Tesco quits Poland in further retreat from overseas ambitions

Tesco has pulled out of Poland, its largest European market, marking another retreat from its global ambitions. The deal will leave Tesco with just 19 freehold stores in Poland that it will sell independently. The transaction, which is subject to Polish regulatory approval, marks another step in Tesco's retreat from its international ambitions. Analysts at Jefferies said they expected the sale of the remaining freeholds in Poland to generate a further £100m. "Bottom line, Tesco should achieve overall proceeds of £500m for a lossmaking, subscale business," they said in a note to clients. Tesco has always said that overseas operations are reviewed annually and their probable future profit contributions weighed against what an acquirer might be willing to pay for them.

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