TESCO, Southampton's biggest retailer, this morning unveiled record profits of £2.55 billion - equivalent to £4,800 a minute.

Sales of around £35.6 billion by the supermarket giant, which has almost twenty stores in and around Southampton, will provide further ammunition to critics who argue it is shutting out smaller shops.

Tesco commands more than 31 per cent of the UK grocery market, almost the same as its rivals Asda and Sainsbury's combined. The Competition Commission is currently investigating the power of the big four supermarkets.

Tesco chief executive Sir Terry Leahy, pictured, who has been at the helm of the retail giant for 10 years and earned more than £4m last year, was named the most influential un-elected person in the UK in a national poll. The company employs 26,000 in the UK, including more than 3,400 in Southampton where it has a major distribution depot at Nursling.