Euphorium supplies Artisan bread to a limited number of stores that are classed as "upmarket" locations, and can sell at the increased price point. It is delivered from the Islington bakery twice each day. It is scratch-baked from raw ingredients each day.

Euphorium have actually been supplying Tesco in Kensington for, I believe, over 2 years now - well before the investment.

Is the fact that Tesco invest in businesses a bad thing?: Harris & Hoole, Dobbies Garden Centres, Blinkbox, Dunnhumby, and more recently the outright purchase of Giraffe shows a commitment to both diversify, and in the longer term possibly enhance the shopping experience.

Nope, but customers don't like the wool being pulled over their eyes, see the Harris and Hoole debacle for details.

Oh and you'll notice that Tesco isn't so keen to have its shadow brand, One Stop identified as being a wholly owned subsidiary either. Why's that then?

Because it's aimed at a completely different demographic, selling a different set of SKUs via an entirely separate supply chain - some of the OS stores generate >80% of their turnover from tobacco sales, as the majority of locations came from the purchase of regional newsagents.

That's very corporate of you...

The vast majority of these stores were part of the T&S group that was bought by Tesco, the didn't put the chain together, they have added to it by buying chains like Europa and Cullens. None were newsagents.

So Tesco hasn't been able to bring its supply chain knowledge and clout to One Stop? It hasn't been able to negotiate better rents due to its size?

In reality they sell many of the same lines as Tesco Express and Metro yet have a much bigger mark up ([url=http://www.dailymail.co.uk/news/article-1259842/Tesco-charging-higher-prices-groceries-chain-One-Stop-local-shops.htmlan average of 14% more[/url), but they don't want the average customer to know that after all many of these store are located in the poorer areas of town.

Yes, I'm corporate through and through.

The most recent acquisition for One Stop was Mills, which were predominantly newsagents.

As I said, the distribution footprint is completely separate to Tesco. Buying is in house, as is corporate purchasing. There is no combined leverage of scale.

I spent a few weeks in OS head office earlier this year, before coming to Thailand, and whilst there are definite synergies, there is currently no desire to integrate. It's a wholly owned subsidiary that is run as a completely separate business.

Anyone know what an "out of code" item is defined as by Tesco?

JUST EAT THE FS#KING STUFF DALLY AND STOP WORRYING!!!

According to Wiki it's around 80% in the UK.

Sorry - typo: bl00dy Ipad! Yes, around 80%.

"Scratch-baked from raw ingredients each day" ... that's utterly meaningless mate.
Chorleywood bread is also "Scratch-baked from raw ingredients each day", indeed that was the point of the invention of the process, to make it quicker from low-protein flour with very little proving time.

With no mention of which ingredients or what method(s) and time(s) of proving, it could just be upmarket rubbish in a nice old-fashioned paper bag.
For example, bread can be (and very often is) baked containing GM enzymes (labelled as mere "flour improver"), very large amounts of yeast to cut down on the proving time ... and even so-called "organic" bread is allowed to contain GM soya flour.

For what it's worth, I'm happy to accept that this particular "artisan" (meaningless term) bread is decent and fit to eat.
I am merely being deliberately picky to illustrate how semantics can be used to make sh11t sound palateable.