Tesco has cut its property team and is looking to mothball London projects, according to reports.
The firm has cut staff from its property team, and told Building that it will scale back on development, particularly in London.
Patrick Stones, the property development director who led mixed-use development in London and the South-east, is leaving. The team of five he headed has been disbanded, with three made redundant.
Stones told Building: “Tesco was reluctant to use its limited capital on non-Tesco investment.” About half of Tesco’s land acquisition team – some 12 people – have also been laid off.
Although it seems this move is unlikely to affect Tescos plans for developments such as the new express store in Pinner, it might have a sowing effect on bigger schemes such as the Harrow Station Road project.
