Could Tesco Run Out Of Cash?

Issue 68

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Issue 68

June 28, 2011

Could Tesco Run Out Of Cash?
Tesco Media Director Jonathan Church says otherwise

The FT has posed the question that the longer the primary credit markets remain virtually shut, the greater the risk that a big name corporate will breache a covenant or two.

Analysts SocGen have been trying to identify which European companies have a debt profile that suggests they might need to raise capital in the not-too-distant future.

Answer: the majority of firms SocGen covers have committed access to funding. But there is then the issue of how much refinancing will cost and, based on a recessionary scenario, SocGen has identified 16 companies that could be low on cash by the end of 2009 and 2010.

Amazingly, Tesco is on the list: The List

Posted by Jonathan Church, Tesco Media Director

We’re not suspending our share buy back programme, it’s a five year scheme to do £3bn and we have done £1.1bn with three years left to run. Contrary to claims in the note, we have financing in place to fund the acquisition of Tesco Personal Finance and we don’t have any financing issues.

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