Tesco has confirmed it is shelving multi-million pound plans for a superstore in Sleaford as it battles falling profits.
According to statements from the company released today (Thursday), new Tesco chief executive Dave Lewis has informed North Kesteven District Council leaders that as part of cost-cutting measures Tesco plan to close 43 ‘unprofitable’ stores and shelve 49 new larger store projects.
This includes the major plans for a store on the former Advanta Seeds site along with a link road from Mareham Lane to Boston Road which is subject to a compulsory purchase order.
Mr Lewis said in a statement: “It is with a heavy heart that I am today announcing that we are unable to proceed with 49 planned new store developments across the UK, including our planned store in Sleaford.
“Our performance as a business has fallen significantly short of where we would want it to be and my absolute imperative has to be to protect the future of our business for the c. 300,000 colleagues we employ in communities all over the UK.
“I know that this news will be a real disappointment to many people in the local community and we’re extremely grateful for the support we’ve received for our plans. I am very aware of the importance of the site to the area and I am determined that we will work closely with North Kesteven Council to find the right solution for the local community.”