Experts claim that the £553m worth of assets, bought back from SPV Swan Infrastructure, which was set up by IT partner Accenture in 2000, will simply be depreciated over a longer period of time, resulting in a paper saving of £25m.
Anthony Miller, an outsourcing research director at IT analyst Ovum, said: ‘It’s basically using financial wizardry to make a saving that bears absolutely no relation to any change in the service or the way it is delivered.’
A Sainsbury spokeswoman said the assets would be depreciated ‘in line with J Sainsbury accounting policy’.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars