High-flying Tesco executives come down to earth as jets division wound up

Tesco has wound up the division that owns its fleet of private jets just days after it took delivery of a new $50m (£31m) Gulfstream G550 executive jet.

The supermarket chain filed a winding-up notice for Kansas Transportation Ltd, the company that owns its corporate jets, at Companies House on Friday.

The liquidation of the company, which Tesco set up in 2005 to look after its fleet of five jets, comes shortly after the company’s latest private plane landed in Britain last week.

Tesco’s new boss, Dave Lewis, said last week that the company would immediately try and sell the new 29-metre G550 and the rest of the corporate fleet, which includes a Hawker 800 and two Cessna Citations. The latest jet was ordered by the previous Tesco boss, Philip Clarke, in 2013.

Kansas Transportation’s accounts shows Tesco spent £28.9m flying executives around the world in private planes between 2005 and 2012, the most recent annual accounts available.

Tesco, which is reeling from an accounting scandal and has seen its market value plunge by 48% over the past year, appointed Ernst & Young accountants to liquidate Kansas Transportation.

James Eldridge, joint liquidator, said: “Once the final meeting has been held and our final return and account had been filed at Companies House, we will vacate office and receive our release. Approximately three months after the filing of the final return and account, the company will be dissolved by the registrar of companies.”

Powered by Guardian.co.ukThis article was written by Rupert Neate, for The Guardian on Friday 10th October 2014 16.07 Europe/London

guardian.co.uk © Guardian News and Media Limited 2010


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