@bazzacollins You may well have answered your own question. It's not like they haven't overvalued/estimated in the past...
Still struggling to understand how value of Tesco's property fell by $4.7bn in one year, unless values were inflated in the first place.
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@RiyadEmeran Indeed. Looks like the books are being cooked better than Tesco's ready meals. -
@bazzacollins And those that benefitted with huge bonuses based on inflated numbers probably aren't even there anymore. - End of conversation
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@bazzacollins the land only had worth because Tesco had use of it. As they don't. It has little value. No one else can realise that value. - End of conversation
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@njkobie Well, quite.
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@bazzacollins A lot of that was land bought for new development of Tesco supermarkets. -
@mnew And so worthless now because it has specific planning permission? -
@bazzacollins Well I guess that they don't want to sell the land but unable to develop it so certainally worth-less
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@bazzacollins they also sold off a bunch of stores that they'd opened for the same reason, but which weren't very profitable. -
@janemccallion But how much is the property alone of each store worth. Tens of millions? That's a huge number of bad decisions. -
@bazzacollins that about sums up this whole situation, really.
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@bazzacollins Look like They had the creative accountants in again. They ask You what figure You want on bottom line and find a way to it...Thanks. Twitter will use this to make your timeline better. UndoUndo
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@bazzacollins they were paying over the odds in some cases in a turf war with (mainly) Sainsbury's, which could be an influencerThanks. Twitter will use this to make your timeline better. UndoUndo
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