The deal will see Tesco selling fifteen of its stores and two of its distribution centres to a 50-50 joint venture company owned by Tesco and the unnamed pension fund.

All properties will be leased back to the joint venture on 30-year RPI-linked leases, with an average initial yield of 5.2% for the stores and 6.3% for the distribution centres.

The deal is  the latest phase in the firms ongoing programme to release value from its property portfolio – a programme that was started in 2006 and now with a transaction value of £3 billion. It aims to keep 70% of its properties on a freehold basis, a level that is maintained through new store openings.

The government has said that the former directors known as the ‘Phoenix Four‘ plus chief executive Kevin Howe, may be banned from running other companies.

Despite the fraudulent claims the Serious Fraud Office does not intend to pursue a criminal investigation into the collapse of the company that saw 6,500 lose their jobs.

The full report on the scandal is contained in an 830 page document and although the financial remuneration is at the centre of the report it also publishes the following findings:

• Mr Beale bought software to “clean” data from his personal computer, a day after investigators were appointed, “despite being aware that we would want to image and then review the contents of his computer for documents relevant to our investigation”.

• Mr Stephenson paid more than £1.6m to a consultant he had a “personal relationship” with.

• Executives had exaggerated in statements to MPs the personal financial risks they were taking.

• There was evidence of a questionable briefing to the press by an adviser to former Trade Secretary Patricia Hewitt.

The former directors have hit back at the claims calling the report a witch hunt and government whitewash. They issued a joint statement to deny any wrong doing and added:

“Our remuneration was not the reason for the collapse. The real reason is the government bungled the last chance to save MG Rover,” said Mr Howe, chairman John Towers, ex-vice-chairman Nick Stephenson, Peter Beale and John Edwards.

I can’t really understand how an apology is going to help anything, 6,500 have lost their jobs and five executives walk away with forty two million between them. It was bad enough watching Fred Goodwin smiling his smarmy way out of RBS after making sure that he was set up for life, can the government just stand by and watch again?

One third of small business owners considering selling their businesses agree that the state of the UK economy has severely affected interested parties; with 20% suggesting the selling price had fallen, leaving them with little option but to continue working for longer.

Even those fortunate enough to have found a buyer and sold their businesses are finding harder times in retirement.  A staggering 80% suggested the value of their pension fund had fallen since Labour came to power in 1997.  More than one third suggested they would possibly set up another business to help manage financially.

Approximately 80% of those questioned believed the Government had failed to recognise the importance of small owner-managed businesses and the importance it plays in the UK economy, and blamed the Labour Government for economic mismanagement.

As a small business owner-manager myself, I strongly feel down trodden by both the Government and by the banking industry.