Tesco bosses admit £263million black hole in accounts worse than previously thought because store has been overstating profits for years

Tesco is in crisis today after it revealed half-year profits have slumped by 91.9 per cent and its £263million accounting scandal was even worse than predicted because it may have been going on for years.

Chairman Sir Richard Broadbent quit this morning after the most disastrous six months in the supermarket's 95-year history.

Britain's biggest retailer said its pre-tax profits in the six months to August have plunged 91.9 per cent to £112million, compared to £1.3billion a year earlier .... http://www.dailymail.co.uk