Tesco director raises £2.1m

Andrew Higginson, who is chief executive of retailing services at Tesco, has raised £2.1m from selling 500,000 shares.

Higginson also holds the position of group strategy director of the supermarkets group. He was formerly finance director of Tesco and he held that position between November 1997 and January 2009.

Higginson is focused on growing the financial services side of the business and he is chairman of Tesco Personal Finance. He also has responsibility for the online and telecoms activities.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The 500,000 shares were sold for 426.6p each and this cuts his stake in Tesco to 1.26m shares.

In January, Tesco reported a 7% increase in sales in the six weeks to 9 January 2010. Online sales rose by one-fifth.

Tesco will report its 2009-10 results on 20 April.

Top Director Buys

BG Group (BG.) Director name: Mr Mark SeligmanAmount purchased: 5,000 @ 1,168.67p Value: £58,434

Top Director Sells

Tesco (TSCO) Director name: Mr Andrew HigginsonAmount sold: 500,000 @ 426.60p Value: £2,133,000

Bank Of America (BAC) Director name: Mr Brian T MoynihanAmount sold: 24,614 @ $14.45 Value: $355,672