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’.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016