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Incompetent Accountant On Their Bike?

Editor — Thu, 26 Nov 2009 12:41:33 +0000

There are sure to be some very red faces at Tesco HQ today, after it was revealed that Britain’s biggest supermarket accidentally paid one of its suppliers almost £1m for six bicyles. It was reported that Universal Cycles, which is owned by Mike Ashley’s company Sports Direct, has apparently paid back most of the cash but is with holding £120,000.

It also appears that Tesco is taking them to court to recover the outstanding balance to gether with interest and costs. It remains to be seen whether this will actually make it to the courtroom. But the £164,000 question is: what’s happened to the poor soul in accounts who managed to put an extra three noughts on the cheque?

Tesco should have paid Universal £984 for the six Muddy Fox Suspension Bikes, which it purchased in August this year. But some poor incompetent in Tesco’s finance department managed to overpay by a factor of one thousand! We can be thankful that the individual responsible for the major cock up isn’t manning a till.. my household expenses budget couldn’t stand the extra.

The plot thickens.. although Universal have refunded most of the overpayment, it’s alledged that they have retained £120,000 to cover other oustanding debts. Unsurprisingly Tesco is disputing this and the relationship between Universal and Tesco is looking somewhat strained.

You have to smile at the irony when Tesco keep telling us that “Every little helps” when overpaying almost £1 million is hardly a “little” oversight.

O2 Marketing Department To Shrink

Editor — Sun, 01 Nov 2009 17:53:46 +0000

O2 is likely to lose 10% of its marketing staff when it implements its plan to merge a number of divisions, as they seek to streamline the structure of their marketing division.

O2 is also planning to purchase Be Broadband. The strong Be Broadband brand is likely to be retained to take advantage of its current market reach.

The marketing of the products will be brought into the SME, broadband, consumer and corporate mobile teams by way of the mobile network operator.

Sally Cowdry, the marketing director, said that, though O2 is gaining in the broadband market, the market is still a challenging one. Change is one of the only few constants and they have to evolve, said Cowdry. She added that they have moved into offering multi-products and that the changes that they are making are such that they will align themselves to these multi-products.

As far as the mobile phone part is considered, the Pay As You Go and contract marketing teams will be brought in as a single division during restructuring and, rather than focusing on the package that the customers purchase, the focus of marketing will be on particular segments of the market.

They have set November as the month for completing their restructuring and Cowdry said that the staff affected by the restructuring can apply for the newly created roles.

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ITV Sells Friends Reunited At Loss Of £150M

Editor — Thu, 06 Aug 2009 07:32:09 +0000

The leading UK independent television company ITV today announced the sale of the once high-flying website Friends Reunited for £25m in cash.

The site, which ITV acquired for £175m in 2006 and has lost market share to the likes of Facebook, is being acquired by DC Thomson-owned Brightsolid, the owner of genealogy website Findmypast.com.

That was the only bad news for ITV today as they also reported a pre-tax loss of £105m in the first six months of 2009 as revenues fell 12pc to £909m.

Despite the success of shows such as Dancing On Ice and Britain’s Got Talent, the recession sent the ITV’s advertising revenues down 12pc, with revenues generated from its TV channels falling 15pc. Michael Grade, the company’s executive chairman, has responded to the downturn by cutting costs and ITV said today that it’s on track to cut costs by £155m this year.

eBay Rewards Customer Service

Editor — Tue, 28 Jul 2009 16:36:14 +0000

eBay has announced that it will reward sellers for delivering great buyer experiences. The company says that sellers who deliver the highest level of customer service (as rated by buyers) will be promoted with a special “Top-Rated” seller badge, as well as receive deep discounts of 20% on their final value fees. They will also be elevated in search. The badge will be displayed on the “view item” page.

“For buyers, the new eBay Top-Rated Seller status makes it easy to find the highest quality sellers on eBay based on the feedback of other buyers,” said Lorrie Norrington, president of eBay Marketplaces. “For sellers, the Top-Rated Seller status recognizes and rewards their commitment to consistently delivering the highest level of customer satisfaction.”

Any seller with as few as 100 transactions a year and $3,000 annual in sales volume can qualify based on buyer feedback, the company says.