The SPV, which was set up by IT partner Accenture, was created in 2000 in a seven year £800m deal. On top of the £800m J Sainsbury agreed to pay Accenture, it was committed to investing £1bn in IT systems.
The decision to bring the SPV, an off-balance sheet company called Swan Infrastructure, back in house was described by one financial analyst in the Financial Times as ‘the creation of profit by accounting’.
Peter Davis, group CEO of Sainsbury’s said in a statement: ‘We would now like to acquire Swan to create a direct commercial relationship with Accenture, as we near completion of our business transformation programme this summer.’
As part of the deal, Sainsbury’s will pay £6m in cash, take Swan’s £234m debt and exchange £313m worth of bonds to take the £553m of Swan’s assets on to its books.
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