybrid, negotiable

The scope of this role is to support the Reward Director in the delivery of group wide annual pay and performance review, share plans across the organisation, the provisions for pension arrangements and the employee benefits offering across the Group.

Procurement Consultant - Forbes Top 100 Procurement and Supply Chain Consultancy Specialist-£65K+ Exciting Benefits- Prestigious Central London Office Location Senior Procurement Consultant Forbes Top 100 Procurement and Supply Chain Consultancy S

Part home/part office (London) based

£90,000 per annum

The UK Committee for UNICEF

This is a great opportunity to join the UK Committee for UNICEF (UNICEF UK) as the Director of Communications.

Non-Executive Directors

£4,800 p.a.

Raven Housing Trust

We’re looking for two people to join our Board...

In House Media Relations Manager Role at Top Law Firm

Exceptional In House Media Relations Manager wanted for top tier global Law Firm!   Salary: £70k DOE - our client will flex for the right candidate

Head of Foundation Partnerships

£60,000 per annum

This is a great time to join the UK Committee for UNICEF (UNICEF UK) as we have ambitious plans over the next five years.

Bradford, West Yorkshire

Bradford Council

City of Bradford Metropolitan District Council – Head of Procurement Bradford is an extraordinary city. Vibrant and diverse, it’s a place of opport...

£50000.00 - £60000.00 per annum + full range of benefits

Trainer, to £60k pa, permanent, hybrid with Bristol/Birmingham/Bracknell or Guildford office. Finance sector, leading, long standing and award winning company.

HR Consultant - TMO Change Project

Cheltenham, England

£350.00 - £400.00 per day + WFH/remote working

HR Consultant - Target Operating Model change project, up to £400 per day, remote working, interim asap. FTSE 100 multi-national engineering organisation which has its headquarters in Cheltenham.

Principal Commercial Manager

Canary Wharf, London (Greater)

£51,810 - £59,405 pa

Exciting opportunity for a proven senior commercial professional, with extensive experience of delivering end to end procurement activity.

Senior Procurement Manager - Professional Services

GBP60000 - GBP75000 per annum +

Senior Procurement Manager - Professional Services - Multinational Communications Firm - £80-90K + Bonus - London based (hybrid model working) One of

Procurement Category Manager - Professional Services & HR

GBP60000 - GBP75000 per annum + Benefits

Blue chip FMCG firm seeks a strong Professional Services sourcing expert to join its world-class procurement function.

Procurement Category Manager

GBP55000 - GBP65000 per annum + + Car & Benefits

Iconic FMCG brand seeks a high-achieving procurement expert to join the ranks and drive a crucial spend category towards best-in-class.

Belper, England

A Permanent HR Manager Job in Belper, Derby Paying up to £60,000 + 10% Bonus Depending on Experience

Deputy Development Director

Cambridge, Cambridgeshire

£45,000, - £50,000, depending on experience.

This is a great opportunity for an enthusiastic & motivated professional to develop their fundraising skills in one of the most friendliest Cambridge.

Senior Procurement Consultant

Senior Procurement Consultant - Forbes Top 100 Procurement and Supply Chain Consultancy Specialist-£65K+ Exciting Benefits- Prestigious Central London Office Location Senior Procurement Consultant Forbes Top 100 Procurement and Supply Chain Consult

Head of Communications and Engagement

Gatwick, West Sussex

Circa £70,000 per annum + excellent benefits, including flexible working and 33 days annual leave +

KENT SURREY SUSSEX AHSN LTD

KSS AHSN is seeking to appoint a dynamic Head of Communications and Engagement to join their team!

Head of People Support Services

West Midlands Region

£70,086 - £73,333

West Midlands Fire Service

Head of People Support Services West Midlands Fire Service £70,086 - £73,333 Who we are West Midlands Fire Service is an ambitious and progressive ...

Strategic Partnerships Director - Remote

Up to £80,000 per annum + benefits

Micro:bit Educational Foundation

Partnership is a key value of the Micro:bit Educational Foundation and has been central to our success from the very start of the organisation, hel...

Procurement Administrator / Riyadh

GBP15000 - GBP22000 per month + living allowances

Procurement Officer Arabic Speaking - supporting a Flagship Mega Project in Saudi Arabia - Renewable Energy & Sustainable Technologies - Riyadh - 15,0

Procurement Consultant opportunity, Saudi Arabia

Expat Procurement Consultant opportunity - Flagship Mega Project in Saudi Arabia - Renewable Energy & Sustainable Technologies - Saudi Arabia - £60-75

Mid/Senior Backend Developer

£50000 - £110000 per annum

I am working with a UK mobile app, website and branding agency looking for an engineer to join their team.Skillset:Expertise in NodeJS and Javascript,

Deputy Head of Knowledge and Evidence

Cardiff (Caerdydd)

£58,611 - £63,522

Natural Resources Wales

Role Purpose   As a member of the core Leadership Team of Natural Resources Wales (NRW), you will fulfil a key strategic role, alongside your funct...

