Its book-keeping is under scrutiny, its food suppliers are in revolt and eight senior executives have been suspend-ed. Now Tesco is being deserted by Warren Buffett.
The billionaire’s Berkshire Hathaway empire sold a lump of stock on Monday, taking its ownership from almost 4 per cent to below the 3 per cent threshold at which investors are obliged to declare their interest. It comes only two weeks after Mr Buffett admitted that he had made a “huge mistake” by building a stake in Britain’s biggest food retailer.
“I made a mistake on that one,” he told CNBC television on October 2. “It wasn’t anyone else who made it. Yeah, that was a huge mistake by me.”
The American investor has been a Tesco shareholder for