TESCO bosses say there are no plans to delay a store on the site of a former Oxford pub despite issuing the company’s first profit warning for decades.

Last week it was revealed the supermarket giant had won permission to demolish the former Fox and Hounds pub in Abingdon Road and replace it with a three-storey building with a supermarket on the ground floor and four flats above.

But the firm then put out its first profit warning in 20 years, predicting underlying annual profits for the financial year will be down by £450m. That sparked fears it may cut costs but last night regional corporate affairs manager Simon Petar said the store will be built as soon as possible.

He added: “We have every intention to open the store and we are looking at about a year to build.”

The redevelopment had been the focus of campaigns by residents both in favour and opposed to the supermarket chain opening a store.

The pub, which sits on the corner of Weirs Lane, has been empty since 2007.

Tesco bought it in 2008 but it was gutted by a fire in 2009.