Buyer CAPEX OPEX - GAB

GBP5000 - GBP6000 per month + Benefits

Buyer - Capex / Opex Procurement Consultant - Global Consulting firm working on site with a Waste Management organisation - Riyadh, Saudi Arabia - 25-

Senior PR Manager (UK and Australia)

£65000 - £72000 per annum + Bonus

Senior PR Manager (UK & Australia)Up to £72,000 + annual bonus We are proud to be a partner for one of the world's leading dating brands in their sear

Head of Finance & Operations

£50k - 58k per year

Harris Hill is recruiting for a Head of Finance & Operations for this Children's Charity based in London (Hybrid)

Head of Programme - Diversity & FIR

£60,000 - £70,000

Recruitment Revolution

We are seeking an experienced leader to help us drive change in the construction and engineering industry.

Senior Outsourcing Consultant - Global Consultancy

GBP65000 - GBP75000 per annum + Package

Role: Senior Technology Outsourcing Consultant Firm: Global Consultancy Salary: £65,000 - £75,000 Location: London / Hybrid Working Contact: Tabitha -

Senior Indirect Procurement Manager / Best-in-Class

Senior Indirect Procurement Manager / Best-in-Class Professional Services Organisation / Rapid Career Progression / London / Flexible Working / £57,000 - £67,000 + Benefits inc. Bonus

Global Procurement Consultant - Manager Grade

GBP80000.00 - GBP100000.00 per annum + Car Allowance, Bonus

Global Procurement Consultant - Manager Grade - Industry-Leading Procurement Consultancy - London + Hybrid Working - £80,000 - £100,000 + Excellent Bonus Scheme + Car Allowance If you are a Senior Procurement Consultant at either a 'Big 4' or a Bo

Procurement Consulting Opportunities / Leading UK firm

Business director.

£75000 - £90000 per annum

Job Title - Business Director The Role / Company A fashion and entertainment agency are looking for a Business Director to work on a US fashion brand!

Director of Fundraising

£80k - 85k per year

Harris Hill are thrilled to be partnering with a much-loved British veterans charity to recruit their new Director of Fundraising.

Supply Chain Coordinator

GBP200.00 - GBP400.00 per day +

Supply Chain Co-Ordinator - Global FMCG - London + Flexible Working - £400/day (flexible dependent on experience) - Initial 6-month contract Market-leading consumer goods company, responsible for some of the most recognizable brands on supermarket

Head of HR Part Time

£80000.00 - £100000.00 per annum

Head of HR in Wealth Management & Financial Planning, based in Mayfair Part Time - 3 Days a week

Interim Reward Manager - Global Law Firm - London/Remote - up to £500 per day inside scope

Interim HR Project Manager - Remote UK

£500.00 - £600.00 per day

Interim HR Project Manager job- 6 month duration - Remote working in the UK - £400-£600 per day outside of scope HR Program Manager job / HR BP job

Global Procurement Lead - Supply Chain

GBP75000 - GBP80000 per annum + Benefits

Iconic brand seeks a high-achieving procurement expert to join the ranks and drive a crucial spend category towards best-in-class.

Indirect Procurement Director - Procurement Consultancy

GBP100000.00 - GBP110000.00 per annum + Excellent Bonus

One of the largest specialist procurement consultancies in the UK is looking to bring on a Director level procurement professional with a strong track record across both delivery and sales within a management consultancy environment.

Interim Regional HR BP- 12 month FTC - Facilities Management - London - c£65,000 - £70,000 plus car allowance

Associate Director of Resourcing

Gloucestershire, England

£257.00 - £292.00 per day

In this strategic post you will be a key member of the senior People & OD leadership team and you'll be implementing effective resourcing strategies that support the workforce transformation plans for the organisation and enable the recruitment, supply an

Senior Recruitment Manager

£75000.00 - £85000.00 per annum

Partnering with NASDAQ listed business to deliver expert support to their global talent acquisition function.

Head of Operations

London, E1, with scope for flexible working

£45,000 - £50,000 per annum

SPAB (The Society for the Protection of Ancient Buildings)

Could you bring senior level support for financial management and operational resilience, enabling us to fulfil our charitable purpose effectively?

Head of TA - Europe

£75000.00 - £90000.00 per annum

Head of TA - Europe, International Recruitment Agency, 75K - 90K, Hybrid, Permanent.

