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Tesco profits overstated by £263 million

Tesco has announced it had overstated its profits for the first half of the year by £263m, slightly higher than the £250m originally estimated when the company was hit by an accounting scandal.

Chairman Sir Richard Broadbent has confirmed he is stepping down from his role.

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Tesco chairman Sir Richard Broadbent to step down

Tesco chairman Sir Richard Broadbent has announced he is stepping down from his role.

Tesco chairman Sir Richard Broadbent is stepping down. Credit: Tesco

The supermarket has recently appointed a new chief executive, Dave Lewis and a new finance director, Alan Stewart.

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