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Director dealings: Tesco director ups stake following announcement of Direct closure
Lindsey Pownall, a non-executive director at supermarket giant Tesco, purchased 50,000 shares in the FTSE 100-listed firm on Thursday.
Pownall, former chief executive of chilled and ambient foods supplier Samworth Brothers, acquired the shares at an average cost of 246.40p each for a total of £123,000.
Tesco announced on Tuesday that it was shuttering its online general merchandise business, Tesco Direct, in new UK chief executive Charles Wilson's first visible act since joining as part of the Booker takeover.
Wilson said the move was "an essential step towards establishing a more sustainable non-food offer" and part of the group's aim to offer customers the ability to buy groceries and non-food products from one website.
"There is no route to profitability for this small, lossmaking part of the business," the company said in a statement, explaining that non-food orders will instead be fulfilled from stores.
From 9 July, the Fenny Lock fulfilment centre in Milton Keynes will close, with around 500 workers facing redundancy.
As of 1540 BST, Tesco shares had dipped just 0.041% to 246.20p.
Top Director Buys
Jardine Matheson Holdings Ltd (Singapore Reg) (JAR)
Director name: Mr Simon Keswick
Amount purchased: 10,151 @ $64.45
Value: $654,259
Tesco (TSCO)
Director name: Mr Lindsey Pownall
Amount purchased: 50,000 @ 246.40p
Value: £123,200
Symphony International Holdings Ltd. (SIHL)
Director name: Mr Anil Thadani
Amount purchased: 153,159 @ $0.75
Value: $114,869
Georgia Healthcare Group (GHG)
Director name: Mr Ingeborg Oie
Amount purchased: 10,000 @ 299.90p
Value: £29,990
Aggreko (AGK)
Director name: Mr Chris Weston
Amount purchased: 1,881 @ 733.99p
Value: £13,806
SDX Energy Inc. (DI) (SDX)
Director name: Mr David John Woodhams Mitchell
Amount purchased: 10,000 @ 65.31p
Value: £6,531
Top Director Sells
Bunzl (BNZL)
Director name: Mr Patrick Larmon
Amount sold: 31,500 @ 2,274.00p
Value: £716,310