Head of HR in Wealth Management & Financial Planning, based in Mayfair

Communications Lead

NEW Communications Lead position with the TNFD.

Director of Development

Murray Edwards College, Cambridge

Murray Edwards now seeks to appoint a new Director of Development

MG2-3 £52,225 - £68,532 per annum depending on location

Avanti Schools Trust

This is an exciting opportunity to join Avanti in a forward-thinking, dynamic and strategic role to drive our ambitions about our people and culture.

Assistant Director - Education and Equalities

London Fields, London (They promote a flexible, hybrid way of working)

This is an exciting opportunity to join the charity as an Assistant Director to lead their highly skilled and passionate Education and Equalities team

Chief People Officer

London (Central), London (Greater) - Agile/Hybrid - Homeworking,

£97-£100k FTE plus 6% contributory pension. 27 days plus bank holidays

Anna Freud Centre

Within this role, you will have an opportunity to create and shape the new role of Chief People Officer within the Centre.

Managing Director - Leading Consumer Lifestyle PR Firm - London

Based in the heart of central London

Up to £130'000 + benefits, bonus and E MI Share Option Scheme

Are you an entrepreneurial M.D or highly experienced Director looking for more creative control at a top Consumer Lifestyle PR Firm? If so, read on!

Performance Marketing Manager

London, City of London

£50000 - £70000 per annum

Performance Marketing Manager - Financial Services - London£50,000 - £70,000I am excited to be working with a Global Financial Services business that

Talent Acquisition Manager

Talent Acquisition Manager - Central Oxford - Hybrid - Up to £55,000

Resourcing advisor

£24.09 - £26.83 per hour + Hybrid working

Full-time Resourcing Advisor - £24.09 - £26.83 This is a great opportunity to join a non-profit organisation within the education sector as a Resourcing Advisor. Hybrid working available.

Buckinghamshire

£50k per year

Harris Hill is recruiting for a Permanent Head of Finance for this well-established charity based in Buckinghamshire -Only 1 day a week in the office

£65000.00 - £75000 per annum

Head of Production

Up to £90k plus benefits

​This full-stack consultancy and communications company is looking for a Head of Production

HR Business Partner/Associate HR Business Partner

Portsmouth, Hampshire

See job advert

University of Portsmouth

The University of Portsmouth are looking for talented and ambitious people to join our HR Partnering Team.

Associate Director – B2B technology and sustainability

£75000 - £80000 per annum

Consider yourself a tech savvy individual? Are you looking to move into an industry defining agency? Are you fascinated by all thing’s sustainability, healthcare, and...

Director of Corporate Communications - FTSE 100 - 6 month FTC

Windsor, Berkshire

£80,000-£120,000

Fantastic 6 month FTC for a Corporate Communications Director to joing a FTSE 100 business in the Travel/Hospitality sector.

Senior Tech Recruitment Partner

£60000.00 - £65000.00 per annum

An international strategy consulting firm for more than 50 years

£80,000 - £85,000

The Great & The Good

London-based network agency seeks entrepreneurial Business Director to play a key role in their future growth.

Internal Communications Manager

Up to £60000.00 per annum

We are looking for an Interim Internal Communications Manager to join a scientific organisation with a clinical purpose, aiming to set the standard for the future of pathology.

Strategy Director - Consumer creative clients

£65k-£90k (London) or £60k-£80k (Scotland)

NEW Strategy Director position with hugely creative and established communications agency.

Resourcing Projects Lead

£45648.00 - £57056.00 per annum

Permanent Opportunity - Resourcing Projects Lead

£50000 - £53000 per annum

We have an urgent requirement for a passionate EDI lead to join a London based NHS Trust as their EDI Manager for the next 3 to 6 months.

Head of Government Relations and Public Affairs

£60000 - £61000 per annum + pension, flexible working, life assurance

The Commonwealth War Graves Commission

Head of Government Relations and Public Affairs Location: Maidenhead, with Hybrid Working Contract Type: Permanent, Full Time Benefits: Circa £60,000 with substantial benefits package

Head of Resourcing

£58708.00 - £76198.00 per annum

Permanent Post - Head of Resourcing

Board Director/Deputy MD

c£150,000 plus comprehensive benefits

The Foundry - Original

A mid-sized consultancy, part of a larger privately owned group, is looking for a successor or deputy to the CEO

Senior Copywriter/ HoC - FTC Mat Cover

£65000 - £70000 per annum

Senior Writer - FTC Maternity Cover Our client, an award-winning Creative Agency, are on the lookout for their next Senior Copywriter to join their t

Nottingham, England

This is an excellent opportunity for an experienced HRBP who is a strong generalist but also has led on EDI and well-being initiatives and policies.

