Tesco’s garden centre chain, Dobbies, has slumped £48m into the red after writing down the value of its stores.

The Scottish-based chain increased sales by 8% to £153m in the 53 weeks to 1 March. But it slid to a big loss from a pre-tax profit of £6.6m in the prior year, after booking £54.4m in impairments on assets, including stores. Excluding the impairments, profits were down 9% to £6m.

Dobbies is the latest division of the Tesco empire to book losses. Last week the restaurant chain Giraffe, the coffee shop Harris + Hoole and the health supplement business NutriCentre all revealed they were in the red. Profits have halved at Tesco’s One Stop convenience chain and slid 9% at the Dunnhumby loyalty card business.

Read the full article at The Guardian