A row between Sports Direct boss Mike Ashley and Debenhams (DEB) broke out last night over the use of lie detector tests. The fresh attack came as Ashley, 54, mulled an eleventh hour offer that would allow him to take full control of Debenhams and install himself as chief executive. In a bizarre development, Ashley demanded that Debenhams chairman Terry Duddy and non-executive director David Adams take a lie detector test. The tycoon made the challenge after commissioning his own lie detector test to prove he was telling the truth about the details of a meeting with the retailer’s board members. A Sports Direct spokesman said: ‘The fact that they can so openly lie in their recollection of joint meetings with Sports Direct is beyond the pale.’
Tesco’s results for last year set to confirm UK’s biggest grocer has staged strong recovery under Dave Lewis. Tesco (TSCO) is expected to report pre-tax profits of £1.6 billion, compared with £1.3 billion a year ago, according to stockbroker AJ Bell. This is a remarkable revival, considering that in 2014 the company reported its worst results ever, with a loss of £6.4 billion. Lewis got rid of peripheral businesses along with indulgences like the corporate jet and executive golf days. His most dramatic move to date has been the £3.7 billion Booker deal last year, which was met with a degree of scepticism including from some directors on his own board. But so far, the acquisition, which has turned Tesco into a supplier to hundreds of thousands of corner shops and restaurants, is looking to be a very good performer. Another bold step was to fire back at the German discounters Aldi and Lidl, which have been gaining market share at a rampant rate. Lewis last autumn launched a small chain of discount stores of his own, named Jack’s after Tesco founder Jack Cohen. To the relief of shareholders rising dividends are firmly back on the agenda, after the lean years from 2015 to 2017 when they were either reduced or non-existent. The pay-out is expected to be 5p a share compared with 3p last year.