Head of Adult & Child Bereavement Services

Sydenham, London (Greater)

£57,954 per annum (being the full time equivalent)

St Christopher's Hospice

We have an exciting opportunity for a passionate, enthusiastic, dedicated and experienced leader to head up our Adult and Child Bereavement Services.

Growth Director - Digital Agency - London

£110,000 - £120,000 per annum + bonus & benefits

Growth Director, Digital Agency, London with min 8 years experience within new business role

Creative Director (marketing partnerships)

£75000 - £90000 per annum + Bonus & Bens

Are you a Creative Director or ACD with Marketing partnerships experience ready to step up? RoleI am looking for a strong ideas person who can develo

Director of Finance and Operations | Bliss

London, UK (hybrid working available)

circa £65,000, depending on experience

4 or 5 days per week / permanent Come and make a real difference to the lives of babies born premature or sick by joining Bliss as our next Directo...

HEAD OF PR | Global Creative Agency

A fantastic opportunity to effectively launch a new inhouse PR division within this high profile, high talent London based creative agency. You wil...

Up to £100k dependent on experience

Are you a Client Services Director with fantastic integrated experience? We want to hear from top talent for this thriving agency.

Executive Director for Wales

Salary: £71,500

Every life lost to suicide is a tragedy, and Samaritans' vision is that fewer people die by suicide. That's why we work tirelessly to reach more pe...

Global HR Director

Cardiff, Wales

International Baccalaureate

Responsible for the design and delivery of the entire suite of HR deliverables across all IB offices, the Global HR Director is the top-most HR professional at the IB who will provide strategic HR advice to the executive team, and who will champion strate

eCommerce Manager - Luxury Sustainable Sneaker Brand

£80,000 - £100,000 depending on experience + Bonus Incentives

We’re fairly ‘new kids’ to the block but we are experiencing crazy growth and looking for someone to be part of this incredible journey.

PR Associate Director - Consumer

PR Associate Director – Consumer GV5535 Multi-award winning agency who are growing quickly with a great team, are currently looking for a PR Assoc...

Managing Director - rapidly growing strategic comms agency, deliberately challenging the status quo

Central London

£ highly competitive package dependent on experience

Newly-formed MD role for a strategic comms agency, focused on running and growing the business. An agency challenging the conventional industry model

Director of Growth and New Business

Up to £75000.00 per annum + £50,000 commission

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Tesco to be investigated by FCA over accounting scandal

The UK’s top financial regulator has launched a full-scale investigation into the £250m accounting scandal that has plunged Tesco into crisis .

The Financial Conduct Authority (FCA) informed Tesco on Tuesday about the investigation, which will start by examining whether the company broke rules on accurate financial disclosure but it could widen to take in possible criminal misconduct.

The regulator has the power to prosecute people who make deliberately or recklessly misleading statements to the stock exchange. Tesco said last week that it was in contact with the FCA.

Tesco commissioned Deloitte, the accountants, and the law firm Freshfields to carry out an independent inquiry.

In a statement to the stock exchange, the UK’s biggest retailer said: “The Financial Conduct Authority has notified Tesco that it has commenced a full investigation following the overstatement of expected profit for the half year which was described in our announcement of 22 September 2014 and which is currently the subject of an independent review by Deloitte. Tesco will continue to cooperate fully with the FCA and other relevant authorities considering this matter.”

Last week, Tesco stunned investors by announcing that a whistleblower had alerted its most senior lawyer to over-optimistic accounting for payments from suppliers and business costs. The group admitted it had overstated its expected first-half profits by £250m. The statement came three weeks after a trading update that predicted first-half profit would be £1.1bn, down from £1.6bn a year earlier.

Tesco’s shares have fallen every day since last Monday’s announcement and have lost more than a fifth of their value in that time. They were down 3% at 179p in afternoon trading.

Sainsbury’s put further pressure on Tesco over the error by saying it was confident its own commercial revenues were properly recorded.

Sainsbury’s finance director John Rogers said: It was a “gross misrepresentation that this is a grey area of subjectivity. The accounting rules are clearly defined.”

The Financial Reporting Council, the accountancy watchdog, and the Serious Fraud Office are also monitoring events at the group.

Tesco’s new chief executive, Dave Lewis, suspended four senior managers , including the head of Tesco’s UK food business, when the accounting irregularity was discovered. After joining from Unilever at the start of last month he is battling to steady the giant retailer, which some analysts say is now too destabilised to invest in.

Shore Capital analyst Clive Black said: “Such an investigation (by the FCA) can only be another distraction for new CEO Dave Lewis and represents another black mark on the board.”

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Tesco faces fresh lawsuit over past accounting irregularities

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