Co-op confirms farm sell-off amid group turmoil
The Co-op is preparing to sell its farming operations, which includes 15 farms, as well as its 750 pharmacies in an effort to stem the company's losses.
The Co-op is expected to post its worst ever results of a £2bn loss, primarily from the company's banking arm, when it releases its results on 26 March. A source told the BBC's Robert Peston that "they are likely to be sold, but a formal decision hasn't yet been made."
The Co-op has since released a statement saying:
As part of the wider strategic review of all of its businesses, The Co-operative Group has decided that its Farms are non-core and has started a process that is expected to lead to a sale of the business.
In addition, it is exploring options for the future of the Pharmacy business; this could include the sale in whole or part of the business.
Pharmacies have come under increasing pressure due to attempts by the NHS to control the costs of prescriptions.