Tesco has announced that it will end its ‘Brand Guarantee’ scheme by the middle of next month as it wants to focus on lowering prices for customers on everyday products.

The Brand Guarantee scheme offered shoppers a price match on branded goods when they bought 10 or more items (including at least one eligible branded product) in larger stores or online, with the difference refunded at the checkout.

Tesco said today that as a result of its investment in “simpler, lower everyday prices”, fewer than one in eight transactions now receives any refund at all. It added that majority of customers preferred lower everyday prices instead.

The chain highlighted that it had already cut the price of over 260 everyday products in the last month, with savings ranging between 10% and 50%. It said today that it planned to make cuts on dozens more popular products, which will be introduced in its stores over the next two weeks.

Alessandra Bellini, Tesco Chief Customer Officer, commented: “Since Brand Guarantee launched in 2015, we have continued to invest in simpler, lower everyday prices.  As a result, the scheme is far less relevant for our customers today, and so we are withdrawing it as we focus on offering customers even more straightforward value for money at the shelf edge.

“In recent weeks, we’ve already reduced the prices of over 260 popular products, including own brand and branded favourites, and we’ll continue to work hard to offer our customers great quality food at great prices.”