By Mark Kleinman, City Editor
A number of senior managers who left Tesco after profits were overstated by £263m have been told by the retailer that they have no right to appeal over their departures.
Sky News has learnt that Tesco has informed lawyers acting for some of the executives that they cannot launch a formal appeal through the company because an ongoing Serious Fraud Office (SFO) probe has rendered it impossible for Tesco to have direct contact with them.
Last week, it emerged that Chris Bush, the UK managing director, group commercial director Kevin Grace, Carl Rogberg, the UK finance director, and John Scouler, UK food commercial director, had left Tesco approximately eight weeks after they were asked to step aside amid an investigation into the profit overstatement.
Sources said on Tuesday that at least one of the men had made enquiries through their legal representatives about their right to appeal and were informed by the company that no such appeal could be heard while the SFO investigation was taking place.
The supermarket giant's decision - which emerged as it warned on profits for the fourth time this year, sparking a further slump in its shares - may prompt a legal challenge from a number of the executives, sources indicated.
Another executive who had been asked to step aside, Matt Simister, has since returned to his role at Tesco, while Dave Lewis, the chief executive, confirmed on Tuesday that the futures of three other managers were still being assessed.
Tesco's latest impromptu trading update stunned the City with its disclosure that full-year group trading profit would not exceed £1.4bn, a figure 58% lower than last year's £3.3bn.
Mr Lewis said the worse-than-expected outcome reflected investments he was making in rebuilding Tesco's trading relationship with suppliers and in increasing employee numbers in its stores.
Shares in Tesco fell by more than 15% at one stage, although they recovered some of their losses later in the morning and were trading at around 168p, giving the company a market value of just over £15bn.
Last week, Mr Lewis said he would take direct control of the UK business although this will be a temporary move.
"Tesco is focused, and will continue to focus, on doing the right thing for customers. This means running our business in a way that everything we do creates sustainable value," he said.
"Whilst the steps we are taking to achieve this are impacting short-term profitability, they are essential to restoring the health of our business.
"We will not engage in short term actions that compromise in any way our offer for customers."
The new chief executive, whose 100th day in the role was marred by the latest profit alert, said the City would receive a further update on his plans when he presents the results of Christmas trading on 8 January.
Tesco declined to comment on the position of its former executives, none of whom could be reached for comment.
A spokesman for the SFO said its inquiry was ongoing.
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