An investigation by a leading investment bank into the 'black hole' in Tesco's accounts could be larger than first thought.

JP Morgan has published research into the supermarket group's accounts filed at Companies House over the past eight years including filings from the group's supermarket, property and distribution arms. It concluded that the gap in Tesco's accounts could be £174 million on top of the £263 million already identified by Tesco and Deloitte.

Tesco has said that the data would not have included "intra-company balances" and warned against drawing conclusions.