Sainsbury's Settles Jeff Banks Row

Sainsbury's has reached an out-of-court settlement with designer Jeff Banks after a public row over the future of his Jeff & Co range. A statement issued by the supermarket chain this week said that after a "very amicable" meeting between Banks, group chief executive Sir Peter Davis and supermarkets managing director Stuart Mitchell, the designer's contract will end in August 2004. It is understood that Banks will be paid GBP2 million as part of the deal, and he is expected to retain a role as a consultant for Sainsbury's future clothing ranges.