Safeway accounting under microscope
Safeway has moved to defend its accounting policies after it emerged that a City analyst is about to publish a report on the food chain.
A spokesman of the company told the Independent on Sunday it stood by its accounting procedures even though the report, expected from Cheuvreux, the broking arm of the French bank Credit Agricole, will examine the issue in detail.
Cheuvreux today refused to comment on the reports or say when it was due.
The news comes as Safeway investers continue to consider the bid by Morrisons to take over the company.