Tesco Irish Subsidiary Reduces Share Capital By Almost €1bn
One of Tesco's Irish subsidiaries has reportedly reduced its share capital by almost €1 billion.
The move has been put in place to 'facilitate the declaration and payment of a dividend' to its parent company, reports the Sunday Business Post.
Speaking with the Sunday Business Post, a Tesco spokesperson said, "as is required by the companies office, we notified them of a capital change as part of a corporate simplification process, which did not involve an cash leaving the Irish business."
The spokesperson added, that is was "a non-trading transaction as part of corporate simplification that did not result in any cashflows".
Tesco, Britain's biggest retailer, said on the 30 January, earlier this year that it was making changes to its UK business that could impact up to 9,000 jobs.
It estimated that half of that number could be re-deployed across the business.
It expects to close counters in about 90 stores, with the remaining 700 trading with either 'a full or flexible counter.'
Tesco said it also needed less staff for stock control, merchandising and at its head office.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.