Value of Tesco Clubcard cut by £1bn
Those who have been looking at bidding on the unit that runs Tesco's Clubcard operation, have cut their value of it, which is invariably something to do with just how toxic Tesco's brand is at the minute.
Private equity groups who have been sniffing around Dunnhumby - who look after Clubcard - have been having meetings with Tesco last week and, since then, cut their valuation of the wing from £2bn to somewhere in the region of half that sum.
Have Tesco got anything left that's worth what they think it is? Either way, the retailer is not up for talking about it and declined to comment on, saying something about commercial confidentiality.
Coupled with the £6.4bn annual loss for last year, Tesco have a lot of rebuilding to do and that's why they're interested in someone else buying Dunnhumby, who were a main mover and shaker in the formation of Tesco's Clubcard scheme. They were also one of the reasons that Tesco became such a big deal in the '90s. When Tesco took control of Dunnhumby, it rapidly expanded, signing up businesses from around the world.
However, no-one values the business as highly as Dunnhumby and Tesco do themselves, so it looks like someone is going to steal in and Tesco will have to go along with it, as they're backed into a corner somewhat.