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Post by Severncider on Nov 12, 2014 6:54:54 GMT
Sainsbury's financial report out at 07.00 and the CEO is being interviewed on BBC1 at 07.50
He may announce changes to their future plans regarding new developments. |
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Post by Severncider on Nov 12, 2014 7:09:01 GMT
CEO just been on SKY news and stated that they are reviewing future store developments.
He did NOT say they will stop large store development. |
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Post by blackthorngas on Nov 12, 2014 7:13:29 GMT
Have just tweeted the BBC correspondent to ask her to question him on why they have pulled out of a legally binding contract. Know it's unlikely but worth a try! I'd like to see him squirm.
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Post by Topper Gas on Nov 12, 2014 8:45:04 GMT
Have they pulled out, I must have missed that announcement?
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Post by Deleted on Nov 12, 2014 8:51:50 GMT
One consequence of the review of our estate will be a reduction in the amount of new supermarket space we
open in the coming three years. We will open a total of 500,000 sq ft of space in each of the next two years,
followed by 350,000 sq ft in 2017/18. This will include eight new supermarkets over that period and four
replacement stores, three of which are mixed-use developments, unlocking significant property profits. Over
half of this new space will be convenience stores as we continue to target opening around 100 convenience
stores per year.
As a result of the review of our supermarket estate, we have impaired a number of our trading stores and
have also decided to withdraw from a number of schemes in our property pipeline that are unlikely to achieve
an appropriate return on capital, resulting in a total impairment and onerous contract charge of £628 million.
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Post by Deleted on Nov 12, 2014 8:53:43 GMT
Good spot and Post Holmes
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Post by empirebaypete on Nov 12, 2014 9:00:59 GMT
One consequence of the review of our estate will be a reduction in the amount of new supermarket space we open in the coming three years. We will open a total of 500,000 sq ft of space in each of the next two years, followed by 350,000 sq ft in 2017/18. This will include eight new supermarkets over that period and four replacement stores, three of which are mixed-use developments, unlocking significant property profits. Over half of this new space will be convenience stores as we continue to target opening around 100 convenience stores per year. As a result of the review of our supermarket estate, we have impaired a number of our trading stores and have also decided to withdraw from a number of schemes in our property pipeline that are unlikely to achieve an appropriate return on capital, resulting in a total impairment and onerous contract charge of £628 million. the way you've written that makes it sound like you're the CEO. Give us the money now you bastard! |
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Post by curlywurly on Nov 12, 2014 9:52:54 GMT
Have they pulled out, I must have missed that announcement? No - not specifically, only by hearsay. Question is whether the Horfield site is one of the mixed use developments that they choose to proceed with or whether it is a scheme that they will withdraw from because they don't think it will realise the desired return on capital invested. Either way, the inclusion of the phrase "total impairment and onerous contract charge of £628m" suggests that there might be some money coming Rovers way. |
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Post by kentgas on Nov 12, 2014 10:08:59 GMT
"The move came as the supermarket conducted a strategic review which saw it write off £287m off the value of its property portfolio, mainly due to land bought which will now no longer be developed. Of this charge, £31m related to contracts it has already entered into which will not be needed".
Could this include some payment to us?
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Post by curlywurly on Nov 12, 2014 11:34:18 GMT
"The move came as the supermarket conducted a strategic review which saw it write off £287m off the value of its property portfolio, mainly due to land bought which will now no longer be developed. Of this charge, £31m related to contracts it has already entered into which will not be needed". Could this include some payment to us? £31m is a suspiciously Horfield like sum of money. Or am I getting over excited! |
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Post by Strange Gas on Nov 12, 2014 13:35:36 GMT
So halving of development plans, but no idea which half we are in. And if we are in the cut half, do we have dibs on the £31m contract termination fund. Not dead yet!
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Post by Henbury Gas on Nov 12, 2014 15:28:19 GMT
I think the Writ we have may force them to do something because the longer they delay the project to more they have to pay due to them dragging it out
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Post by curlywurly on Nov 12, 2014 15:56:32 GMT
Sod KITR. Henbury Gas retains his guru status!  |
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Post by ganymede on Nov 12, 2014 16:04:57 GMT
"The move came as the supermarket conducted a strategic review which saw it write off £287m off the value of its property portfolio, mainly due to land bought which will now no longer be developed. Of this charge, £31m related to contracts it has already entered into which will not be needed". Could this include some payment to us? £31m is a suspiciously Horfield like sum of money. Or am I getting over excited! Lol ... that what I thought ... but it just does not stack up unless the buy the Mem and do sod all with it. |
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Post by Topper Gas on Nov 12, 2014 16:18:28 GMT
I think that's the plan whether it's the Mem or another development(s)
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Post by curlywurly on Nov 12, 2014 16:19:37 GMT
£31m is a suspiciously Horfield like sum of money. Or am I getting over excited! Lol ... that what I thought ... but it just does not stack up unless the buy the Mem and do sod all with it. Well then there would be a God! |
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