Supermarket chain Tesco confirmed today that it will separate its internet business, Tesco.com, from its supermarket stores.
Tesco.com will be 100 per cent owned by Tesco and will include home shopping service TescoDirect and the Tesconet ISP.
The supermarket said it will invest £35m to help develop its online business, which it announced today had made sales of £125m in 1999 and has more than 400,000 users.
Tesco has dismissed speculation that the separation of the internet division indicates that the business could float. The company said it had no plans to float the division.
The supermarket reported record total sales of £20bn for last year and increased its UK market share to 15.5 per cent. It also announced major expansion plans, creating 20,000 jobs worldwide, with 8000 in the UK.
In January, Tesco said it would treble the number of stores offering online shopping from 100 to 300 by the end of this year, covering 90 per cent of the UK population.
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