Commenting on the announcement this morning that Tesco is to cancel its planned £60 million investment in the former Royal Hospital site in Wolverhampton, MP for Wolverhampton South East Pat McFadden said:

“This decision is a betrayal of the people of Wolverhampton and a clear breach of the promise made by the company to the people of the city.

“Less than a year ago the UK Managing Director of Tesco gave a pledge on behalf of the company that this investment would go ahead in the coming financial year.

“Now the company has broken its word.

“Tesco has owned this site for fourteen years. During that time it has remained undeveloped and a blight on All Saints and on the city more generally.

“The company blames the downturn in their business. But it is not the fault of my constituents that Tesco has been weak at fighting off competition. Nor is it the fault of my constituents that the company engaged in malpractice of its own accounts to give a false impression of its profits. Yet it is my constituents who are going to pay the price for Tesco’s failures through promised investment denied, promised jobs not created and promised regeneration which has not taken place. By its actions today Tesco has proven itself as a company whose word cannot be trusted.

“The one useful thing they could do is to work constructively for a positive future use for the site. They have a duty to the people of the city whom they have let down very badly. But the proof of their future action can only be in what they do rather than what they say. Because after today, why would anyone believe what they promise about the future?”

For further information please contact Pat McFadden MP on 0207 219 4036 or 01902 405762